MENA: Adipic Acid Market 2024

Adipic Acid Market Size in MENA

The MENA's adipic acid market contracted to $X in 2022, which is down by -3.7% against the previous year. The total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.4% 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 +8.1% against 2020 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Adipic Acid Production in MENA

In value terms, adipic acid production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 41% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Adipic Acid Exports

Exports in MENA

In 2022, the amount of adipic acid, its salts and esters exported in MENA surged to X tons, increasing by 151% compared with 2021 figures. In general, exports recorded significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, adipic acid exports soared to $X in 2022. Over the period under review, exports showed significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The shipments of the one major exporters of adipic acid, its salts and esters, namely Turkey, represented more than two-thirds of total export.

Turkey was also the fastest-growing in terms of the adipic acid, its salts and esters exports, with a CAGR of +36.7% from 2012 to 2022. Turkey (+64 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, Turkey ($X) also remains the largest adipic acid supplier in MENA.

In Turkey, adipic acid exports expanded at an average annual rate of +37.9% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, remaining relatively unchanged against the previous year. Export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, adipic acid export price increased by +46.8% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 47% against the previous year. As a result, the export price reached the peak level of $X per ton, leveling off in the following year.

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

From 2012 to 2022, the rate of growth in terms of prices for Turkey amounted to +0.9% per year.

Adipic Acid Imports

Imports in MENA

Adipic acid imports expanded sharply to X tons in 2022, surging by 13% compared with 2021 figures. Total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +5.7% 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 +74.5% against 2012 indices. The pace of growth appeared the most rapid in 2015 with an increase of 20%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, adipic acid imports soared to $X in 2022. In general, imports enjoyed strong growth. The most prominent rate of growth was recorded in 2021 with an increase of 65% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Turkey prevails in imports structure, resulting at X tons, which was near 74% of total imports in 2022. Israel (X tons) ranks second in terms of the total imports with a 9.9% share, followed by the United Arab Emirates (8.3%) and Iran (4.7%). Egypt (X tons) took a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to adipic acid imports into Turkey stood at +10.1%. At the same time, Egypt (+73.1%), the United Arab Emirates (+36.4%) and Iran (+24.8%) displayed positive paces of growth. Moreover, Egypt emerged as the fastest-growing importer imported in MENA, with a CAGR of +73.1% from 2012-2022. By contrast, Israel (-9.0%) illustrated a downward trend over the same period. While the share of Turkey (+25 p.p.), the United Arab Emirates (+7.7 p.p.), Iran (+3.8 p.p.) and Egypt (+2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Israel (-34.7 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) constitutes the largest market for imported adipic acid, its salts and esters in MENA, comprising 76% of total imports. The second position in the ranking was taken by Israel ($X), with a 13% share of total imports. It was followed by the United Arab Emirates, with a 5.4% share.

In Turkey, adipic acid imports increased at an average annual rate of +11.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Israel (-6.6% per year) and the United Arab Emirates (+26.6% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2022, jumping by 20% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 58%. Over the period under review, import prices hit record highs in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Egypt ($X per ton), while Iran ($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 (+2.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform