Turkey: Methacrylic Acid Esters Market 2024

Methacrylic Acid Esters Market Size in Turkey

In 2022, after two years of growth, there was significant decline in the Turkish methacrylic acid esters market, when its value decreased by -5.8% to $X. Over the period under review, the total consumption indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +39.5% against 2019 indices. Methacrylic acid esters consumption peaked at $X in 2021, and then reduced in the following year.

Methacrylic Acid Esters Exports

Exports from Turkey

In 2022, overseas shipments of esters of methacrylic acid increased by 0.1% to X tons, rising for the second year in a row after two years of decline. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2015 when exports increased by 2,673%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, methacrylic acid esters exports rose markedly to $X in 2022. Overall, exports showed a significant increase. The pace of growth was the most pronounced in 2015 with an increase of 835%. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Greece (X tons), the Netherlands (X tons) and Egypt (X tons) were the main destinations of methacrylic acid esters exports from Turkey, with a combined 74% share of total exports. Israel, Russia, Bulgaria and the United Arab Emirates lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +277.5%), while the other leaders experienced more modest paces of growth.

In value terms, Egypt ($X), Russia ($X) and Greece ($X) were the largest markets for methacrylic acid esters exported from Turkey worldwide, together accounting for 63% of total exports.

Among the main countries of destination, Russia, with a CAGR of +484.4%, saw the highest growth rate of the value of exports, 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, with an increase of 13% against the previous year. In general, the export price, however, saw a slight setback. The pace of growth was the most pronounced in 2013 when the average export price increased by 57% 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 remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Bulgaria ($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 (+60.9%), while the prices for the other major destinations experienced more modest paces of growth.

Methacrylic Acid Esters Imports

Imports into Turkey

In 2022, approx. X tons of esters of methacrylic acid were imported into Turkey; jumping by 17% compared with 2021. Overall, total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.5% 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 +27.9% against 2018 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, methacrylic acid esters imports fell significantly to $X in 2022. In general, total imports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.5% 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 +34.2% against 2020 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 73%. Over the period under review, imports attained the peak figure at $X in 2021, and then contracted significantly in the following year.

Imports by Country

Saudi Arabia (X tons), the United States (X tons) and China (X tons) were the main suppliers of methacrylic acid esters imports to Turkey, together comprising 84% of total imports.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +359.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest methacrylic acid esters suppliers to Turkey were Saudi Arabia ($X), the United States ($X) and China ($X), together accounting for 80% of total imports.

Saudi Arabia, with a CAGR of +292.2%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average methacrylic acid esters import price amounted to $X per ton, with a decrease of -28.4% against the previous year. Overall, 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 59% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2021, and then contracted markedly in the following year.

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 ($X per ton), while the price for Saudi Arabia ($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 (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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