Iran: Polyethylene Glycol Wax Market 2024

Polyethylene Glycol Wax Market Size in Iran

In 2021, after four years of decline, there was significant growth in the Iranian polyethylene glycol wax market, when its value increased by 12% to $X. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Polyethylene glycol wax consumption peaked at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Polyethylene Glycol Wax Production in Iran

In value terms, polyethylene glycol wax production skyrocketed to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when the production volume increased by 34% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Polyethylene Glycol Wax Exports

Exports from Iran

In 2021, overseas shipments of artificial and prepared waxes of polyethylene glycol were finally on the rise to reach X tons after two years of decline. In general, exports enjoyed a strong increase. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, polyethylene glycol wax exports surged to $X in 2021. Overall, exports saw a resilient increase. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

South Korea (X tons) was the main destination for polyethylene glycol wax exports from Iran, accounting for a 81% share of total exports. Moreover, polyethylene glycol wax exports to South Korea exceeded the volume sent to the second major destination, Turkey (X tons), fourfold.

From 2012 to 2021, the average annual growth rate of volume to South Korea stood at +140.8%.

In value terms, South Korea ($X) emerged as the key foreign market for artificial and prepared waxes of polyethylene glycol exports from Iran, comprising 88% of total exports. The second position in the ranking was held by Turkey ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual growth rate of value to South Korea totaled +120.6%.

Export Prices by Country

In 2021, the average polyethylene glycol wax export price amounted to $X per ton, jumping by 19% against the previous year. In general, the export price, however, showed a perceptible contraction. The pace of growth appeared the most rapid in 2013 an increase of 35% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Turkey stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+2.4%), while the prices for the other major destinations experienced a decline.

Polyethylene Glycol Wax Imports

Imports into Iran

In 2021, overseas purchases of artificial and prepared waxes of polyethylene glycol decreased by -51.1% to X tons, falling for the third year in a row after three years of growth. Overall, imports, however, enjoyed temperate growth. The pace of growth was the most pronounced in 2014 when imports increased by 602% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, polyethylene glycol wax imports rose rapidly to $X in 2021. In general, imports, however, posted a remarkable increase. The pace of growth was the most pronounced in 2014 with an increase of 347% against the previous year. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Turkey (X tons) constituted the largest polyethylene glycol wax supplier to Iran, accounting for a 55% share of total imports. Moreover, polyethylene glycol wax imports from Turkey exceeded the figures recorded by the second-largest supplier, China (X tons), sevenfold. Italy (X tons) ranked third in terms of total imports with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Turkey stood at +58.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+21.6% per year) and Italy (-1.0% per year).

In value terms, China ($X) constituted the largest supplier of artificial and prepared waxes of polyethylene glycol to Iran, comprising 47% of total imports. The second position in the ranking was taken by Turkey ($X), with an 18% share of total imports. It was followed by Germany, with an 8.2% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +51.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+57.3% per year) and Germany (-0.1% per year).

Import Prices by Country

In 2021, the average polyethylene glycol wax import price amounted to $X per ton, picking up by 126% against the previous year. Overall, the import price saw a prominent 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 China ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+29.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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