Malaysia: Salicylic Acid Market 2024

Salicylic Acid Market Size in Malaysia

The Malaysian salicylic acid market surged to $X in 2021, with an increase of 148% against the previous year. Over the period under review, consumption saw a prominent increase. Salicylic acid consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Salicylic Acid Production in Malaysia

In value terms, salicylic acid production contracted modestly to $X in 2021 estimated in export price. Overall, the total production indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +63.2% against 2014 indices. The pace of growth was the most pronounced in 2017 with an increase of 42%. Salicylic acid production peaked at $X in 2020, and then reduced modestly in the following year.

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Salicylic Acid Exports

Exports from Malaysia

In 2021, the amount of salicylic acid and its salts exported from Malaysia surged to X tons, picking up by 28% compared with the previous year's figure. In general, exports, however, showed a dramatic slump. The pace of growth appeared the most rapid in 2020 with an increase of 355%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, salicylic acid exports soared to $X in 2021. Overall, exports, however, faced a sharp descent. The most prominent rate of growth was recorded in 2020 when exports increased by 391%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for salicylic acid exports from Malaysia, with a 2,121% share of total exports. Moreover, salicylic acid exports to Indonesia exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), more than tenfold. South Korea (X tons) ranked third in terms of total exports with a 134% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia amounted to +9.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-10.8% per year) and South Korea (-5.1% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for salicylic acid and its salts exports from Malaysia, comprising 376% of total exports. The second position in the ranking was held by Indonesia ($X), with a 176% share of total exports. It was followed by Thailand, with a 39% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates amounted to -6.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-10.0% per year) and Thailand (-36.2% per year).

Export Prices by Country

In 2021, the average salicylic acid export price amounted to $X per ton, with a decrease of -2.5% against the previous year. Over the period under review, the export price, however, showed a buoyant expansion. The pace of growth appeared the most rapid in 2017 when the average export price increased by 199% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2020, and then dropped in the following year.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+4.6%), while the prices for the other major destinations experienced a decline.

Salicylic Acid Imports

Imports into Malaysia

After three years of decline, purchases abroad of salicylic acid and its salts increased by 417% to X tons in 2021. Over the period under review, imports enjoyed a significant increase. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, salicylic acid imports skyrocketed to $X in 2021. Overall, imports recorded a resilient expansion. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest salicylic acid supplier to Malaysia, with a 79% share of total imports. Moreover, salicylic acid imports from China exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), fourfold.

From 2012 to 2021, the average annual growth rate of volume from China stood at +32.6%.

In value terms, China ($X) constituted the largest supplier of salicylic acid and its salts to Malaysia, comprising 78% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with an 11% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China amounted to +13.2%.

Import Prices by Country

In 2021, the average salicylic acid import price amounted to $X per ton, declining by -51.5% against the previous year. Over the period under review, the import price showed a abrupt decrease. The most prominent rate of growth was recorded in 2020 when the average import price increased by 104%. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for Saudi Arabia amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-5.5%).

Source: IndexBox Platform

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