Middle East: Aromatic Alcohols Market 2024

Aromatic Alcohols Market Size in the Middle East

The Middle Eastern aromatic alcohols market fell to $X in 2021, declining by -7.6% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2020, and then dropped in the following year.

Aromatic Alcohols Production in the Middle East

In value terms, aromatic alcohols production fell modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 16%. The level of production peaked at $X in 2020, and then fell in the following year.

Aromatic Alcohols Exports

Exports in the Middle East

In 2021, shipments abroad of aromatic alcohols and their derivatives was finally on the rise to reach X tons after two years of decline. Over the period under review, exports, however, faced a abrupt decrease. The pace of growth appeared the most rapid in 2018 with an increase of 48%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, aromatic alcohols exports skyrocketed to $X in 2021. Overall, exports, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2018 when exports increased by 45%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The shipments of the one major exporters of aromatic alcohols and their derivatives, namely Saudi Arabia, represented more than two-thirds of total export.

Saudi Arabia was also the fastest-growing in terms of the aromatic alcohols and their derivatives exports, with a CAGR of -13.9% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) also remains the largest aromatic alcohols supplier in the Middle East.

From 2012 to 2021, the average annual growth rate of value in Saudi Arabia stood at -6.3%.

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, growing by 7% against the previous year. Overall, the export price recorded a remarkable increase. The pace of growth appeared the most rapid in 2017 when the export price increased by 116% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Saudi Arabia.

From 2012 to 2021, the rate of growth in terms of prices for Saudi Arabia amounted to +8.8% per year.

Aromatic Alcohols Imports

Imports in the Middle East

In 2021, approx. X tons of aromatic alcohols and their derivatives were imported in the Middle East; surging by 9.6% against the previous year's figure. Over the period under review, imports, however, recorded a slight shrinkage. The growth pace was the most rapid in 2018 when imports increased by 60%. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, aromatic alcohols imports surged to $X in 2021. In general, imports, however, showed a slight reduction. The growth pace was the most rapid in 2018 when imports increased by 90%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) was the key importer of aromatic alcohols and their derivatives, creating 54% of total imports. Turkey (X tons) ranks second in terms of the total imports with a 25% share, followed by Bahrain (11%) and Israel (6.1%). Iran (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to aromatic alcohols imports into the United Arab Emirates stood at +2.3%. At the same time, Turkey (+6.8%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +6.8% from 2012-2021. Israel experienced a relatively flat trend pattern. By contrast, Iran (-5.2%) and Bahrain (-14.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates and Turkey increased by +17 and +13 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest aromatic alcohols importing markets in the Middle East were the United Arab Emirates ($X), Bahrain ($X) and Turkey ($X), together comprising 94% of total imports.

In terms of the main importing countries, Bahrain, with a CAGR of +16.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, growing by 34% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the import price increased by 42% against the previous year. Over the period under review, import prices reached the maximum in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+36.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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