South-Eastern Asia: Methacrylic Acid Market 2024

Methacrylic Acid Market Size in South-Eastern Asia

In 2022, the Southeast Asian methacrylic acid market increased by 4.6% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, continues to indicate a abrupt contraction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Methacrylic Acid Production in South-Eastern Asia

In value terms, methacrylic acid production shrank modestly to $X in 2022 estimated in export price. Overall, production, however, recorded a perceptible decline. The pace of growth appeared the most rapid in 2017 with an increase of 35%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Methacrylic Acid Exports

Exports in South-Eastern Asia

In 2022, after eight years of growth, there was significant decline in overseas shipments of methacrylic acid and its salts, when their volume decreased by -7.6% to X tons. Overall, exports, however, recorded a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 4,820%. The volume of export peaked at X tons in 2021, and then dropped in the following year.

In value terms, methacrylic acid exports contracted dramatically to $X in 2022. In general, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 2,969% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then reduced dramatically in the following year.

Exports by Country

Thailand (X tons) represented roughly 99% of total exports in 2022.

Thailand was also the fastest-growing in terms of the methacrylic acid and its salts exports, with a CAGR of +266.0% from 2012 to 2022. Thailand (+99 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) also remains the largest methacrylic acid supplier in South-Eastern Asia.

From 2012 to 2022, the average annual growth rate of value in Thailand stood at +264.6%.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, which is down by -8.4% 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 when the export price increased by 92%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the rate of growth in terms of prices for Thailand amounted to -0.4% per year.

Methacrylic Acid Imports

Imports in South-Eastern Asia

Methacrylic acid imports rose slightly to X tons in 2022, growing by 2% against the year before. Total imports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -3.3% against 2018 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 31% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, methacrylic acid imports fell to $X in 2022. Total imports indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.7% 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 +32.9% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 51% against the previous year. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Malaysia dominates imports structure, recording X tons, which was approx. 80% of total imports in 2022. It was distantly followed by Indonesia (X tons), comprising a 9.1% share of total imports. The following importers - Vietnam (X tons), Singapore (X tons) and the Philippines (X tons) - each recorded a 9.7% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to methacrylic acid imports into Malaysia stood at +5.2%. At the same time, the Philippines (+5.9%), Vietnam (+3.7%) and Singapore (+3.4%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +5.9% from 2012-2022. Indonesia experienced a relatively flat trend pattern. While the share of Malaysia (+12 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Indonesia (-3.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) constitutes the largest market for imported methacrylic acid and its salts in South-Eastern Asia, comprising 74% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 12% share of total imports. It was followed by Vietnam, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value in Malaysia totaled +3.0%. In the other countries, the average annual rates were as follows: Indonesia (+1.2% per year) and Vietnam (+3.8% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, declining by -13.6% against the previous year. In general, the import price continues to indicate a mild slump. The pace of growth appeared the most rapid in 2021 an increase of 50% against the previous year. The level of import peaked 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 Indonesia ($X per ton) and Vietnam ($X per ton), while Malaysia ($X per ton) and the Philippines ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+0.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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