Turkey: Methacrylic Acid Market 2024

Methacrylic Acid Market Size in Turkey

The Turkish methacrylic acid market contracted significantly to $X in 2022, declining by X% against 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, the total consumption indicated a temperate increase from 2012 to 2022: its value 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, consumption increased by X% against 2020 indices. As a result, consumption reached the peak level of $X, and then contracted markedly in the following year.

Methacrylic Acid Exports

Exports from Turkey

In 2022, exports of methacrylic acid and its salts from Turkey shrank to X tons, with a decrease of X% compared with the previous year's figure. In general, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2016 when exports increased by X%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, methacrylic acid exports skyrocketed to $X in 2022. Over the period under review, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

Israel (X tons) was the main destination for methacrylic acid exports from Turkey, accounting for a X% share of total exports. Moreover, methacrylic acid exports to Israel exceeded the volume sent to the second major destination, Uzbekistan (X tons), fourfold. The third position in this ranking was taken by Greece (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Israel totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uzbekistan (X% per year) and Greece (X% per year).

In value terms, Israel ($X) remains the key foreign market for methacrylic acid and its salts exports from Turkey, comprising X% of total exports. The second position in the ranking was held by Uzbekistan ($X), with a X% share of total exports. It was followed by Greece, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Israel totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uzbekistan (X% per year) and Greece (X% per year).

Export Prices by Country

In 2022, the average methacrylic acid export price amounted to $X per ton, jumping by X% against the previous year. Overall, export price indicated a tangible expansion from 2012 to 2022: its price 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, methacrylic acid export price increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2018 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Morocco ($X per ton), while the average price for exports to Greece ($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 Israel (X%), while the prices for the other major destinations experienced a decline.

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Methacrylic Acid Imports

Imports into Turkey

In 2022, purchases abroad of methacrylic acid and its salts decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, total imports indicated a pronounced expansion 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, imports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, imports reached the peak of X tons, and then fell notably in the following year.

In value terms, methacrylic acid imports declined sharply to $X in 2022. Overall, imports, however, saw temperate growth. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of $X, and then declined significantly in the following year.

Imports by Country

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

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

In value terms, South Korea ($X) constituted the largest supplier of methacrylic acid and its salts to Turkey, comprising X% of total imports. The second position in the ranking was held by the United States ($X), with a X% share of total imports. It was followed by China, with an X% share.

From 2012 to 2022, the average annual growth rate of value from South Korea totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and China (X% per year).

Import Prices by Country

In 2022, the average methacrylic acid import price amounted to $X per ton, increasing by X% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Germany ($X per ton) and the United States ($X per ton), while the price for Thailand ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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