South-Eastern Asia: Salicylic Acid Market 2024

Salicylic Acid Market Size in South-Eastern Asia

The Southeast Asian salicylic acid market soared to $X in 2021, surging by 24% against the previous year. In general, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Salicylic Acid Production in South-Eastern Asia

In value terms, salicylic acid production fell to $X in 2021 estimated in export price. The total production indicated a moderate 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 appeared the most rapid in 2017 with an increase of 42%. The level of production peaked at $X in 2020, and then fell in the following year.

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Salicylic Acid Exports

Exports in South-Eastern Asia

In 2021, overseas shipments of salicylic acid and its salts decreased by -43.2% to X tons for the first time since 2017, thus ending a three-year rising trend. Over the period under review, exports showed a abrupt curtailment. The pace of growth appeared the most rapid in 2018 when exports increased by 117%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, salicylic acid exports reduced markedly to $X in 2021. In general, exports continue to indicate a deep reduction. The pace of growth was the most pronounced in 2019 with an increase of 110%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Thailand represented the key exporting country with an export of around X tons, which accounted for 52% of total exports. Indonesia (X tons) took a 34% share (based on physical terms) of total exports, which put it in second place, followed by the Philippines (5.9%). Singapore (X tons) and Malaysia (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +55.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) remains the largest salicylic acid supplier in South-Eastern Asia, comprising 51% of total exports. The second position in the ranking was taken by the Philippines ($X), with an 18% share of total exports. It was followed by Indonesia, with a 17% share.

In Thailand, salicylic acid exports increased at an average annual rate of +29.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: the Philippines (+75.6% per year) and Indonesia (+6.3% per year).

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per ton, picking up by 36% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 160%. The level of export peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+12.7%), while the other leaders experienced more modest paces of growth.

Salicylic Acid Imports

Imports in South-Eastern Asia

In 2021, purchases abroad of salicylic acid and its salts was finally on the rise to reach X tons after two years of decline. The total import volume increased at an average annual rate of +1.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, salicylic acid imports soared to $X in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 20% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Thailand was the main importing country with an import of about X tons, which recorded 49% of total imports. Malaysia (X tons) ranks second in terms of the total imports with a 23% share, followed by Indonesia (14%) and the Philippines (7.9%). Vietnam (X tons) and Singapore (X tons) took a minor share of total imports.

Imports into Thailand decreased at an average annual rate of -3.6% from 2012 to 2021. At the same time, Malaysia (+23.9%), the Philippines (+14.5%), Indonesia (+3.6%) and Vietnam (+1.0%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +23.9% from 2012-2021. Singapore experienced a relatively flat trend pattern. From 2012 to 2021, the share of Malaysia, the Philippines and Indonesia increased by +20, +5.3 and +2.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) constitutes the largest market for imported salicylic acid and its salts in South-Eastern Asia, comprising 50% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 20% share of total imports. It was followed by Malaysia, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in Thailand stood at -3.6%. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (+3.0% per year) and Malaysia (+8.1% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2021, declining by -12.4% against the previous year. Over the period under review, the import price saw a slight downturn. The most prominent rate of growth was recorded in 2019 an increase of 23%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+0.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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