Esters Of Acetic Acid (excluding Ethyl Acetate) Market

The global market for esters of acetic acid (excluding ethyl acetate) is expected to experience growth in both volume and value over the next eight years. Consumption, production, imports, and exports of these chemicals are analyzed in depth, with details on key countries such as China, the United States, India, and Belgium. The report highlights trends in consumption patterns, production volumes, import and export prices, and growth rates for the industry as a whole.

Market Forecast

Driven by rising demand for esters of acetic acid (excluding ethyl acetate) worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.1% for the period from 2022 to 2030, which is projected to bring the market volume to 7.8M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market value to $15.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Esters Of Acetic Acid (excluding Ethyl Acetate)

In 2022, consumption of esters of acetic acid (excluding ethyl acetate) increased by 0.1% to 7.8M tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, consumption, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the consumption volume increased by 5.6%. As a result, consumption reached the peak volume of 8.4M tons. From 2018 to 2022, the growth of the global consumption of failed to regain momentum.

The size of the market for esters of acetic acid (excluding ethyl acetate) worldwide declined slightly to $13.7B in 2022, falling by -2.1% 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 showed a relatively flat trend pattern. As a result, consumption attained the peak level of $14B, and then declined slightly in the following year.

Consumption By Country

The country with the largest volume of consumption of esters of acetic acid (excluding ethyl acetate) was China (1.9M tons), comprising approx. 24% of total volume. Moreover, consumption of esters of acetic acid (excluding ethyl acetate) in China exceeded the figures recorded by the second-largest consumer, the United States (838K tons), twofold. India (727K tons) ranked third in terms of total consumption with a 9.4% share.

In China, consumption of esters of acetic acid (excluding ethyl acetate) remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-0.2% per year) and India (+1.7% per year).

In value terms, China ($2.7B), India ($2B) and the United States ($956M) were the countries with the highest levels of market value in 2022, together comprising 42% of the global market. Indonesia, Germany, Russia, Japan, Brazil, Mexico, Italy, Belgium, Turkey and Thailand lagged somewhat behind, together accounting for a further 30%.

Belgium, with a CAGR of +11.5%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while acetate) for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of per capita consumption of esters of acetic acid (excluding ethyl acetate) was registered in Belgium (14 kg per person), followed by Germany (5.1 kg per person), the United States (2.5 kg per person) and Italy (2.4 kg per person), while the world average per capita consumption of esters of acetic acid (excluding ethyl acetate) was estimated at 1 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the per capita consumption of esters of acetic acid (excluding ethyl acetate) in Belgium amounted to +6.8%. In the other countries, the average annual rates were as follows: Germany (-0.6% per year) and the United States (-0.9% per year).

Production

World Production of Esters Of Acetic Acid (excluding Ethyl Acetate)

Global production of esters of acetic acid (excluding ethyl acetate) declined slightly to 7.9M tons in 2022, remaining stable against 2021. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 6%. As a result, production attained the peak volume of 8.5M tons. From 2018 to 2022, global production of growth remained at a lower figure.

In value terms, production of esters of acetic acid (excluding ethyl acetate) shrank to $11.8B in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the production volume increased by 24% against the previous year. As a result, production attained the peak level of $12.9B, and then dropped in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were China (2M tons), the United States (1.4M tons) and Singapore (887K tons), together accounting for 54% of global production.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +4.7%), while acetate) for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Esters Of Acetic Acid (excluding Ethyl Acetate)

In 2022, supplies from abroad of esters of acetic acid (excluding ethyl acetate) decreased by -8.3% to 4M tons for the first time since 2019, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +3.0% over the period 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 with an increase of 29% against the previous year. As a result, imports attained the peak of 4.4M tons, and then fell in the following year.

In value terms, imports of esters of acetic acid (excluding ethyl acetate) reached $7.2B in 2022. Overall, imports, however, showed a strong increase. The pace of growth was the most pronounced in 2021 when imports increased by 84%. Global imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports By Country

In 2022, China (618K tons) and Belgium (608K tons) were the main importers of esters of acetic acid (excluding ethyl acetate)across the globe, together achieving 31% of total imports. India (306K tons) ranks next in terms of the total imports with a 7.7% share, followed by Germany (6.4%). Thailand (158K tons), Singapore (156K tons), Turkey (148K tons), South Korea (148K tons), Italy (142K tons), Mexico (123K tons), Spain (107K tons), the Netherlands (102K tons) and Indonesia (78K tons) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +7.7%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Belgium ($1.1B), China ($582M) and Germany ($576M) were the countries with the highest levels of imports in 2022, together comprising 31% of global imports.

Belgium, with a CAGR of +10.5%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average import price for esters of acetic acid (excluding ethyl acetate) amounted to $1,805 per ton, growing by 16% against the previous year. In general, import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for esters of acetic acid (excluding ethyl acetate) increased by +64.7% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 42% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($2,248 per ton), while China ($943 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+5.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Esters Of Acetic Acid (excluding Ethyl Acetate)

In 2022, after two years of growth, there was significant decline in overseas shipments of esters of acetic acid (excluding ethyl acetate), when their volume decreased by -10.2% to 4.1M tons. The total export 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 growth pace was the most rapid in 2021 with an increase of 34% against the previous year. As a result, the exports attained the peak of 4.6M tons, and then shrank in the following year.

In value terms, exports of esters of acetic acid (excluding ethyl acetate) declined modestly to $6.8B in 2022. In general, exports, however, enjoyed strong growth. The pace of growth was the most pronounced in 2021 when exports increased by 94%. As a result, the exports reached the peak of $6.9B, and then declined in the following year.

Exports By Country

The biggest shipments were from Singapore (929K tons), China (729K tons), the United States (631K tons) and Belgium (561K tons), together finishing at 69% of total export. It was distantly followed by Taiwan (Chinese) (357K tons) and Saudi Arabia (268K tons), together making up a 15% share of total exports. Germany (161K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +14.7%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest esters of acetic acid (excluding ethyl acetate) supplying countries worldwide were China ($1.2B), Belgium ($1.1B) and the United States ($1B), together comprising 49% of global exports. Singapore, Taiwan (Chinese), Saudi Arabia and Germany lagged somewhat behind, together comprising a further 33%.

Singapore, with a CAGR of +11.6%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average export price for esters of acetic acid (excluding ethyl acetate) stood at $1,629 per ton in 2022, rising by 9.3% against the previous year. Overall, export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for esters of acetic acid (excluding ethyl acetate) increased by +57.6% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 44%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($2,358 per ton), while Singapore ($787 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+8.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform