Middle East: Alkyd Resins Market 2024

Alkyd Resins Market Size in the Middle East

The Middle Eastern alkyd resins market shrank to $X in 2022, dropping by -10.5% against the previous year. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Alkyd Resins Production in the Middle East

In value terms, alkyd resins production dropped significantly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded resilient growth. The most prominent rate of growth was recorded in 2019 when the production volume increased by 63% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Alkyd Resins Exports

Exports in the Middle East

In 2022, approx. X tons of alkyd resins in primary forms were exported in the Middle East; falling by -3.5% on the previous year. In general, exports, however, saw prominent growth. The pace of growth appeared the most rapid in 2021 when exports increased by 28%. As a result, the exports reached the peak of X tons, and then reduced modestly in the following year.

In value terms, alkyd resins exports rose notably to $X in 2022. Over the period under review, exports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2021 when exports increased by 62%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Turkey (X tons) and the United Arab Emirates (X tons) represented roughly 80% of total exports in 2022. It was distantly followed by Saudi Arabia (X tons) and Iran (X tons), together achieving a 15% share of total exports. Kuwait (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Turkey (with a CAGR of +10.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest alkyd resins supplying countries in the Middle East were Turkey ($X), the United Arab Emirates ($X) and Saudi Arabia ($X), with a combined 92% share of total exports.

Turkey, with a CAGR of +11.3%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, with an increase of 12% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by 26%. The level of export peaked at $X per ton in 2012; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+0.9%), while the other leaders experienced a decline in the export price figures.

Alkyd Resins Imports

Imports in the Middle East

In 2022, imports of alkyd resins in primary forms in the Middle East shrank to X tons, reducing by -7.6% on 2021 figures. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by 20%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, alkyd resins imports shrank to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 43% against the previous year. The level of import peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Saudi Arabia (X tons), Oman (X tons), the United Arab Emirates (X tons), Yemen (X tons), Turkey (X tons) and Lebanon (X tons) represented the major importer of alkyd resins in primary forms in the Middle East, achieving 77% of total import. Syrian Arab Republic (X tons) held the next position in the ranking, followed by Israel (X tons) and Jordan (X tons). All these countries together took near 16% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Syrian Arab Republic (with a CAGR of +25.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest alkyd resins importing markets in the Middle East were Saudi Arabia ($X), Turkey ($X) and Yemen ($X), together comprising 44% of total imports. The United Arab Emirates, Oman, Lebanon, Israel, Jordan and Syrian Arab Republic lagged somewhat behind, together accounting for a further 49%.

Syrian Arab Republic, with a CAGR of +22.9%, recorded the highest growth rate of the value of imports, in terms of the main importing countries 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 the Middle East stood at $X per ton in 2022, leveling off at the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 22%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Israel (+2.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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