Singapore: Methacrylic Acid Market 2024

Methacrylic Acid Market Size in Singapore

In 2022, the Singaporean methacrylic acid market increased by 192% to $X, rising for the second year in a row after two years of decline. In general, consumption recorded a prominent expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Methacrylic Acid Production in Singapore

In value terms, methacrylic acid production totaled $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the production volume decreased by 99.9%. Methacrylic acid production peaked in 2022 and is likely to continue growth in the near future.

Methacrylic Acid Exports

Exports from Singapore

In 2022, overseas shipments of methacrylic acid and its salts decreased by -35.4% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 371%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, methacrylic acid exports dropped notably to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when exports increased by 275% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for methacrylic acid exports from Singapore, accounting for a approx. 99% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia was relatively modest.

In value terms, Malaysia ($X) also remains the key foreign market for methacrylic acid and its salts exports from Singapore.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia was relatively modest.

Export Prices by Country

In 2022, the average methacrylic acid export price amounted to $X per ton, picking up by 2.6% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 358% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

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

From 2012 to 2022, the rate of growth in terms of prices for Sri Lanka amounted to +20.9% per year.

Methacrylic Acid Imports

Imports into Singapore

In 2022, supplies from abroad of methacrylic acid and its salts increased by 3.3% to X tons, rising for the third consecutive year after two years of decline. The total import volume increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 43%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, methacrylic acid imports fell to $X in 2022. In general, imports continue to indicate a measured expansion. The growth pace was the most rapid in 2017 with an increase of 102%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Thailand (X tons) constituted the largest supplier of methacrylic acid to Singapore, accounting for a 70% share of total imports. Moreover, methacrylic acid imports from Thailand exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), sevenfold. The third position in this ranking was held by Japan (X tons), with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand stood at +144.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-0.2% per year) and Japan (-6.2% per year).

In value terms, Thailand ($X) constituted the largest supplier of methacrylic acid and its salts to Singapore, comprising 57% of total imports. The second position in the ranking was taken by the UK ($X), with a 12% share of total imports. It was followed by Japan, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Thailand amounted to +152.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+86.0% per year) and Japan (-6.4% per year).

Import Prices by Country

In 2022, the average methacrylic acid import price amounted to $X per ton, reducing by -10% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 49% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

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 the UK ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+10.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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