MENA: Salicylic Acid Market 2024

Salicylic Acid Market Size in MENA

In 2021, the MENA's salicylic acid market decreased by -5.8% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption saw a perceptible increase. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Salicylic Acid Production in MENA

In value terms, salicylic acid production declined to $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 35%. As a result, production reached the peak level of $X, and then contracted in the following year.

Salicylic Acid Exports

Exports in MENA

In 2021, shipments abroad of salicylic acid and its salts decreased by -28.9% to X tons, falling for the third year in a row after two years of growth. In general, exports showed a pronounced reduction. The most prominent rate of growth was recorded in 2017 with an increase of 90% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, salicylic acid exports skyrocketed to $X in 2021. Over the period under review, exports, however, showed a modest increase. The pace of growth appeared the most rapid in 2013 with an increase of 76%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia represented the main exporting country with an export of around X tons, which amounted to 57% of total exports. Turkey (X tons) took a 31% share (based on physical terms) of total exports, which put it in second place, followed by the United Arab Emirates (6.7%). Israel (X tons) and Egypt (X tons) held a relatively small share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Turkey (with a CAGR of +44.6%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Saudi Arabia ($X), Turkey ($X) and Israel ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 98% of total exports.

Among the main exporting countries, Turkey, with a CAGR of +43.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, growing by 100% against the previous year. Over the period under review, the export price continues to indicate a buoyant increase. As a result, the export 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 exporting countries. In 2021, amid the top suppliers, the country with the highest price was Israel ($X per ton), while Egypt ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+10.8%), while the other leaders experienced more modest paces of growth.

Salicylic Acid Imports

Imports in MENA

In 2021, overseas purchases of salicylic acid and its salts increased by 0.5% to X tons, rising for the third year in a row after two years of decline. Overall, imports recorded measured growth. The pace of growth appeared the most rapid in 2016 with an increase of 164%. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, salicylic acid imports dropped to $X in 2021. Total imports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of 90%. The level of import peaked at $X in 2020, and then reduced in the following year.

Imports by Country

Turkey was the key importing country with an import of around X tons, which recorded 39% of total imports. Iran (X tons) held a 24% share (based on physical terms) of total imports, which put it in second place, followed by Egypt (13%) and the United Arab Emirates (11%). The following importers - Israel (X tons) and Saudi Arabia (X tons) - together made up 6.9% of total imports.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of +24.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported salicylic acid and its salts in MENA, comprising 43% of total imports. The second position in the ranking was held by Iran ($X), with a 15% share of total imports. It was followed by Egypt, with a 14% share.

In Turkey, salicylic acid imports increased at an average annual rate of +16.0% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Iran (+1.7% per year) and Egypt (-8.2% per year).

Import Prices by Country

In 2021, the import price in MENA amounted to $X per ton, with a decrease of -7.1% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 35%. Over the period under review, import prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform