Thailand: Methacrylic Acid Market 2024

Methacrylic Acid Market Size in Thailand

The Thai methacrylic acid market was finally on the rise to reach $X in 2022, after four years of decline. Over the period under review, consumption, however, recorded a sharp decline. Methacrylic acid consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Methacrylic Acid Production in Thailand

In value terms, methacrylic acid production declined to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a pronounced slump. The pace of growth was the most pronounced in 2017 with an increase of 35%. Methacrylic acid production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Methacrylic Acid Exports

Exports from Thailand

After eight years of growth, shipments abroad of methacrylic acid and its salts decreased by -7.5% to X tons in 2022. Overall, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 59% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then fell in the following year.

In value terms, methacrylic acid exports declined dramatically to $X in 2022. Over the period under review, exports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 80%. Over the period under review, the exports reached the peak figure at $X in 2021, and then declined dramatically in the following year.

Exports by Country

India (X tons), Japan (X tons) and the United States (X tons) were the main destinations of methacrylic acid exports from Thailand, together accounting for 60% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +249.8%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X), Japan ($X) and the United States ($X) were the largest markets for methacrylic acid exported from Thailand worldwide, with a combined 59% share of total exports.

Japan, with a CAGR of +262.3%, recorded the highest rates of growth with regard to the value of exports, among 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 export price stood at $X per ton in 2022, shrinking by -8.4% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 58% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Singapore ($X per ton) and Taiwan (Chinese) ($X per ton), while the average price for exports to Belgium ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+4.0%), while the prices for the other major destinations experienced more modest paces of growth.

Methacrylic Acid Imports

Imports into Thailand

In 2022, approx. X tons of methacrylic acid and its salts were imported into Thailand; reducing by -24.2% on the year before. Over the period under review, imports recorded a abrupt slump. The pace of growth appeared the most rapid in 2021 with an increase of 60% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, methacrylic acid imports declined markedly to $X in 2022. In general, imports faced a abrupt decrease. The pace of growth was the most pronounced in 2018 with an increase of 99%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, South Korea (X tons) constituted the largest supplier of methacrylic acid to Thailand, with a 76% share of total imports. Moreover, methacrylic acid imports from South Korea exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), sixfold. The third position in this ranking was held by China (X tons), with a 7.8% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-23.8% per year) and China (-21.4% per year).

In value terms, South Korea ($X) constituted the largest supplier of methacrylic acid and its salts to Thailand, comprising 61% of total imports. The second position in the ranking was taken by China ($X), with a 23% share of total imports. It was followed by Taiwan (Chinese), with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from South Korea totaled -2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-12.6% per year) and Taiwan (Chinese) (-24.6% per year).

Import Prices by Country

In 2022, the average methacrylic acid import price amounted to $X per ton, reducing by -9.3% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average import price increased by 34% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2021, and then reduced in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for South Korea ($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 United States (+37.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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