Polycarboxylic Acid Market

The article highlights the increasing demand for polycarboxylic acids globally, with a projected CAGR of +2.7% in consumption and +3.8% in market value from 2022 to 2030. Key insights include consumption volumes, market size, import and export data, as well as the top producing and importing countries in the industry. China emerges as a dominant player in both production and exports, while India, the United States, and Turkey are significant importers. Market trends, price fluctuations, and growth rates are thoroughly analyzed to provide a comprehensive overview of the polycarboxylic acid market.

Market Forecast

Driven by increasing demand for polycarboxylic acids worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market volume to 32M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market value to $42.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Polycarboxylic Acids

In 2022, global polycarboxylic acid consumption contracted to 26M tons, with a decrease of -9.6% against the previous year's figure. The total consumption volume increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak volume of 29M tons, and then fell in the following year.

The global polycarboxylic acid market size dropped to $31.3B in 2022, waning by -5.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a relatively flat trend pattern. Global consumption peaked at $33.6B in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (2.7M tons), the United States (2.5M tons) and China (2.2M tons), with a combined 29% share of global consumption. Brazil, Mexico, Turkey, Vietnam, Japan, Pakistan, Germany, Indonesia, Oman and Lithuania lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +15.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest polycarboxylic acid markets worldwide were the United States ($4.5B), India ($2.9B) and China ($2.9B), with a combined 33% share of the global market. Turkey, Japan, Germany, Mexico, Vietnam, Pakistan, Brazil, Lithuania, Indonesia and Oman lagged somewhat behind, together comprising a further 32%.

Turkey, with a CAGR of +14.3%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of polycarboxylic acid per capita consumption in 2022 were Lithuania (220 kg per person), Oman (113 kg per person) and Turkey (13 kg per person).

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +14.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Polycarboxylic Acids

Global polycarboxylic acid production declined to 27M tons in 2022, dropping by -8.6% against the year before. The total output volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when the production volume increased by 17% against the previous year. As a result, production reached the peak volume of 29M tons, and then shrank in the following year.

In value terms, polycarboxylic acid production reduced to $28.4B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when the production volume increased by 35%. As a result, production reached the peak level of $32B, and then shrank in the following year.

Production By Country

China (6.4M tons) remains the largest polycarboxylic acid producing country worldwide, comprising approx. 24% of total volume. Moreover, polycarboxylic acid production in China exceeded the figures recorded by the second-largest producer, South Korea (2.7M tons), twofold. The third position in this ranking was taken by the United States (2M tons), with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +44.8%. In the other countries, the average annual rates were as follows: South Korea (-4.6% per year) and the United States (+3.1% per year).

Imports

World Imports of Polycarboxylic Acids

In 2022, the amount of polycarboxylic acids imported worldwide reduced slightly to 14M tons, waning by -4.6% compared with 2021. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 14% against the previous year. Over the period under review, global imports reached the maximum at 15M tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, polycarboxylic acid imports skyrocketed to $20.3B in 2022. In general, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 56% against the previous year. Over the period under review, global imports attained the maximum at $20.8B in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports By Country

In 2022, India (2M tons), followed by Turkey (1,276K tons), Vietnam (1,032K tons), the United States (903K tons), Germany (816K tons) and Italy (677K tons) represented the major importers of polycarboxylic acids, together comprising 49% of total imports. Lithuania (616K tons), Oman (605K tons), China (530K tons), Spain (442K tons), Egypt (380K tons), the Netherlands (364K tons) and Russia (324K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Egypt (with a CAGR of +23.3%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest polycarboxylic acid importing markets worldwide were Turkey ($2.2B), India ($2.2B) and the United States ($1.5B), with a combined 29% share of global imports. Germany, Italy, Vietnam, China, the Netherlands, Spain, Lithuania, Oman, Egypt and Russia lagged somewhat behind, together accounting for a further 37%.

Among the main importing countries, Egypt, with a CAGR of +19.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average polycarboxylic acid import price stood at $1,476 per ton in 2022, surging by 22% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 37%. Global import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($1,907 per ton), while Oman ($932 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+2.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Polycarboxylic Acids

In 2022, global polycarboxylic acid exports reduced modestly to 15M tons, shrinking by -2.8% on 2021. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 25% against the previous year. As a result, the exports attained the peak of 15M tons, and then declined modestly in the following year.

In value terms, polycarboxylic acid exports rose sharply to $19.4B in 2022. In general, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 63%. Over the period under review, the global exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Exports By Country

In 2022, China (4.7M tons), distantly followed by South Korea (2.6M tons), Taiwan (Chinese) (1.1M tons), Thailand (1.1M tons) and Belgium (0.7M tons) represented the major exporters of polycarboxylic acids, together achieving 69% of total exports. The following exporters - Germany (621K tons), Portugal (542K tons), the Netherlands (457K tons), Canada (452K tons), Poland (407K tons) and the United States (336K tons) - together made up 19% of total exports.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +33.5%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, China ($5.5B) remains the largest polycarboxylic acid supplier worldwide, comprising 28% of global exports. The second position in the ranking was held by South Korea ($2.7B), with a 14% share of global exports. It was followed by Taiwan (Chinese), with a 7.7% share.

In China, polycarboxylic acid exports expanded at an average annual rate of +18.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (-5.7% per year) and Taiwan (Chinese) (-5.2% per year).

Export Prices By Country

In 2022, the average polycarboxylic acid export price amounted to $1,312 per ton, picking up by 18% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 31%. Over the period under review, the average export prices hit record highs at $1,404 per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($2,650 per ton), while Thailand ($853 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform