ASEAN: Methacrylic Acid Market 2024

Methacrylic Acid Market Size in ASEAN

In 2022, the ASEAN methacrylic acid market increased by 4.6% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, recorded a abrupt curtailment. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Methacrylic Acid Production in ASEAN

In value terms, methacrylic acid production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, showed a noticeable reduction. The most prominent rate of growth was recorded in 2017 when the production volume increased by 35% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Methacrylic Acid Exports

Exports in ASEAN

After eight years of growth, overseas shipments of methacrylic acid and its salts decreased by -7.6% to X tons in 2022. In general, exports, however, saw a significant expansion. The growth pace was the most rapid in 2014 with an increase of 4,820% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then declined in the following year.

In value terms, methacrylic acid exports dropped remarkably to $X in 2022. Over the period under review, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 2,969% against the previous year. The level of export peaked at $X in 2021, and then declined significantly in the following year.

Exports by Country

Thailand (X tons) represented roughly 99% of total exports in 2022.

Thailand was also the fastest-growing in terms of the methacrylic acid and its salts exports, with a CAGR of +266.0% from 2012 to 2022. Thailand (+99 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) also remains the largest methacrylic acid supplier in ASEAN.

From 2012 to 2022, the average annual rate of growth in terms of value in Thailand stood at +264.6%.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, waning by -8.4% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 92% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Thailand.

From 2012 to 2022, the rate of growth in terms of prices for Thailand amounted to -0.4% per year.

Methacrylic Acid Imports

Imports in ASEAN

In 2022, the amount of methacrylic acid and its salts imported in ASEAN amounted to X tons, increasing by 2% compared with the previous year. Total imports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -3.3% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 31%. 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 fell to $X in 2022. Total imports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.7% 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 +32.9% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 51%. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Malaysia dominates imports structure, accounting for X tons, which was near 80% of total imports in 2022. It was distantly followed by Indonesia (X tons), making up a 9.1% share of total imports. The following importers - Vietnam (X tons), Singapore (X tons) and the Philippines (X tons) - each resulted at a 9.7% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to methacrylic acid imports into Malaysia stood at +5.2%. At the same time, the Philippines (+5.9%), Vietnam (+3.7%) and Singapore (+3.4%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +5.9% from 2012-2022. Indonesia experienced a relatively flat trend pattern. Malaysia (+12 p.p.) significantly strengthened its position in terms of the total imports, while Indonesia saw its share reduced by -3.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) constitutes the largest market for imported methacrylic acid and its salts in ASEAN, comprising 74% of total imports. The second position in the ranking was held by Indonesia ($X), with a 12% share of total imports. It was followed by Vietnam, with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Malaysia amounted to +3.0%. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (+1.2% per year) and Vietnam (+3.8% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, shrinking by -13.6% against the previous year. Over the period under review, the import price showed a slight descent. The pace of growth was the most pronounced in 2021 an increase of 50%. Over the period under review, import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Indonesia ($X per ton) and Vietnam ($X per ton), while Malaysia ($X per ton) and the Philippines ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+0.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform