MENA: Polymethyl Methacrylate Market 2024

Polymethyl Methacrylate Market Size in MENA

In 2022, the MENA's polymethyl methacrylate market increased by 7.3% to $X, rising for the third consecutive year after three years of decline. The total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +49.8% against 2019 indices. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Polymethyl Methacrylate Production in MENA

In value terms, polymethyl methacrylate production expanded sharply to $X in 2022 estimated in export price. In general, production continues to indicate strong growth. The pace of growth was the most pronounced in 2016 with an increase of 95%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Polymethyl Methacrylate Exports

Exports in MENA

In 2022, after seven years of growth, there was significant decline in shipments abroad of polymethyl methacrylate in primary forms, when their volume decreased by -14.4% to X tons. Overall, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 116% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then contracted in the following year.

In value terms, polymethyl methacrylate exports fell dramatically to $X in 2022. Over the period under review, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 91%. The level of export peaked at $X in 2021, and then contracted sharply in the following year.

Exports by Country

Saudi Arabia was the key exporter of polymethyl methacrylate in primary forms in MENA, with the volume of exports reaching X tons, which was approx. 63% of total exports in 2022. It was distantly followed by the United Arab Emirates (X tons), mixing up a 27% share of total exports. Egypt (X tons), Morocco (X tons) and Turkey (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to polymethyl methacrylate exports from Saudi Arabia stood at +40.3%. At the same time, Morocco (+80.2%), the United Arab Emirates (+22.9%), Egypt (+22.8%) and Turkey (+9.6%) displayed positive paces of growth. Moreover, Morocco emerged as the fastest-growing exporter exported in MENA, with a CAGR of +80.2% from 2012-2022. While the share of Saudi Arabia (+37 p.p.) and Morocco (+2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Egypt (-2 p.p.), Turkey (-6 p.p.) and the United Arab Emirates (-14.8 p.p.) displayed negative dynamics.

In value terms, Saudi Arabia ($X) remains the largest polymethyl methacrylate supplier in MENA, comprising 62% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 22% share of total exports. It was followed by Egypt, with an 8% share.

In Saudi Arabia, polymethyl methacrylate exports increased at an average annual rate of +41.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (+15.7% per year) and Egypt (+36.9% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, almost unchanged from the previous year. Overall, the export price recorded a slight decrease. The most prominent rate of growth was recorded in 2018 when the export price increased by 28%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Egypt ($X per ton), while Morocco ($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 (+11.6%), while the other leaders experienced more modest paces of growth.

Polymethyl Methacrylate Imports

Imports in MENA

In 2022, approx. X tons of polymethyl methacrylate in primary forms were imported in MENA; falling by -9.8% on 2021 figures. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 29%. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, polymethyl methacrylate imports dropped to $X in 2022. In general, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 17% against the previous year. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

Turkey was the largest importing country with an import of about X tons, which accounted for 42% of total imports. Israel (X tons) ranks second in terms of the total imports with a 17% share, followed by Oman (13%), the United Arab Emirates (9.3%) and Morocco (6.6%). The following importers - Iran (X tons) and Qatar (X tons) - together made up 6.5% of total imports.

From 2012 to 2022, average annual rates of growth with regard to polymethyl methacrylate imports into Turkey stood at +7.1%. At the same time, Morocco (+41.8%), the United Arab Emirates (+28.1%) and Oman (+21.5%) displayed positive paces of growth. Moreover, Morocco emerged as the fastest-growing importer imported in MENA, with a CAGR of +41.8% from 2012-2022. By contrast, Israel (-2.2%), Qatar (-4.5%) and Iran (-13.7%) illustrated a downward trend over the same period. Turkey (+20 p.p.), Oman (+11 p.p.), the United Arab Emirates (+8.5 p.p.) and Morocco (+6.4 p.p.) significantly strengthened its position in terms of the total imports, while Qatar, Israel and Iran saw its share reduced by -1.9%, -5.7% and -13.8% from 2012 to 2022, respectively.

In value terms, the largest polymethyl methacrylate importing markets in MENA were Turkey ($X), Israel ($X) and Morocco ($X), together accounting for 73% of total imports.

Morocco, with a CAGR of +36.0%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in MENA stood at $X per ton in 2022, growing by 5.2% against the previous year. Over the period under review, the import price, however, continues to indicate a slight setback. The growth pace was the most rapid in 2018 when the import price increased by 22%. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Morocco ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform