Iran: Market for Propan-1-Ol (Propyl Alcohol) And Propan-2-Ol (Isopropyl Alcohol) 2024

Market Size for Propan-1-Ol (Propyl Alcohol) And Propan-2-Ol (Isopropyl Alcohol) in Iran

In 2022, the Iranian propyl and isopropyl alcohol market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption, however, recorded a pronounced slump. Propyl and isopropyl alcohol consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Exports of Propan-1-Ol (Propyl Alcohol) And Propan-2-Ol (Isopropyl Alcohol)

Exports from Iran

In 2022, after three years of growth, there was significant decline in overseas shipments of propan-1-ol (propyl alcohol) and propan-2-ol (isopropyl alcohol), when their volume decreased by -24.8% to X tons. In general, exports, however, saw a pronounced expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 802%. The exports peaked at X tons in 2021, and then shrank remarkably in the following year.

In value terms, propyl and isopropyl alcohol exports contracted sharply to $X in 2022. Overall, exports, however, showed a tangible increase. The growth pace was the most rapid in 2017 with an increase of 659% against the previous year. The exports peaked at $X in 2021, and then dropped markedly in the following year.

Exports by Country

Turkey (X tons) was the main destination for propyl and isopropyl alcohol exports from Iran, accounting for a 95% share of total exports. Moreover, propyl and isopropyl alcohol exports to Turkey exceeded the volume sent to the second major destination, Azerbaijan (X tons), more than tenfold. The third position in this ranking was taken by Afghanistan (X kg), with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Turkey amounted to +17.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (-19.8% per year) and Afghanistan (-16.8% per year).

In value terms, Turkey ($X) remains the key foreign market for propan-1-ol (propyl alcohol) and propan-2-ol (isopropyl alcohol) exports from Iran, comprising 95% of total exports. The second position in the ranking was taken by Azerbaijan ($X), with a 4.7% share of total exports. It was followed by Afghanistan, with a 0.4% share.

From 2012 to 2022, the average annual growth rate of value to Turkey stood at +14.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (-12.6% per year) and Afghanistan (-25.0% per year).

Export Prices by Country

In 2022, the average propyl and isopropyl alcohol export price amounted to $X per ton, standing approx. at the previous year. In general, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 19%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Armenia ($X per ton), while the average price for exports to Afghanistan ($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 Azerbaijan (+8.9%), while the prices for the other major destinations experienced a decline.

Imports of Propan-1-Ol (Propyl Alcohol) And Propan-2-Ol (Isopropyl Alcohol)

Imports into Iran

In 2022, supplies from abroad of propan-1-ol (propyl alcohol) and propan-2-ol (isopropyl alcohol) was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports, however, continue to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2019 when imports increased by 56% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, propyl and isopropyl alcohol imports rose significantly to $X in 2022. Over the period under review, imports, however, recorded a perceptible setback. The pace of growth was the most pronounced in 2015 when imports increased by 44% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The United Arab Emirates (X tons), South Korea (X tons) and China (X tons) were the main suppliers of propyl and isopropyl alcohol imports to Iran, together accounting for 81% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +36.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest propyl and isopropyl alcohol suppliers to Iran were the United Arab Emirates ($X), South Korea ($X) and China ($X), together comprising 81% of total imports.

China, with a CAGR of +33.6%, 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

In 2022, the average propyl and isopropyl alcohol import price amounted to $X per ton, with a decrease of -6.7% against the previous year. Overall, the import price saw a slight curtailment. The most prominent rate of growth was recorded in 2017 an increase of 21%. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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