Aromatic Alcohols Market

The global market for aromatic alcohols and their derivatives is projected to witness continued growth over the next eight years, driven by increasing demand worldwide. The market is expected to expand with a CAGR of +0.9% from 2022 to 2030, reaching a market volume of 369K tons and a market value of $2.9B by the end of 2030. Consumption of aromatic alcohols increased in 2022, with notable growth in countries like China, the United States, and India. Production also showed growth, while imports and exports saw fluctuations in value and volume. The highest levels of consumption and production were recorded in countries like China, the United States, Saudi Arabia, and India. Import and export prices varied across countries, with China being a key player in both exports and imports of aromatic alcohols.

Market Forecast

Driven by increasing demand for aromatic alcohols and their derivatives worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.9% for the period from 2022 to 2030, which is projected to bring the market volume to 369K 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 $2.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Aromatic Alcohols And Their Derivatives

In 2022, consumption of aromatic alcohols and their derivatives increased by 1.1% to 344K tons, rising for the second year in a row after two years of decline. The total consumption volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak volume of 344K tons. From 2019 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The global aromatic alcohols market value rose to $2.6B in 2022, surging by 1.8% 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). The market value increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. As a result, consumption attained the peak level of $2.6B; afterwards, it flattened through to 2022.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (69K tons), the United States (49K tons) and India (35K tons), together accounting for 45% of global consumption. Russia, Japan, Nigeria, Germany, Mexico, Turkey, the Netherlands, Brazil, the UK and Italy lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +11.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($387M), the United States ($270M) and Russia ($230M) were the countries with the highest levels of market value in 2022, with a combined 34% share of the global market. India, Mexico, Turkey, the UK, Germany, Japan, Nigeria, Brazil, Italy and the Netherlands lagged somewhat behind, together comprising a further 17%.

Brazil, with a CAGR of +10.8%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of aromatic alcohols per capita consumption was registered in the Netherlands (407 kg per 1000 persons), followed by the United States (147 kg per 1000 persons), Italy (101 kg per 1000 persons) and Russia (99 kg per 1000 persons), while the world average per capita consumption of aromatic alcohols was estimated at 44 kg per 1000 persons.

From 2012 to 2022, the average annual growth rate of the aromatic alcohols per capita consumption in the Netherlands totaled +10.6%. In the other countries, the average annual rates were as follows: the United States (-4.1% per year) and Italy (+4.7% per year).

Production

World Production of Aromatic Alcohols And Their Derivatives

For the third year in a row, the global market recorded growth in production of aromatic alcohols and their derivatives, which increased by 27% to 527K tons in 2022. Overall, production saw a relatively flat trend pattern. As a result, production reached the peak volume and is likely to continue growth in the immediate term.

In value terms, aromatic alcohols production contracted slightly to $2.6B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 14% against the previous year. Global production peaked at $2.6B in 2021, and then dropped slightly in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were Saudi Arabia (187K tons), China (106K tons) and India (55K tons), with a combined 66% share of global production.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +6.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Aromatic Alcohols And Their Derivatives

After two years of growth, purchases abroad of aromatic alcohols and their derivatives decreased by -3.5% to 113K tons in 2022. The total import volume increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2018 when imports increased by 17% against the previous year. As a result, imports attained the peak of 118K tons. From 2019 to 2022, the growth of global imports remained at a somewhat lower figure.

In value terms, aromatic alcohols imports skyrocketed to $555M in 2022. Overall, total imports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 +30.7% against 2020 indices. The growth pace was the most rapid in 2018 when imports increased by 30% against the previous year. Global imports peaked in 2022 and are likely to continue growth in the near future.

Imports By Country

In 2022, the United States (17K tons), distantly followed by Japan (8.1K tons), Brazil (7.1K tons), the UK (6K tons), Germany (5.3K tons) and the Netherlands (5.1K tons) represented the major importers of aromatic alcohols and their derivatives, together mixing up 43% of total imports. Bahrain (4.9K tons), Spain (4.9K tons), South Korea (4.5K tons), Italy (4K tons), Mexico (3.6K tons), China (3.4K tons) and India (3.1K tons) followed a long way behind the leaders.

Imports into the United States increased at an average annual rate of +3.9% from 2012 to 2022. At the same time, Mexico (+10.1%), Brazil (+10.0%), the Netherlands (+7.3%), Bahrain (+4.9%), Japan (+3.1%), China (+2.4%), South Korea (+2.2%), Spain (+1.7%) and Italy (+1.2%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing importer imported in the world, with a CAGR of +10.1% from 2012-2022. The UK experienced a relatively flat trend pattern. By contrast, India (-2.8%) and Germany (-4.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Brazil, the United States, the Netherlands and Mexico increased by +3.2, +2.1, +1.7 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest aromatic alcohols importing markets worldwide were India ($65M), the United States ($55M) and Mexico ($41M), with a combined 29% share of global imports.

In terms of the main importing countries, Mexico, with a CAGR of +18.7%, saw the highest rates of growth with regard to 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 aromatic alcohols import price stood at $4,927 per ton in 2022, jumping by 21% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 India ($20,951 per ton), while Bahrain ($2,166 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+14.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Aromatic Alcohols And Their Derivatives

In 2022, global aromatic alcohols exports surged to 296K tons, rising by 54% against 2021. Over the period under review, exports, however, saw a relatively flat trend pattern. The global exports peaked at 316K tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, aromatic alcohols exports surged to $774M in 2022. In general, total exports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +21.0% against 2018 indices. The growth pace was the most rapid in 2018 when exports increased by 32%. Over the period under review, the global exports reached the peak figure in 2022 and are likely to continue growth in the immediate term.

Exports By Country

Saudi Arabia represented the main exporter of aromatic alcohols and their derivatives in the world, with the volume of exports finishing at 182K tons, which was approx. 61% of total exports in 2022. China (41K tons) took a 14% share (based on physical terms) of total exports, which put it in second place, followed by India (8%), the Netherlands (6.8%) and Germany (5.7%).

From 2012 to 2022, average annual rates of growth with regard to aromatic alcohols exports from Saudi Arabia stood at -2.6%. At the same time, China (+7.3%), India (+7.2%) and Germany (+1.5%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in the world, with a CAGR of +7.3% from 2012-2022. By contrast, the Netherlands (-1.5%) illustrated a downward trend over the same period. While the share of China (+7.4 p.p.) and India (+4.3 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Saudi Arabia (-13.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($294M), Saudi Arabia ($180M) and India ($87M) were the countries with the highest levels of exports in 2022, with a combined 72% share of global exports.

China, with a CAGR of +10.6%, saw the highest rates of growth with regard to the value of exports, in terms of 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 aromatic alcohols export price stood at $2,615 per ton in 2022, with a decrease of -22.7% against the previous year. Over the period under review, export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, aromatic alcohols export price decreased by -23.6% against 2019 indices. The most prominent rate of growth was recorded in 2013 an increase of 47% against the previous year. The global export price peaked at $3,424 per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($7,220 per ton), while Saudi Arabia ($992 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform