Middle East: Acetone Market 2024

Acetone Market Size in the Middle East

The Middle Eastern acetone market contracted to $X in 2021, dropping by -6% against the previous year. Overall, consumption saw a slight reduction. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Acetone Production in the Middle East

In value terms, acetone production surged to $X in 2021 estimated in export price. In general, production continues to indicate a buoyant increase. The pace of growth appeared the most rapid in 2018 with an increase of 62%. Over the period under review, production reached the maximum level in 2021 and is expected to retain growth in the immediate term.

Acetone Exports

Exports in the Middle East

In 2021, approx. X tons of acetone were exported in the Middle East; growing by 37% against the previous year's figure. Overall, exports showed prominent growth. The growth pace was the most rapid in 2018 when exports increased by 83%. The volume of export peaked in 2021 and is likely to continue growth in years to come.

In value terms, acetone exports soared to $X in 2021. In general, exports continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2017 with an increase of 96%. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

Saudi Arabia dominates exports structure, accounting for X tons, which was near 97% of total exports in 2021. Turkey (X tons) held a little share of total exports.

Exports from Saudi Arabia increased at an average annual rate of +15.2% from 2012 to 2021. At the same time, Turkey (+46.5%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +46.5% from 2012-2021. Saudi Arabia (+4.6 p.p.) and Turkey (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest acetone supplier in the Middle East, comprising 97% of total exports. The second position in the ranking was held by Turkey ($X), with a 2.4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Saudi Arabia totaled +16.3%.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, surging by 27% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 40% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Saudi Arabia amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+1.0%).

Acetone Imports

Imports in the Middle East

In 2021, the amount of acetone imported in the Middle East skyrocketed to X tons, growing by 41% on 2020. Overall, imports showed a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, acetone imports skyrocketed to $X in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Turkey represented the key importer of acetone in the Middle East, with the volume of imports accounting for X tons, which was near 60% of total imports in 2021. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 21% share, followed by Israel (6.9%) and Iran (6.1%). Jordan (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the acetone imports, with a CAGR of +4.4% from 2012 to 2021. Israel and the United Arab Emirates experienced a relatively flat trend pattern. Jordan (-5.2%) and Iran (-8.8%) illustrated a downward trend over the same period. Turkey (+16 p.p.) significantly strengthened its position in terms of the total imports, while Jordan, the United Arab Emirates and Iran saw its share reduced by -1.7%, -2.2% and -9.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported acetone in the Middle East, comprising 61% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 15% share of total imports. It was followed by Israel, with an 8.9% share.

From 2012 to 2021, the average annual growth rate of value in Turkey amounted to +3.0%. In the other countries, the average annual rates were as follows: the United Arab Emirates (-2.4% per year) and Israel (+1.4% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, picking up by 44% against the previous year. Over the period under review, the import price, however, recorded a mild downturn. The growth pace was the most rapid in 2017 when the import price increased by 58%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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 ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Jordan (+2.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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