Republic of Korea: Methacrylic Acid Esters Market 2024

Methacrylic Acid Esters Market Size in Republic of Korea

In 2022, the South Korean methacrylic acid esters market increased by 4.8% to $X, rising for the second year in a row after three years of decline. Overall, consumption saw a slight increase. Methacrylic acid esters consumption peaked in 2022 and is likely to see gradual growth in years to come.

Methacrylic Acid Esters Production in Republic of Korea

In value terms, methacrylic acid esters production stood at $X in 2022 estimated in export price. Overall, production saw a mild expansion. The pace of growth appeared the most rapid in 2020 with an increase of 28% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Methacrylic Acid Esters Exports

Exports from Republic of Korea

In 2022, the amount of esters of methacrylic acid exported from South Korea reduced to X tons, with a decrease of -6.3% compared with the previous year. In general, total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +9.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -21.0% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 207% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, methacrylic acid esters exports declined to $X in 2022. Over the period under review, exports, however, recorded buoyant growth. The pace of growth was the most pronounced in 2013 when exports increased by 184%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons), the United States (X tons) and the Netherlands (X tons) were the main destinations of methacrylic acid esters exports from South Korea, together comprising 64% of total exports. Germany, India, Belgium, Taiwan (Chinese), Japan, Vietnam, France, the UK and Indonesia lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +406.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for methacrylic acid esters exported from South Korea were China ($X), the United States ($X) and the Netherlands ($X), with a combined 60% share of total exports. Germany, Japan, Taiwan (Chinese), India, Belgium, the UK, Vietnam, France and Indonesia lagged somewhat behind, together accounting for a further 31%.

France, with a CAGR of +347.8%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average methacrylic acid esters export price stood at $X per ton in 2022, reducing by -6.9% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 55%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+3.9%), while the prices for the other major destinations experienced more modest paces of growth.

Methacrylic Acid Esters Imports

Imports into Republic of Korea

In 2022, approx. X tons of esters of methacrylic acid were imported into South Korea; with a decrease of -10.5% compared with the previous year. Overall, imports showed a pronounced descent. The most prominent rate of growth was recorded in 2016 with an increase of 40%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, methacrylic acid esters imports contracted to $X in 2022. Over the period under review, imports saw a perceptible decline. The most prominent rate of growth was recorded in 2017 with an increase of 66%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Japan (X tons) constituted the largest methacrylic acid esters supplier to South Korea, with a 76% share of total imports. Moreover, methacrylic acid esters imports from Japan exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The third position in this ranking was held by Thailand (X tons), with a 2.5% share.

From 2012 to 2022, the average annual growth rate of volume from Japan totaled -1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+12.3% per year) and Thailand (-10.5% per year).

In value terms, Japan ($X) constituted the largest supplier of esters of methacrylic acid to South Korea, comprising 65% of total imports. The second position in the ranking was held by China ($X), with a 24% share of total imports. It was followed by Taiwan (Chinese), with a 2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan amounted to -1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+12.3% per year) and Taiwan (Chinese) (-23.8% per year).

Import Prices by Country

The average methacrylic acid esters import price stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2017 when the average import price increased by 34% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+0.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :