MENA: Methacrylic Acid Market 2024

Methacrylic Acid Market Size in MENA

The MENA's methacrylic acid market declined notably to $X in 2022, which is down by -15.6% against the previous year. The total consumption indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.9% 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 +45.1% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2021, and then declined notably in the following year.

Methacrylic Acid Production in MENA

In value terms, methacrylic acid production declined to $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 2019 with an increase of 35% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Methacrylic Acid Exports

Exports in MENA

In 2022, overseas shipments of methacrylic acid and its salts decreased by -62.5% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 1,519% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, methacrylic acid exports fell significantly to $X in 2022. In general, exports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2015 with an increase of 484% against the previous year. The level of export peaked at $X in 2021, and then shrank significantly in the following year.

Exports by Country

The United Arab Emirates was the largest exporting country with an export of about X tons, which finished at 78% of total exports. It was distantly followed by Turkey (X tons), mixing up a 22% share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +16.6% from 2012 to 2022. At the same time, Turkey (+26.8%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in MENA, with a CAGR of +26.8% from 2012-2022. From 2012 to 2022, the share of the United Arab Emirates and Turkey increased by +30 and +16 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest methacrylic acid supplying countries in MENA were the United Arab Emirates ($X) and Turkey ($X).

In terms of the main exporting countries, Turkey, with a CAGR of +27.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, increasing by 10% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 115%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

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 Turkey ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+0.4%).

Methacrylic Acid Imports

Imports in MENA

In 2022, supplies from abroad of methacrylic acid and its salts decreased by -19.9% to X tons for the first time since 2019, thus ending a two-year rising trend. Total imports indicated a modest expansion from 2012 to 2022: its volume increased at an average annual rate of +1.8% 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 +18.4% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 61% against the previous year. The volume of import peaked at X tons in 2021, and then declined remarkably in the following year.

In value terms, methacrylic acid imports dropped remarkably to $X in 2022. Overall, imports, however, continue to indicate a mild expansion. The pace of growth appeared the most rapid in 2017 with an increase of 125%. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Turkey (X tons) represented the key importer of methacrylic acid and its salts, generating 52% of total imports. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 34% share, followed by Egypt (8.5%). Israel (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the United Arab Emirates (with a CAGR of +9.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported methacrylic acid and its salts in MENA, comprising 59% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 26% share of total imports. It was followed by Egypt, with a 9.2% share.

From 2012 to 2022, the average annual growth rate of value in Turkey stood at +3.5%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+7.2% per year) and Egypt (+3.4% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2022, remaining stable against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 50% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Turkey ($X per ton) and Egypt ($X per ton), while the United Arab Emirates ($X per ton) and Israel ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+1.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform