Norway: Methacrylic Acid Market 2024

Methacrylic Acid Market Size in Norway

For the third consecutive year, the Norwegian methacrylic acid market recorded growth in sales value, which increased by 46% to $X in 2022. Overall, consumption saw a significant increase. Methacrylic acid consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Methacrylic Acid Production in Norway

In value terms, methacrylic acid production fell to $X in 2022 estimated in export price. In general, the total production indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +11.2% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 44% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Methacrylic Acid Exports

Exports from Norway

In 2022, approx. X tons of methacrylic acid and its salts were exported from Norway; remaining relatively unchanged against the previous year. Overall, exports showed a significant expansion. The smallest decline of 99.9% was in 2021. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, methacrylic acid exports stood at $X in 2022. Over the period under review, exports continue to indicate a significant expansion. The smallest decline of 99.9% was in 2021. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

The Netherlands (X tons) was the main destination for methacrylic acid exports from Norway, with a approx. 100% share of total exports.

From 2014 to 2022, the average annual rate of growth in terms of volume to the Netherlands was relatively modest.

From 2014 to 2022, the average annual growth rate of value to the Netherlands was relatively modest.

Export Prices by Country

The average methacrylic acid export price stood at $X per ton in 2022, approximately mirroring the previous year. Overall, the export price showed a strong increase. The pace of growth was the most pronounced in 2021 a decrease of 99.9% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

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

From 2014 to 2022, the rate of growth in terms of prices for the Netherlands amounted to 0.0% per year.

Methacrylic Acid Imports

Imports into Norway

In 2022, approx. X tons of methacrylic acid and its salts were imported into Norway; picking up by 29% compared with the previous year's figure. Overall, imports recorded significant growth. The growth pace was the most rapid in 2014 when imports increased by 6,144%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, methacrylic acid imports skyrocketed to $X in 2022. Over the period under review, imports showed a significant increase. The growth pace was the most rapid in 2014 when imports increased by 5,723% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, South Korea (X tons) constituted the largest methacrylic acid supplier to Norway, with a 52% share of total imports. Moreover, methacrylic acid imports from South Korea exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fourfold. The third position in this ranking was held by Taiwan (Chinese) (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea totaled +1,831.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+42.2% per year) and Taiwan (Chinese) (0.0% per year).

In value terms, South Korea ($X) constituted the largest supplier of methacrylic acid and its salts to Norway, comprising 43% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 16% share of total imports. It was followed by Taiwan (Chinese), with a 16% share.

From 2012 to 2022, the average annual growth rate of value from South Korea stood at +1,412.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+49.4% per year) and Taiwan (Chinese) (0.0% per year).

Import Prices by Country

The average methacrylic acid import price stood at $X per ton in 2022, increasing by 19% against the previous year. In general, import price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, methacrylic acid import price increased by +77.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 49% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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