Latin America and the Caribbean: Methacrylic Acid Market 2024

Methacrylic Acid Market Size in Latin America and the Caribbean

The Latin American methacrylic acid market reduced sharply to $X in 2022, falling by -25.8% against the previous year. In general, consumption recorded a perceptible reduction. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Methacrylic Acid Production in Latin America and the Caribbean

In value terms, methacrylic acid production totaled $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the production volume increased by 11% against the previous year. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Methacrylic Acid Exports

Exports in Latin America and the Caribbean

Methacrylic acid exports skyrocketed to X tons in 2022, picking up by 35% on the year before. In general, exports saw a significant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 182% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, methacrylic acid exports soared to $X in 2022. Over the period under review, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 187%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Brazil (X tons) represented the key exporter of methacrylic acid and its salts, comprising 86% of total exports. It was distantly followed by Argentina (X tons), achieving a 12% share of total exports. Colombia (X tons) followed a long way behind the leaders.

Exports from Brazil increased at an average annual rate of +27.5% from 2012 to 2022. At the same time, Argentina (+38.1%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +38.1% from 2012-2022. By contrast, Colombia (-5.7%) illustrated a downward trend over the same period. Brazil (+31 p.p.) and Argentina (+8.3 p.p.) significantly strengthened its position in terms of the total exports, while Colombia saw its share reduced by -20.2% from 2012 to 2022, respectively.

In value terms, Brazil ($X) remains the largest methacrylic acid supplier in Latin America and the Caribbean, comprising 90% of total exports. The second position in the ranking was taken by Argentina ($X), with a 7.9% share of total exports.

In Brazil, methacrylic acid exports expanded at an average annual rate of +35.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Argentina (+32.1% per year) and Colombia (-6.6% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, rising by 18% against the previous year. Export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, methacrylic acid export price increased by +103.7% against 2014 indices. The growth pace was the most rapid in 2015 an increase of 64% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+6.5%), while the other leaders experienced a decline in the export price figures.

Methacrylic Acid Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of methacrylic acid and its salts decreased by -27.1% to X tons, falling for the second year in a row after four years of growth. Overall, imports recorded a pronounced shrinkage. The growth pace was the most rapid in 2017 when imports increased by 16% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, methacrylic acid imports declined rapidly to $X in 2022. In general, imports showed a noticeable shrinkage. The growth pace was the most rapid in 2017 with an increase of 47% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Brazil was the key importer of methacrylic acid and its salts in Latin America and the Caribbean, with the volume of imports finishing at X tons, which was near 65% of total imports in 2022. It was distantly followed by Mexico (X tons), mixing up a 24% share of total imports. The following importers - Chile (X tons) and Colombia (X tons) - together made up 6.8% of total imports.

Imports into Brazil decreased at an average annual rate of -2.8% from 2012 to 2022. Chile, Colombia and Mexico experienced a relatively flat trend pattern. From 2012 to 2022, the share of Mexico and Brazil increased by +6.4 and +5.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported methacrylic acid and its salts in Latin America and the Caribbean, comprising 64% of total imports. The second position in the ranking was taken by Mexico ($X), with a 25% share of total imports. It was followed by Chile, with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Brazil amounted to -1.1%. In the other countries, the average annual rates were as follows: Mexico (+0.5% per year) and Chile (+1.3% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, with an increase of 10% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The pace of growth appeared the most rapid in 2021 when the import price increased by 40% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Mexico ($X per ton) and Chile ($X per ton), while Colombia ($X per ton) and Brazil ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+1.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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