Republic of Korea: Methacrylic Acid Esters Market 2024

Methacrylic Acid Esters Market Size in Republic of Korea

In 2022, the South Korean methacrylic acid esters market increased by X% to $X, rising for the second year in a row after three years of decline. In general, consumption recorded a mild increase. Methacrylic acid esters consumption peaked in 2022 and is expected to retain growth in the immediate term.

Methacrylic Acid Esters Production in Republic of Korea

In value terms, methacrylic acid esters production reached $X in 2022 estimated in export price. Overall, production recorded slight growth. The most prominent rate of growth was recorded in 2020 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Methacrylic Acid Esters Exports

Exports from Republic of Korea

For the third consecutive year, South Korea recorded decline in overseas shipments of esters of methacrylic acid, which decreased by X% to X tons in 2022. In general, total exports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, methacrylic acid esters exports dropped to $X in 2022. Overall, exports, however, showed a resilient increase. The growth pace was the most rapid in 2013 when exports increased by X%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons), the United States (X tons) and the Netherlands (X tons) were the main destinations of methacrylic acid esters exports from South Korea, with a combined X% share of total exports. Germany, India, Belgium, Taiwan (Chinese), Japan, Vietnam, France, the UK and Indonesia lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest markets for methacrylic acid esters exported from South Korea were China ($X), the United States ($X) and the Netherlands ($X), with a combined X% share of total exports. Germany, Japan, Taiwan (Chinese), India, Belgium, the UK, Vietnam, France and Indonesia lagged somewhat behind, together accounting for a further X%.

France, with a CAGR of X%, 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

In 2022, the average methacrylic acid esters export price amounted to $X per ton, waning by X% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to India ($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 Taiwan (Chinese) (X%), while the prices for the other major destinations experienced more modest paces of growth.

Methacrylic Acid Esters Imports

Imports into Republic of Korea

Methacrylic acid esters imports into South Korea declined to X tons in 2022, dropping by X% on 2021 figures. Overall, imports saw a pronounced shrinkage. The pace of growth was the most pronounced in 2016 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, methacrylic acid esters imports contracted to $X in 2022. Over the period under review, imports continue to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

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

From 2012 to 2022, the average annual growth rate of volume from Japan totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Thailand (X% per year).

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

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

Import Prices by Country

The average methacrylic acid esters import price stood at $X per ton in 2022, approximately mirroring the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2017 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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