MENA: Polyurethanes Market 2024

Polyurethanes Market Size in MENA

The MENA's polyurethanes market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, consumption recorded resilient growth. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Polyurethanes Production in MENA

In value terms, polyurethanes production surged to $X in 2021 estimated in export price. Overall, production, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 184%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Polyurethanes Exports

Exports in MENA

In 2021, approx. X tons of polyurethanes in primary forms were exported in MENA; standing approx. at the previous year's figure. Total exports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -18.8% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 45% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, polyurethanes exports soared to $X in 2021. Total exports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +7.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 45%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Turkey represented the main exporter of polyurethanes in primary forms in MENA, with the volume of exports reaching X tons, which was approx. 73% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), committing a 21% share of total exports. Morocco (X tons) and Saudi Arabia (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the polyurethanes in primary forms exports, with a CAGR of +11.4% from 2012 to 2021. At the same time, the United Arab Emirates (+2.8%) displayed positive paces of growth. Morocco experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-4.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Turkey increased by +27 percentage points.

In value terms, Turkey ($X) remains the largest polyurethanes supplier in MENA, comprising 74% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 21% share of total exports. It was followed by Saudi Arabia, with a 2.1% share.

In Turkey, polyurethanes exports expanded at an average annual rate of +11.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the United Arab Emirates (+7.0% per year) and Saudi Arabia (-4.0% per year).

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, jumping by 30% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Morocco (+8.1%), while the other leaders experienced more modest paces of growth.

Polyurethanes Imports

Imports in MENA

After three years of decline, purchases abroad of polyurethanes in primary forms increased by 21% to X tons in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, polyurethanes imports surged to $X in 2021. Overall, imports, however, showed a relatively flat trend pattern. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Turkey (X tons) and the United Arab Emirates (X tons) were the key importers of polyurethanes in primary forms in MENA, together recording near 50% of total imports. Iran (X tons) held a 6.3% share (based on physical terms) of total imports, which put it in second place, followed by Tunisia (6.2%), Algeria (5.7%) and Israel (4.9%). The following importers - Morocco (X tons), Syrian Arab Republic (X tons), Saudi Arabia (X tons), Oman (X tons), Iraq (X tons), Egypt (X tons) and Bahrain (X tons) - together made up 20% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Algeria (with a CAGR of +13.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), the United Arab Emirates ($X) and Israel ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 56% of total imports. Tunisia, Iran, Algeria, Morocco, Saudi Arabia, Egypt, Syrian Arab Republic, Iraq, Oman and Bahrain lagged somewhat behind, together accounting for a further 37%.

Among the main importing countries, Algeria, with a CAGR of +12.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, rising by 16% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the import price increased by 17% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2012; afterwards, it flattened through to 2021.

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 Israel ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform