MENA: Ethylene Glycol Market 2024

Ethylene Glycol Market Size in MENA

In 2022, the MENA's ethylene glycol market increased by 68% to $X, rising for the second year in a row after two years of decline. Overall, consumption posted a prominent increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Ethylene Glycol Production in MENA

In value terms, ethylene glycol production reduced modestly to $X in 2022 estimated in export price. In general, production showed a abrupt descent. The pace of growth appeared the most rapid in 2015 with an increase of 96%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Ethylene Glycol Exports

Exports in MENA

In 2022, ethylene glycol exports in MENA shrank markedly to X tons, declining by -55.5% on the year before. Over the period under review, exports saw a abrupt descent. The pace of growth appeared the most rapid in 2015 when exports increased by 137% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, ethylene glycol exports declined sharply to $X in 2022. Overall, exports recorded a deep reduction. The pace of growth was the most pronounced in 2015 with an increase of 110% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Kuwait (X tons) and Iran (X tons) prevails in exports structure, together committing 94% of total exports. The following exporters - Oman (X tons) and the United Arab Emirates (X tons) - each finished at a 6.4% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Oman (with a CAGR of +37.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest ethylene glycol supplying countries in MENA were Kuwait ($X), Iran ($X) and Oman ($X), with a combined 97% share of total exports.

In terms of the main exporting countries, Oman, with a CAGR of +32.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, declining by -11.5% against the previous year. Overall, the export price showed a pronounced downturn. The pace of growth was the most pronounced in 2021 when the export price increased by 41% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in the United Arab Emirates ($X per ton) and Kuwait ($X per ton), while Oman ($X per ton) and Iran ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (-3.3%), while the other leaders experienced a decline in the export price figures.

Ethylene Glycol Imports

Imports in MENA

In 2022, supplies from abroad of ethylene glycol (ethanediol) increased by 16% to X tons, rising for the third year in a row after two years of decline. Overall, imports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 77% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

In value terms, ethylene glycol imports expanded markedly to $X in 2022. In general, imports posted a strong increase. The pace of growth was the most pronounced in 2021 with an increase of 84%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Turkey was the key importer of ethylene glycol (ethanediol) in MENA, with the volume of imports finishing at X tons, which was approx. 67% of total imports in 2022. Oman (X tons) held the second position in the ranking, followed by Egypt (X tons). All these countries together took near 30% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to ethylene glycol imports into Turkey stood at +21.6%. At the same time, Oman (+68.6%) and Egypt (+27.3%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in MENA, with a CAGR of +68.6% from 2012-2022. Oman (+17 p.p.), Turkey (+13 p.p.) and Egypt (+6.4 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported ethylene glycol (ethanediol) in MENA, comprising 65% of total imports. The second position in the ranking was held by Egypt ($X), with a 17% share of total imports.

In Turkey, ethylene glycol imports increased at an average annual rate of +14.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Egypt (+22.4% per year) and Oman (+63.6% per year).

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, with a decrease of -5% against the previous year. Overall, the import price continues to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2017 when the import price increased by 17%. Over the period under review, import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Egypt ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (-3.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform