HS Code:
Unsaturated acyclic monocarboxylic acids, their anhydrides, halides, peroxides, peroxyacids, and their derivatives (HS Code: 2916) encompass a range of organic chemical compounds widely used in industrial applications. These chemicals, including acrylic acid and methacrylic acid, are critical in the production of polymers, resins, coatings, adhesives, and pharmaceuticals. This category is vital for industries such as plastics, paints, and textiles due to the compounds' reactive properties and versatility in synthesis processes.
Total Trade Volume
USD 5.2 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.8%
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Growing demand for bio-based unsaturated acids
Increased R&D investments and shift towards sustainable production methods to meet environmental regulations
2021-2023
Rising use in polymer and coating industries
Higher export volumes from major producers like China and Germany to meet global manufacturing needs
2020-2022
Supply chain disruptions due to geopolitical tensions
Price volatility and delays in shipments, prompting diversification of supply sources
2022
The European Union introduced provisional anti-dumping duties on imports of acrylic acid from China to protect domestic producers from unfair pricing practices.
March 2023
Potential increase in production costs for EU manufacturers reliant on Chinese imports; may boost domestic production.
Negotiations under Phase One trade agreement have reduced tariffs on certain chemical categories, including unsaturated acyclic acids, fostering smoother trade relations.
January 2023
Improved market access for US exporters and reduced costs for Chinese importers.
Major producers in Germany and Japan announced partnerships to develop bio-based acrylic acid production methods, aligning with global carbon neutrality goals.
July 2022
Long-term shift towards greener supply chains, potentially increasing production costs but improving market perception.