Azerbaijan: Market for Polyethylene Glycols and Polyethers in Primary Forms 2024

Market Size for Polyethylene Glycols and Polyethers in Primary Forms in Azerbaijan

In 2021, the Azerbaijani polyethylene glycol and polyether market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Polyethylene glycol and polyether consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Polyethylene Glycols and Polyethers in Primary Forms in Azerbaijan

In value terms, polyethylene glycol and polyether production rose remarkably to $X in 2021 estimated in export price. Overall, the total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -9.5% against 2018 indices. The pace of growth appeared the most rapid in 2015 when the production volume increased by 45% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Exports of Polyethylene Glycols and Polyethers in Primary Forms

Exports from Azerbaijan

For the ninth year in a row, Azerbaijan recorded decline in overseas shipments of polyethylene glycols and polyethers in primary forms, which decreased by -3.6% to X tons in 2021. Over the period under review, exports recorded a precipitous setback. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, polyethylene glycol and polyether exports dropped to $X in 2021. In general, exports showed a sharp shrinkage. The smallest decline of -12.3% was in 2014. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Turkey (X tons) was the main destination for polyethylene glycol and polyether exports from Azerbaijan, with a 95% share of total exports. Moreover, polyethylene glycol and polyether exports to Turkey exceeded the volume sent to the second major destination, Iran (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Turkey totaled -21.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (-37.4% per year) and Russia (-54.5% per year).

In value terms, Turkey ($X) remains the key foreign market for polyethylene glycols and polyethers in primary forms exports from Azerbaijan, comprising 78% of total exports. The second position in the ranking was taken by Iran ($X), with a 21% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Turkey amounted to -20.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (-27.7% per year) and Russia (-51.7% per year).

Export Prices by Country

The average polyethylene glycol and polyether export price stood at $X per ton in 2021, reducing by -11.5% against the previous year. Overall, export price indicated mild growth from 2012 to 2021: its price increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, polyethylene glycol and polyether export price decreased by -30.8% against 2018 indices. The growth pace was the most rapid in 2015 an increase of 28%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Iran ($X per ton), while the average price for exports to Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Iran (+15.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Polyethylene Glycols and Polyethers in Primary Forms

Imports into Azerbaijan

In 2021, overseas purchases of polyethylene glycols and polyethers in primary forms were finally on the rise to reach X tons after three years of decline. Overall, imports, however, continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2013 with an increase of 113% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, polyethylene glycol and polyether imports surged to $X in 2021. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 56% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Turkey (X tons), Russia (X tons) and the Netherlands (X tons) were the main suppliers of polyethylene glycol and polyether imports to Azerbaijan, together accounting for 60% of total imports.

From 2012 to 2021, the biggest increases were recorded for Russia (with a CAGR of +36.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest polyethylene glycol and polyether suppliers to Azerbaijan were Turkey ($X), the Netherlands ($X) and Saudi Arabia ($X), together accounting for 51% of total imports. Russia, the United Arab Emirates, the United States, France, Romania and Italy lagged somewhat behind, together accounting for a further 33%.

The United Arab Emirates, with a CAGR of +48.0%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average polyethylene glycol and polyether import price stood at $X per ton in 2021, increasing by 38% against the previous year. Over the period under review, the import price continues to indicate a buoyant expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+18.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :