MENA: Market for Isoprene Rubber (IR) in Primary Forms 2024

Market Size for Isoprene Rubber (IR) in Primary Forms in MENA

In 2021, the MENA's market for isoprene rubber (IR) in primary forms was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. The total consumption indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Isoprene Rubber (IR) in Primary Forms in MENA

In value terms, production of isoprene rubber (IR) in primary forms rose notably to $X in 2021 estimated in export price. In general, production showed a pronounced descent. The most prominent rate of growth was recorded in 2017 when the production volume increased by 9.9%. Over the period under review, production of hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Isoprene Rubber (IR) in Primary Forms

Exports in MENA

In 2021, exports of isoprene rubber (IR) in primary forms in MENA soared to X tons, rising by 81% on the year before. In general, exports enjoyed a buoyant expansion. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, exports of isoprene rubber (IR) in primary forms skyrocketed to $X in 2021. Over the period under review, exports saw a prominent increase. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Saudi Arabia was the largest exporting country with an export of about X tons, which resulted at 85% of total exports. It was distantly followed by Turkey (X tons), creating a 12% share of total exports.

Saudi Arabia was also the fastest-growing in terms of the isoprene rubber (IR) in primary forms exports, with a CAGR of +27.6% from 2012 to 2021. At the same time, Turkey (+18.7%) displayed positive paces of growth. While the share of Saudi Arabia (+48 p.p.) and Turkey (+2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest isoprene rubber (IR) in primary form supplier in MENA, comprising 79% of total exports. The second position in the ranking was held by Turkey ($X), with a 19% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Saudi Arabia amounted to +23.0%.

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, rising by 14% against the previous year. Overall, the export price, however, continues to indicate a abrupt decline. The pace of growth appeared the most rapid in 2017 when the export price increased by 18% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Turkey ($X per ton), while Saudi Arabia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-3.7%).

Imports of Isoprene Rubber (IR) in Primary Forms

Imports in MENA

In 2021, purchases abroad of isoprene rubber (IR) in primary forms increased by 79% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports continue to indicate buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, imports of isoprene rubber (IR) in primary forms soared to $X in 2021. Overall, imports recorded measured growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey prevails in forms structure, accounting for X tons, which was approx. 82% of total imports in 2021. It was distantly followed by Egypt (X tons), creating a 7.9% share of total imports. Jordan (X tons) and the United Arab Emirates (X tons) took a minor share of total imports.

Imports into Turkey increased at an average annual rate of +12.8% from 2012 to 2021. At the same time, Jordan (+41.2%) displayed positive paces of growth. Moreover, Jordan emerged as the fastest-growing importer imported in MENA, with a CAGR of +41.2% from 2012-2021. By contrast, the United Arab Emirates (-1.2%) and Egypt (-3.0%) illustrated a downward trend over the same period. While the share of Turkey (+21 p.p.) and Jordan (+3.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of the United Arab Emirates (-2.6 p.p.) and Egypt (-15.2 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) constitutes the largest market for imported isoprene rubber (IR) in primary forms in MENA, comprising 83% of total imports. The second position in the ranking was taken by Egypt ($X), with a 7.5% share of total imports. It was followed by Jordan, with a 2.9% share.

From 2012 to 2021, the average annual growth rate of value in Turkey stood at +5.3%. The remaining importing countries recorded the following average annual rates of imports growth: Egypt (-3.5% per year) and Jordan (+38.5% per year).

Import Prices by Country

In 2021, the import price in MENA amounted to $X per ton, surging by 29% against the previous year. Overall, the import price, however, recorded a pronounced contraction. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Turkey ($X per ton) and Egypt ($X per ton), while Jordan ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (-0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform