MENA: Crude Glycerol Market 2024

Crude Glycerol Market Size in MENA

The MENA's crude glycerol market was finally on the rise to reach $X in 2021, after two years of decline. The total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -8.0% against 2018 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Crude Glycerol Production in MENA

In value terms, crude glycerol production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production continues to indicate strong growth. The pace of growth was the most pronounced in 2017 with an increase of 48%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Crude Glycerol Exports

Exports in MENA

In 2021, approx. X tons of crude glycerol, glycerine waters and lyes were exported in MENA; picking up by 23% on 2020. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 136%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, crude glycerol exports soared to $X in 2021. Overall, exports saw resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 188% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Turkey was the key exporter of crude glycerol, glycerine waters and lyes in MENA, with the volume of exports recording X tons, which was approx. 43% of total exports in 2021. It was distantly followed by Tunisia (X tons), Egypt (X tons), Saudi Arabia (X tons) and the United Arab Emirates (X tons), together generating a 51% share of total exports. Iran (X tons) and Jordan (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to crude glycerol exports from Turkey stood at +23.4%. At the same time, Iran (+54.8%), Saudi Arabia (+33.3%), Jordan (+30.6%), Egypt (+15.9%) and Tunisia (+15.3%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing exporter exported in MENA, with a CAGR of +54.8% from 2012-2021. By contrast, the United Arab Emirates (-25.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Turkey, Tunisia, Egypt, Saudi Arabia, Iran and Jordan increased by +36, +14, +11, +11, +2.9 and +1.6 percentage points, respectively.

In value terms, Turkey ($X) remains the largest crude glycerol supplier in MENA, comprising 62% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 16% share of total exports. It was followed by Egypt, with a 7.2% share.

In Turkey, crude glycerol exports increased at an average annual rate of +24.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (+37.4% per year) and Egypt (+1.3% per year).

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, picking up by 17% against the previous year. Export price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +7.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, crude glycerol export price increased by +85.5% against 2015 indices. The pace of growth was the most pronounced in 2016 an increase of 37% against the previous year. The level of export peaked in 2021 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Tunisia ($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 (+9.8%), while the other leaders experienced more modest paces of growth.

Crude Glycerol Imports

Imports in MENA

In 2021, the amount of crude glycerol, glycerine waters and lyes imported in MENA was estimated at X tons, increasing by 2.7% compared with the previous year's figure. Overall, imports recorded a buoyant expansion. The pace of growth was the most pronounced in 2014 with an increase of 110% against the previous year. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the near future.

In value terms, crude glycerol imports surged to $X in 2021. In general, imports recorded a buoyant increase. The pace of growth appeared the most rapid in 2018 when imports increased by 110%. The level of import peaked in 2021 and is likely to see gradual growth in the near future.

Imports by Country

Turkey represented the main importer of crude glycerol, glycerine waters and lyes in MENA, with the volume of imports accounting for X tons, which was near 64% of total imports in 2021. The United Arab Emirates (X tons) took an 18% share (based on physical terms) of total imports, which put it in second place, followed by Iran (11%). Egypt (X tons) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to crude glycerol imports into Turkey stood at +16.8%. At the same time, the United Arab Emirates (+28.0%), Egypt (+6.8%) and Iran (+3.7%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in MENA, with a CAGR of +28.0% from 2012-2021. From 2012 to 2021, the share of the United Arab Emirates and Turkey increased by +12 and +11 percentage points, respectively.

In value terms, Turkey ($X) constitutes the largest market for imported crude glycerol, glycerine waters and lyes in MENA, comprising 58% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 21% share of total imports. It was followed by Iran, with a 14% share.

From 2012 to 2021, the average annual growth rate of value in Turkey totaled +22.0%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+27.8% per year) and Iran (+7.2% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, rising by 54% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.3%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Iran ($X per ton), while Egypt ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+4.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform