Sri Lanka: Market for Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate) 2024

Market Size for Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate) in Sri Lanka

After two years of decline, the Sri Lankan market for acrylic polymers, in primary forms (excluding polymethyl methacrylate) increased by 92% to $X in 2021. In general, consumption posted a strong increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate)

Exports from Sri Lanka

In 2021, exports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) from Sri Lanka soared to X tons, with an increase of 35% compared with 2020 figures. Overall, exports continue to indicate a significant expansion. The growth pace was the most rapid in 2014 when exports increased by 226% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, exports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) surged to $X in 2021. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 227%. The exports peaked in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Bangladesh (X tons), India (X tons) and Indonesia (X tons) were the main destinations of exports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) from Sri Lanka, together accounting for 87% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of +103.6%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X) emerged as the key foreign market for acrylic polymers, in primary forms (excluding polymethyl methacrylate) exports from Sri Lanka, comprising 54% of total exports. The second position in the ranking was taken by Bangladesh ($X), with a 23% share of total exports. It was followed by Indonesia, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to India stood at +83.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+15.3% per year) and Indonesia (+39.7% per year).

Export Prices by Country

The average export price for acrylic polymers, in primary forms (excluding polymethyl methacrylate) stood at $X per ton in 2021, growing by 5.8% against the previous year. In general, the export price enjoyed noticeable growth. The pace of growth was the most pronounced in 2016 an increase of 126%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+8.0%), while the prices for the other major destinations experienced a decline.

Imports of Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate)

Imports into Sri Lanka

In 2021, supplies from abroad of acrylic polymers, in primary forms (excluding polymethyl methacrylate) increased by 49% to X tons, rising for the second year in a row after two years of decline. Overall, total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +8.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +61.7% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) soared to $X in 2021. Over the period under review, imports enjoyed strong growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, India (X tons) constituted the largest acrylic polymers, in primary forms (excluding polymethyl methacrylate) supplier to Sri Lanka, with a 39% share of total imports. Moreover, imports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) from India exceeded the figures recorded by the second-largest supplier, Italy (X tons), sevenfold. The third position in this ranking was taken by the United Arab Emirates (X tons), with a 5% share.

From 2012 to 2021, the average annual growth rate of volume from India totaled +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+2.9% per year) and the United Arab Emirates (+41.5% per year).

In value terms, India ($X) constituted the largest supplier of acrylic polymers, in primary forms (excluding polymethyl methacrylate) to Sri Lanka, comprising 28% of total imports. The second position in the ranking was held by Italy ($X), with a 10% share of total imports. It was followed by China, with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from India totaled +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+8.5% per year) and China (+12.5% per year).

Import Prices by Country

In 2021, the average import price for acrylic polymers, in primary forms (excluding polymethyl methacrylate) amounted to $X per ton, surging by 28% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.1%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform