MENA: Propylene Oxide Market 2024

Propylene Oxide Market Size in MENA

After two years of growth, the MENA's propylene oxide market decreased by -49.3% to $X in 2021. Over the period under review, consumption, however, showed a significant expansion. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Propylene Oxide Production in MENA

In value terms, propylene oxide production fell slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.0% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 14%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Propylene Oxide Exports

Exports in MENA

In 2021, shipments abroad of methyloxirane (propylene oxide) was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports, however, recorded a mild shrinkage. The pace of growth was the most pronounced in 2014 when exports increased by 193% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, propylene oxide exports skyrocketed to $X in 2021. Overall, exports continue to indicate a notable increase. The pace of growth appeared the most rapid in 2014 with an increase of 228%. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Saudi Arabia (X tons) represented roughly 100% of total exports in 2021.

Saudi Arabia was also the fastest-growing in terms of the methyloxirane (propylene oxide) exports, with a CAGR of -1.7% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

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

In Saudi Arabia, propylene oxide exports increased at an average annual rate of +2.3% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, with an increase of 51% against the previous year. Export price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, propylene oxide export price increased by +90.4% against 2016 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the rate of growth in terms of prices for Saudi Arabia amounted to +4.1% per year.

Propylene Oxide Imports

Imports in MENA

In 2021, after seven years of decline, there was significant growth in supplies from abroad of methyloxirane (propylene oxide), when their volume increased by 76% to X tons. Overall, imports, however, faced a abrupt decline. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, propylene oxide imports skyrocketed to $X in 2021. Over the period under review, imports, however, recorded a deep slump. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Israel represented the major importer of methyloxirane (propylene oxide) in MENA, with the volume of imports resulting at X tons, which was near 52% of total imports in 2021. It was distantly followed by Iran (X tons), Kuwait (X tons), Turkey (X tons) and Egypt (X tons), together creating a 48% share of total imports.

Israel was also the fastest-growing in terms of the methyloxirane (propylene oxide) imports, with a CAGR of +44.0% from 2012 to 2021. At the same time, Egypt (+5.5%) displayed positive paces of growth. By contrast, Turkey (-6.3%), Kuwait (-9.7%) and Iran (-25.4%) illustrated a downward trend over the same period. Israel (+51 p.p.), Egypt (+8 p.p.), Turkey (+6.1 p.p.) and Kuwait (+4.8 p.p.) significantly strengthened its position in terms of the total imports, while Iran saw its share reduced by -37.2% from 2012 to 2021, respectively.

In value terms, Israel ($X) constitutes the largest market for imported methyloxirane (propylene oxide) in MENA, comprising 51% of total imports. The second position in the ranking was taken by Iran ($X), with a 19% share of total imports. It was followed by Egypt, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Israel stood at +58.5%. In the other countries, the average annual rates were as follows: Iran (-17.3% per year) and Egypt (+17.0% per year).

Import Prices by Country

In 2021, the import price in MENA amounted to $X per ton, with an increase of 6% against the previous year. Overall, the import price recorded a remarkable increase. The growth pace was the most rapid in 2020 when the import price increased by 61%. Over the period under review, import prices attained the peak figure in 2021 and is likely to see gradual growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+10.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform