Turkey: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Turkey

For the third consecutive year, the Turkish monocarboxylic acid market recorded growth in sales value, which increased by X% to $X in 2022. In general, consumption showed a buoyant increase. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Monocarboxylic Acid Production in Turkey

In value terms, monocarboxylic acid production rose to $X in 2022 estimated in export price. Overall, production recorded buoyant growth. The pace of growth was the most pronounced in 2018 with an increase of X%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Monocarboxylic Acid Exports

Exports from Turkey

In 2022, approx. X tons of acrylic acid and its salts and other monocarboxylic acid were exported from Turkey; growing by X% on 2021 figures. Over the period under review, exports posted a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, monocarboxylic acid exports surged to $X in 2022. In general, exports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2021 with an increase of X%. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

Egypt (X tons) was the main destination for monocarboxylic acid exports from Turkey, with a X% share of total exports. Moreover, monocarboxylic acid exports to Egypt exceeded the volume sent to the second major destination, Uzbekistan (X tons), twofold. The third position in this ranking was held by Italy (X tons), with an X% share.

From 2012 to 2022, the average annual growth rate of volume to Egypt stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uzbekistan (X% per year) and Italy (X% per year).

In value terms, Egypt ($X) emerged as the key foreign market for acrylic acid and its salts and other monocarboxylic acid exports from Turkey, comprising X% of total exports. The second position in the ranking was held by Uzbekistan ($X), with a X% share of total exports. It was followed by Azerbaijan, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Egypt amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uzbekistan (X% per year) and Azerbaijan (X% per year).

Export Prices by Country

In 2022, the average monocarboxylic acid export price amounted to $X per ton, waning by X% against the previous year. In general, the export price recorded a pronounced reduction. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Azerbaijan ($X per ton), while the average price for exports to Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Azerbaijan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports into Turkey

In 2022, the amount of acrylic acid and its salts and other monocarboxylic acid imported into Turkey expanded to X tons, growing by X% on 2021. In general, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, monocarboxylic acid imports soared to $X in 2022. Overall, imports showed strong growth. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

Russia (X tons), China (X tons) and Belgium (X tons) were the main suppliers of monocarboxylic acid imports to Turkey, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Russia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest monocarboxylic acid suppliers to Turkey were Russia ($X), China ($X) and Belgium ($X), together comprising X% of total imports.

Russia, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average monocarboxylic acid import price stood at $X per ton in 2022, jumping by X% against the previous year. Over the period under review, import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monocarboxylic acid import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform