MENA: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in MENA

The MENA's monocarboxylic acid market fell to $X in 2022, almost unchanged from the previous year. The total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.0% against 2019 indices. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Monocarboxylic Acid Production in MENA

In value terms, monocarboxylic acid production dropped modestly to $X in 2022 estimated in export price. The total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +4.0% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 32% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Monocarboxylic Acid Exports

Exports in MENA

In 2022, monocarboxylic acid exports in MENA reduced markedly to X tons, with a decrease of -18.3% on the previous year's figure. Over the period under review, exports, however, enjoyed significant growth. The pace of growth was the most pronounced in 2013 with an increase of 319% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then dropped rapidly in the following year.

In value terms, monocarboxylic acid exports fell remarkably to $X in 2022. In general, exports, however, showed a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of 258%. Over the period under review, the exports attained the maximum at $X in 2021, and then contracted significantly in the following year.

Exports by Country

Saudi Arabia (X tons) represented roughly 98% of total exports in 2022.

Saudi Arabia was also the fastest-growing in terms of the acrylic acid and its salts and other monocarboxylic acid exports, with a CAGR of +44.5% from 2012 to 2022. Saudi Arabia (+27 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) also remains the largest monocarboxylic acid supplier in MENA.

From 2012 to 2022, the average annual growth rate of value in Saudi Arabia totaled +42.6%.

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, approximately mirroring the previous year. Over the period under review, the export price, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2021 when the export price increased by 32% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Saudi Arabia.

From 2012 to 2022, the rate of growth in terms of prices for Saudi Arabia amounted to -1.4% per year.

Monocarboxylic Acid Imports

Imports in MENA

In 2022, approx. X tons of acrylic acid and its salts and other monocarboxylic acid were imported in MENA; with a decrease of -28% against the year before. Total imports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 32% against the previous year. The volume of import peaked at X tons in 2021, and then shrank remarkably in the following year.

In value terms, monocarboxylic acid imports rose rapidly to $X in 2022. Overall, imports, however, enjoyed a buoyant increase. The growth pace was the most rapid in 2021 when imports increased by 45% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

Turkey was the key importer of acrylic acid and its salts and other monocarboxylic acid in MENA, with the volume of imports reaching X tons, which was approx. 55% of total imports in 2022. The United Arab Emirates (X tons) held the second position in the ranking, followed by Egypt (X tons) and Saudi Arabia (X tons). All these countries together took near 34% share of total imports. Israel (X tons) and Algeria (X tons) took a minor share of total imports.

Imports into Turkey increased at an average annual rate of +6.0% from 2012 to 2022. At the same time, the United Arab Emirates (+20.8%), Algeria (+10.2%), Egypt (+7.3%) and Israel (+3.0%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in MENA, with a CAGR of +20.8% from 2012-2022. By contrast, Saudi Arabia (-11.7%) illustrated a downward trend over the same period. Turkey (+18 p.p.), the United Arab Emirates (+11 p.p.) and Egypt (+4.1 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by -32.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported acrylic acid and its salts and other monocarboxylic acid in MENA, comprising 44% of total imports. The second position in the ranking was taken by Israel ($X), with a 20% share of total imports. It was followed by Egypt, with a 9.9% share.

In Turkey, monocarboxylic acid imports increased at an average annual rate of +8.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Israel (+23.6% per year) and Egypt (+7.1% per year).

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, picking up by 56% against the previous year. Import price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monocarboxylic acid import price increased by +89.8% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Israel ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+20.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform