Africa: Methacrylic Acid Market 2024

Methacrylic Acid Market Size in Africa

The African methacrylic acid market declined slightly to $X in 2022, with a decrease of -3.7% against the previous year. Overall, consumption saw a slight reduction. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Methacrylic Acid Production in Africa

In value terms, methacrylic acid production rose sharply to $X in 2022 estimated in export price. The total production indicated a pronounced increase from 2012 to 2022: its value 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, production decreased by -5.9% against 2020 indices. The pace of growth was the most pronounced in 2020 when the production volume increased by 31%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Methacrylic Acid Exports

Exports in Africa

After two years of growth, overseas shipments of methacrylic acid and its salts decreased by -82% to X kg in 2022. In general, exports saw a abrupt decrease. The pace of growth appeared the most rapid in 2013 when exports increased by 835%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, methacrylic acid exports declined dramatically to $X in 2022. Overall, exports continue to indicate a dramatic contraction. The most prominent rate of growth was recorded in 2021 when exports increased by 404% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Kenya represented the key exporting country with an export of about X kg, which amounted to 56% of total exports. South Africa (X kg) ranks second in terms of the total exports with a 34% share, followed by Swaziland (9.7%).

From 2012 to 2022, the biggest increases were recorded for Kenya (with a CAGR of +2.6%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Kenya ($X), South Africa ($X) and Swaziland ($X) appeared to be the countries with the highest levels of exports in 2022.

Kenya, with a CAGR of -3.0%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Africa stood at $X per ton in 2022, increasing by 2.3% against the previous year. Over the period under review, the export price, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2015 when the export price increased by 78% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was South Africa ($X per ton), while Swaziland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kenya (-5.4%), while the other leaders experienced a decline in the export price figures.

Methacrylic Acid Imports

Imports in Africa

Methacrylic acid imports contracted to X tons in 2022, with a decrease of -8.7% against the previous year. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 43%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, methacrylic acid imports declined modestly to $X in 2022. Overall, imports showed a noticeable descent. The pace of growth appeared the most rapid in 2021 when imports increased by 78%. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, South Africa (X tons) represented the major importer of methacrylic acid and its salts, achieving 82% of total imports. It was distantly followed by Egypt (X tons), creating a 13% share of total imports. Nigeria (X tons) followed a long way behind the leaders.

South Africa experienced a relatively flat trend pattern with regard to volume of imports of methacrylic acid and its salts. At the same time, Nigeria (+4.8%) and Egypt (+4.2%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in Africa, with a CAGR of +4.8% from 2012-2022. While the share of Egypt (+4.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of South Africa (-2.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) constitutes the largest market for imported methacrylic acid and its salts in Africa, comprising 81% of total imports. The second position in the ranking was taken by Egypt ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in South Africa totaled -2.8%. In the other countries, the average annual rates were as follows: Egypt (+3.4% per year) and Nigeria (+1.5% per year).

Import Prices by Country

The import price in Africa stood at $X per ton in 2022, increasing by 6.4% against the previous year. In general, the import price, however, recorded a slight descent. The pace of growth was the most pronounced in 2017 when the import price increased by 32% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Egypt ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (-0.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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