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[Industry Reports]：The global acrylic acid market has accelerated its transfer to China and has become the world's largest supplier of acrylic acid and Ester.

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There will be only 3 Japanese acrylic acid and ester manufacturers left after the exit of guangxingxing production.

Recently, Japan's old petrochemical giant guangxingxing (Idemitsu) announced that it would withdraw from the acrylic acid and butyl acrylate business. The company said that in recent years, the expansion of new acrylic acid equipment in Asia has led to oversupply and the deterioration of the market environment. Considering the future management policy, the company believes that it is difficult to continue to operate. According to the plan, Guangxing production will stop the operation of the 50,000 tons/year acrylic acid plant of Aichi Refinery before March 2023, and withdraw from the acrylic acid product business. The company will outsource the production of butyl acrylate.

China has become the world's largest supplier of acrylic acid and Ester

currently, the global acrylic acid production capacity is close to 9 million tons, of which about 60% of the production capacity comes from northeast Asia, 38% from China, 15% from North America and 16% from Europe. From the perspective of major global production enterprises, BASF has the largest acrylic acid production capacity, reaching 1.5 million tons/year, followed by Arkoma's 1.08 million tons/year production capacity and Japan's Catalyst's 880,000 tons/year. In 2022, with the production capacity of satellite chemistry and Huayi, the total acrylic acid production capacity of satellite chemistry will reach 840,000 tons/year, surpassing LG chemistry (700,000 tons/year) to become the fourth largest acrylic acid enterprise in the world, following LG chemistry are huayi (520,000 tons/year) and Twiss (480,000 tons/year), with the industry concentration of the world's top 10 acrylic acid manufacturers exceeding 84%.

China has great development potential in SAP market

in 2021, the global SAP capacity was nearly 4.3 million tons, of which 1.3 million tons came from China, accounting for more than 30%, the rest came from Japan, South Korea, North America and Europe. From the perspective of major production enterprises in the world, Japanese catalyst has the largest SAP capacity, reaching 700,000 tons/year, followed by BASF's capacity of 600,000 tons/year, the new capacity of satellite petrochemical reached 150,000 tons/year, ranking ninth in the world, with the industry concentration of the world's top 10 manufacturing enterprises approaching 90%.

From the perspective of global trade, South Korea and Japan are still the world's largest SAP exporters, with a total of 800,000 tons of exports, accounting for 70% of the global trade volume. However, China's SAP export volume is only tens of thousands of tons. With the gradual improvement of quality, China's export volume will also increase in the future. America, Middle East and Central and Eastern Europe are major import regions. In 2021, the global SAP consumption was about 3 million tons, and the average annual consumption growth in the next few years was about 4%, of which the growth in Asia was close to 6%, while that in other regions was between 2% and 3%.

China will become the global supply and demand growth pole of acrylic acid and Ester

from the perspective of global demand, global acrylic acid consumption is expected to maintain an average annual growth rate of 3.5-4% from 2020 to 2025. The growth rate of acrylic acid consumption in Asian developing countries represented by China is as high as 6%. Due to the increase of disposable income and the demand for high-quality products, the strong demand for SAP and acrylic acid has been driven.

From the perspective of global supply, the strong demand in the next few years has stimulated Chinese enterprises plus-sized the integrated production capacity of acrylic acid, but there is basically no new production capacity in other regions of the world.

It is worth mentioning that satellite chemistry, as an acrylic faucet, is at the center of fast-growing demand and continues to exert efforts to increase the production capacity of acrylic acid, butyl acrylate and SAP, the capacity distribution of the three products ranks fourth, second and ninth in the world, forming a relatively strong scale advantage and integrated and comprehensive competitiveness.

Looking overseas, the European and American acrylic acid industry has a batch of devices aging in the 1960 s and 1970 s and frequent accidents. The demand for imported acrylic acid and downstream products from China in overseas markets will also increase day by day, at the same time, China's local demand for fine monomer and products downstream of acrylic acid is increasing day by day, and China's acrylic acid industry will show a relatively stable development trend.

Source: China Chemical Industry News

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