MENA: Oxygen Market 2024

Oxygen Market Size in MENA

The MENA's oxygen market shrank to $X in 2022, waning by -4.1% against the previous year. The market value increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Oxygen Production in MENA

In value terms, oxygen production dropped slightly to $X in 2022 estimated in export price. The total production indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +4.7% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 41% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Oxygen Exports

Exports in MENA

In 2022, approx. X cubic meters of oxygen were exported in MENA; surging by 2% on the previous year's figure. In general, exports recorded a prominent expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 79%. Over the period under review, the exports hit record highs at X cubic meters in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, oxygen exports fell to $X in 2022. Total exports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +5.2% against 2014 indices. The most prominent rate of growth was recorded in 2014 with an increase of 56% against the previous year. The level of export peaked at $X in 2021, and then fell in the following year.

Exports by Country

In 2022, Kuwait (X cubic meters) represented the major exporter of oxygen, making up 69% of total exports. It was distantly followed by Turkey (X cubic meters), Syrian Arab Republic (X cubic meters) and Saudi Arabia (X cubic meters), together generating a 27% share of total exports.

Exports from Kuwait increased at an average annual rate of +8.7% from 2012 to 2022. At the same time, Turkey (+21.2%), Saudi Arabia (+13.2%) and Syrian Arab Republic (+5.2%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in MENA, with a CAGR of +21.2% from 2012-2022. While the share of Turkey (+10 p.p.), Kuwait (+5.9 p.p.) and Saudi Arabia (+2.3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Syrian Arab Republic (-1.6 p.p.) displayed negative dynamics.

In value terms, Kuwait ($X), Turkey ($X) and Syrian Arab Republic ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising 82% of total exports.

Turkey, with a CAGR of +18.0%, recorded the highest rates of growth with regard to 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 cubic meter in 2022, shrinking by -8.1% against the previous year. In general, the export price recorded a noticeable slump. The pace of growth was the most pronounced in 2021 when the export price increased by 23%. Over the period under review, the export prices attained the peak figure at $X per cubic meter 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 ($X per cubic meter), while Kuwait ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+2.4%), while the other leaders experienced a decline in the export price figures.

Oxygen Imports

Imports in MENA

In 2022, purchases abroad of oxygen decreased by -23.9% to X cubic meters for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, continue to indicate a prominent expansion. The growth pace was the most rapid in 2018 with an increase of 87%. Over the period under review, imports hit record highs at X cubic meters in 2021, and then shrank rapidly in the following year.

In value terms, oxygen imports contracted sharply to $X in 2022. In general, imports, however, enjoyed a mild increase. The growth pace was the most rapid in 2021 with an increase of 68% against the previous year. As a result, imports attained the peak of $X, and then contracted sharply in the following year.

Imports by Country

Jordan (X cubic meters) and Saudi Arabia (X cubic meters) dominates imports structure, together constituting 73% of total imports. It was distantly followed by Oman (X cubic meters), Iraq (X cubic meters) and Palestine (X cubic meters), together achieving a 19% share of total imports. Lebanon (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Lebanon (with a CAGR of +27.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Jordan ($X) constitutes the largest market for imported oxygen in MENA, comprising 48% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with an 18% share of total imports. It was followed by Iraq, with a 7.1% share.

In Jordan, oxygen imports expanded at an average annual rate of +10.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (-2.3% per year) and Iraq (+21.4% per year).

Import Prices by Country

The import price in MENA stood at $X per cubic meter in 2022, declining by -16.7% against the previous year. Overall, the import price saw a noticeable reduction. The most prominent rate of growth was recorded in 2021 when the import price increased by 36% against the previous year. Over the period under review, import prices reached the maximum at $X per cubic meter in 2015; however, from 2016 to 2022, 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 Lebanon ($X per cubic meter), while Oman ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iraq (+1.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform