Saudi Arabia: Methacrylic Acid Esters Market 2024

Methacrylic Acid Esters Market Size in Saudi Arabia

The Saudi methacrylic acid esters market was finally on the rise to reach $X in 2022, after two years of decline. In general, consumption, however, saw a abrupt downturn. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Methacrylic Acid Esters Production in Saudi Arabia

In value terms, methacrylic acid esters production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.6% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2019 when the production volume increased by 9.3% against the previous year. 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.

Methacrylic Acid Esters Exports

Exports from Saudi Arabia

In 2022, after eight years of growth, there was decline in overseas shipments of esters of methacrylic acid, when their volume decreased by -1.8% to X tons. In general, exports, however, posted a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of 21%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then declined in the following year.

In value terms, methacrylic acid esters exports declined to $X in 2022. Overall, exports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 21% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then contracted modestly in the following year.

Exports by Country

The Netherlands (X tons), India (X tons) and Turkey (X tons) were the main destinations of methacrylic acid esters exports from Saudi Arabia, together comprising 31% of total exports. Spain, China, the United States, the UK and South Africa lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +43,019.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), the United States ($X) and India ($X) were the largest markets for methacrylic acid esters exported from Saudi Arabia worldwide, together accounting for 32% of total exports. Spain, Turkey, the UK, South Africa and China lagged somewhat behind, together accounting for a further 22%.

The UK, with a CAGR of +29,257.7%, saw 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, standing approx. at the previous year. In general, the export price, however, recorded mild growth. The most prominent rate of growth was recorded in 2019 when the average export price increased by 8.1% against the previous year. The export price peaked at $X per ton in 2021, and then reduced modestly in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to China ($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 the United States (+23.3%), while the prices for the other major destinations experienced more modest paces of growth.

Methacrylic Acid Esters Imports

Imports into Saudi Arabia

In 2017, purchases abroad of esters of methacrylic acid decreased by 0% to X tons for the first time since 2014, thus ending a two-year declining trend. Overall, imports showed significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 76% against the previous year. Over the period under review, imports attained the maximum in 2017 and are likely to see gradual growth in the near future.

In value terms, methacrylic acid esters imports amounted to $X in 2017. Over the period under review, imports enjoyed significant growth. The pace of growth appeared the most rapid in 2014 when imports increased by 62%. Over the period under review, imports reached the maximum in 2017 and are likely to see steady growth in years to come.

Imports by Country

In 2017, South Korea (X tons) constituted the largest methacrylic acid esters supplier to Saudi Arabia, accounting for a 45% share of total imports. Moreover, methacrylic acid esters imports from South Korea exceeded the figures recorded by the second-largest supplier, the UK (X tons), threefold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2017, the average annual rate of growth in terms of volume from South Korea was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-1.4% per year) and Taiwan (Chinese) (+5.0% per year).

In value terms, South Korea ($X) constituted the largest supplier of esters of methacrylic acid to Saudi Arabia, comprising 47% of total imports. The second position in the ranking was taken by the UK ($X), with a 16% share of total imports. It was followed by Taiwan (Chinese), with a 9.8% share.

From 2012 to 2017, the average annual growth rate of value from South Korea was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+3.5% per year) and Taiwan (Chinese) (+12.3% per year).

Import Prices by Country

The average methacrylic acid esters import price stood at $X per ton in 2017, therefore, remained relatively stable against the previous year. Overall, the import price recorded a moderate increase. The growth pace was the most rapid in 2014 an increase of 28% against the previous year. The import price peaked in 2017 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2017, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2017, the most notable rate of growth in terms of prices was attained by Thailand (+19.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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