Methacrylic Acid Market

The global market for methacrylic acid and its salts is projected to experience growth in both volume and value terms from 2022 to 2030. Despite a slight decrease in consumption in 2022, the overall trend has shown steady growth over the past decade. Germany leads in both consumption and production, while France, the United States, and other countries also play significant roles in the market. Import and export trends indicate fluctuations in trade dynamics, with notable growth rates in certain countries. Overall, the market is expected to expand due to increasing demand worldwide.

Market Forecast

Driven by increasing demand for methacrylic acid and its salts worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market volume to 308K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market value to $720M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Methacrylic Acid And Its Salts

After six years of growth, consumption of methacrylic acid and its salts decreased by -3.8% to 228K tons in 2022. The total consumption volume increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked at 238K tons in 2021, and then shrank modestly in the following year.

The global methacrylic acid market revenue fell to $510M in 2022, standing approx. at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $510M, leveling off in the following year.

Consumption By Country

Germany (85K tons) remains the largest methacrylic acid consuming country worldwide, comprising approx. 37% of total volume. Moreover, methacrylic acid consumption in Germany exceeded the figures recorded by the second-largest consumer, the United States (29K tons), threefold. The third position in this ranking was taken by France (23K tons), with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Germany stood at +10.2%. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+1.8% per year) and France (+3.6% per year).

In value terms, Germany ($147M) led the market, alone. The second position in the ranking was taken by the United States ($68M). It was followed by France.

From 2012 to 2022, the average annual rate of growth in terms of value in Germany totaled +8.1%. In the other countries, the average annual rates were as follows: the United States (-0.2% per year) and France (+5.4% per year).

In 2022, the highest levels of methacrylic acid per capita consumption was registered in Germany (1,026 kg per 1000 persons), followed by France (341 kg per 1000 persons), Malaysia (233 kg per 1000 persons) and Canada (129 kg per 1000 persons), while the world average per capita consumption of methacrylic acid was estimated at 29 kg per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the methacrylic acid per capita consumption in Germany stood at +9.8%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: France (+3.2% per year) and Malaysia (-2.3% per year).

Production

World Production of Methacrylic Acid And Its Salts

In 2022, approx. 219K tons of methacrylic acid and its salts were produced worldwide; waning by -8.4% on the previous year. The total output volume increased at an average annual rate of +2.4% 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 2021 with an increase of 20% against the previous year. As a result, production attained the peak volume of 239K tons, and then fell in the following year.

In value terms, methacrylic acid production contracted to $431M in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the production volume increased by 48% against the previous year. As a result, production reached the peak level of $459M, and then reduced in the following year.

Production By Country

Germany (105K tons) remains the largest methacrylic acid producing country worldwide, accounting for 48% of total volume. Moreover, methacrylic acid production in Germany exceeded the figures recorded by the second-largest producer, South Korea (35K tons), threefold. The United States (28K tons) ranked third in terms of total production with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Germany totaled +5.6%. In the other countries, the average annual rates were as follows: South Korea (+0.3% per year) and the United States (+0.6% per year).

Imports

World Imports of Methacrylic Acid And Its Salts

In 2022, purchases abroad of methacrylic acid and its salts decreased by -10.2% to 147K tons for the first time since 2017, thus ending a four-year rising trend. The total import volume increased at an average annual rate of +2.5% 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 2021 with an increase of 15%. As a result, imports attained the peak of 164K tons, and then dropped in the following year.

In value terms, methacrylic acid imports declined to $407M in 2022. In general, total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 +60.1% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 76%. As a result, imports reached the peak of $448M, and then dropped in the following year.

Imports By Country

In 2022, France (23K tons), followed by Belgium (15K tons), India (13K tons), the United States (13K tons), China (9.3K tons), the Netherlands (9.2K tons) and Malaysia (7.7K tons) represented the major importers of methacrylic acid and its salts, together committing 61% of total imports. Taiwan (Chinese) (6.2K tons), Italy (5.8K tons), Canada (5K tons), the UK (4.7K tons), Brazil (4.4K tons) and Japan (4.3K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Netherlands (with a CAGR of +30.8%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest methacrylic acid importing markets worldwide were France ($68M), Belgium ($43M) and the United States ($36M), together comprising 36% of global imports. India, the Netherlands, China, Malaysia, Italy, the UK, Brazil, Taiwan (Chinese), Japan and Canada lagged somewhat behind, together comprising a further 43%.

The Netherlands, with a CAGR of +27.8%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average methacrylic acid import price stood at $2,768 per ton in 2022, leveling off at the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 53%. Over the period under review, average import prices attained the maximum at $3,202 per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Brazil ($3,244 per ton), while Canada ($1,464 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 (+3.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Methacrylic Acid And Its Salts

In 2022, shipments abroad of methacrylic acid and its salts decreased by -16.8% to 138K tons for the first time since 2015, thus ending a six-year rising trend. Over the period under review, total exports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +48.2% against 2012 indices. The pace of growth appeared the most rapid in 2021 with an increase of 34% against the previous year. As a result, the exports attained the peak of 166K tons, and then fell dramatically in the following year.

In value terms, methacrylic acid exports shrank to $370M in 2022. Overall, total exports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +68.7% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 95% against the previous year. As a result, the exports attained the peak of $428M, and then reduced in the following year.

Exports By Country

In 2022, South Korea (30K tons), Germany (24K tons), China (22K tons), Thailand (16K tons), Belgium (13K tons), the United States (11K tons) and the Netherlands (8.6K tons) was the largest exporter of methacrylic acid and its salts in the world, comprising 92% of total export.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Thailand (with a CAGR of +266.0%), while the other global leaders experienced more modest paces of growth.

In value terms, South Korea ($83M), Germany ($70M) and China ($51M) were the countries with the highest levels of exports in 2022, together comprising 55% of global exports. Belgium, Thailand, the United States and the Netherlands lagged somewhat behind, together comprising a further 37%.

Thailand, with a CAGR of +264.6%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average methacrylic acid export price stood at $2,684 per ton in 2022, picking up by 3.9% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 46%. The global export price peaked at $2,871 per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Belgium ($3,504 per ton), while Thailand ($1,977 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+4.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform