MENA: Acrylic Acid Esters Market 2024

Acrylic Acid Esters Market Size in MENA

After two years of growth, the MENA's acrylic acid esters market decreased by -3.7% to $X in 2022. Over the period under review, consumption, however, showed a resilient expansion. The level of consumption peaked at $X in 2021, and then declined slightly in the following year.

Acrylic Acid Esters Production in MENA

In value terms, acrylic acid esters production amounted to $X in 2022 estimated in export price. Overall, production showed a resilient increase. The growth pace was the most rapid in 2014 when the production volume increased by 37%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Acrylic Acid Esters Exports

Exports in MENA

In 2022, approx. X tons of esters of acrylic acid were exported in MENA; therefore, remained relatively stable against 2021. In general, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 12,704% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, acrylic acid esters exports stood at $X in 2022. Over the period under review, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 10,777% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Turkey (X tons) and Saudi Arabia (X tons) dominates exports structure, together comprising 92% of total exports. It was distantly followed by the United Arab Emirates (X tons), constituting a 7.6% share of total exports.

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 +80.4%), while the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Saudi Arabia ($X) and the United Arab Emirates ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 100% share of total exports.

Turkey, with a CAGR of +79.5%, saw the highest growth rate of the value of exports, in terms of 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

The export price in MENA stood at $X per ton in 2022, growing by 2.4% against the previous year. In general, the export price, however, recorded a noticeable reduction. The most prominent rate of growth was recorded in 2021 when the export price increased by 64% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, 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 ($X per ton), while Saudi Arabia ($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 (-0.5%), while the other leaders experienced a decline in the export price figures.

Acrylic Acid Esters Imports

Imports in MENA

Acrylic acid esters imports fell sharply to X tons in 2022, which is down by -28.3% compared with 2021 figures. Total imports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +34.4% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 88%. As a result, imports attained the peak of X tons, and then contracted markedly in the following year.

In value terms, acrylic acid esters imports dropped rapidly to $X in 2022. Overall, imports, however, enjoyed a noticeable expansion. The growth pace was the most rapid in 2021 with an increase of 169% against the previous year. As a result, imports attained the peak of $X, and then shrank markedly in the following year.

Imports by Country

Turkey dominates imports structure, resulting at X tons, which was near 74% of total imports in 2022. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 10% share, followed by Iran (4.9%). The following importers - Egypt (X tons), Israel (X tons), Tunisia (X tons) and Saudi Arabia (X tons) - together made up 9.8% of total imports.

From 2012 to 2022, average annual rates of growth with regard to acrylic acid esters imports into Turkey stood at +5.6%. At the same time, Egypt (+21.1%), Tunisia (+6.5%), Iran (+5.5%) and the United Arab Emirates (+4.7%) displayed positive paces of growth. Moreover, Egypt emerged as the fastest-growing importer imported in MENA, with a CAGR of +21.1% from 2012-2022. By contrast, Israel (-1.3%) and Saudi Arabia (-9.7%) illustrated a downward trend over the same period. While the share of Turkey (+6.4 p.p.) and Egypt (+2.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Israel (-2 p.p.) and Saudi Arabia (-6.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported esters of acrylic acid in MENA, comprising 74% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 7.9% share of total imports. It was followed by Egypt, with a 4.6% share.

In Turkey, acrylic acid esters imports increased at an average annual rate of +4.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (+3.0% per year) and Egypt (+21.6% per year).

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, growing by 7.6% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 43% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Egypt ($X per ton), while Tunisia ($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 (+3.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform