MENA: Toluene Market 2024

Toluene Market Size in MENA

In 2021, the MENA's toluene market decreased by -10.2% to $X, falling for the second year in a row after three years of growth. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Toluene Production in MENA

In value terms, toluene production expanded slightly to $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 21%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Toluene Exports

Exports in MENA

In 2021, approx. X tons of toluene were exported in MENA; surging by 15% on the year before. Over the period under review, exports saw a strong increase. The pace of growth was the most pronounced in 2014 when exports increased by 53%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, toluene exports skyrocketed to $X in 2021. Total exports indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, the United Arab Emirates (X tons), Iran (X tons) and Israel (X tons) represented the key exporter of toluene in MENA, creating 92% of total export. The following exporters - Algeria (X tons) and Turkey (X tons) - together made up 6.8% of total exports.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +118.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Israel ($X) and Iran ($X) constituted the countries with the highest levels of exports in 2021, together comprising 93% of total exports. These countries were followed by Turkey and Algeria, which together accounted for a further 4.5%.

Among the main exporting countries, Turkey, with a CAGR of +95.1%, recorded the highest growth rate of the value of exports, 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 2021, growing by 37% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt contraction. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Algeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-4.3%), while the other leaders experienced a decline in the export price figures.

Toluene Imports

Imports in MENA

In 2021, purchases abroad of toluene decreased by -20.7% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 35%. The volume of import peaked at X tons in 2020, and then declined rapidly in the following year.

In value terms, toluene imports amounted to $X in 2021. In general, imports recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2019 when imports increased by 24%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Turkey (X tons) represented the main importer of toluene, comprising 67% of total imports. It was distantly followed by Saudi Arabia (X tons), Morocco (X tons) and the United Arab Emirates (X tons), together mixing up a 26% share of total imports.

Imports into Turkey increased at an average annual rate of +1.1% from 2012 to 2021. At the same time, Saudi Arabia (+14.2%) and Morocco (+1.9%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in MENA, with a CAGR of +14.2% from 2012-2021. By contrast, the United Arab Emirates (-6.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Saudi Arabia and Turkey increased by +7.4 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported toluene in MENA, comprising 64% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 14% share of total imports. It was followed by Morocco, with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey totaled -4.5%. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (+10.7% per year) and Morocco (-3.2% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, with an increase of 28% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced downturn. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Saudi Arabia ($X per ton) and Morocco ($X per ton), while the United Arab Emirates ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-3.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform