Middle East: Acrylonitrile Market 2024

Acrylonitrile Market Size in the Middle East

In 2021, the Middle Eastern acrylonitrile market 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 strong expansion from 2012 to 2021: its value increased at an average annual rate of +8.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2021 and is likely to see gradual growth in the immediate term.

Acrylonitrile Production in the Middle East

In value terms, acrylonitrile production stood at $X in 2021 estimated in export price. Overall, production saw a significant contraction. The growth pace was the most rapid in 2018 when the production volume increased by 6,016% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Acrylonitrile Exports

Exports in the Middle East

In 2021, overseas shipments of acrylonitrile decreased by -43.9% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, exports continue to indicate a dramatic shrinkage. The most prominent rate of growth was recorded in 2016 when exports increased by 159% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, acrylonitrile exports dropped rapidly to $X in 2021. In general, exports showed a precipitous slump. The pace of growth was the most pronounced in 2017 with an increase of 197% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Turkey represented the major exporter of acrylonitrile in the Middle East, with the volume of exports amounting to X tons, which was approx. 78% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), achieving a 20% share of total exports. Saudi Arabia (X tons) followed a long way behind the leaders.

Exports from Turkey decreased at an average annual rate of -33.8% from 2012 to 2021. The United Arab Emirates experienced a relatively flat trend pattern. Saudi Arabia (-32.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates increased by +20 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest acrylonitrile supplier in the Middle East, comprising 87% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 12% share of total exports.

In Turkey, acrylonitrile exports declined by an average annual rate of -32.2% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (-6.3% per year) and Saudi Arabia (-37.6% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, growing by 8.7% against the previous year. Export price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, acrylonitrile export price decreased by -5.7% against 2018 indices. The most prominent rate of growth was recorded in 2018 when the export price increased by 36% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+2.4%), while the other leaders experienced a decline in the export price figures.

Acrylonitrile Imports

Imports in the Middle East

In 2021, approx. X tons of acrylonitrile were imported in the Middle East; jumping by 39% against 2020. Total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +7.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -4.7% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 66% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, acrylonitrile imports skyrocketed to $X in 2021. Total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +7.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey represented the main importer of acrylonitrile in the Middle East, with the volume of imports reaching X tons, which was near 87% of total imports in 2021. It was distantly followed by Saudi Arabia (X tons), generating an 11% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to acrylonitrile imports into Turkey stood at +7.1%. At the same time, Saudi Arabia (+36.4%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +36.4% from 2012-2021. Saudi Arabia (+11 p.p.) significantly strengthened its position in terms of the total imports, while Turkey saw its share reduced by -3.5% from 2012 to 2021, respectively.

In value terms, Turkey ($X) constitutes the largest market for imported acrylonitrile in the Middle East, comprising 88% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 10% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Turkey totaled +6.8%.

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, growing by 25% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Turkey ($X per ton), while Saudi Arabia totaled $X per ton.

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

Source: IndexBox Platform

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