Middle East: Ethylene Glycol Market 2024

Ethylene Glycol Market Size in the Middle East

In 2022, the Middle Eastern ethylene glycol market increased by 66% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption saw a strong increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Ethylene Glycol Production in the Middle East

In value terms, ethylene glycol production fell to $X in 2022 estimated in export price. In general, production continues to indicate a abrupt curtailment. The growth pace was the most rapid in 2015 when the production volume increased by 97%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Ethylene Glycol Exports

Exports in the Middle East

In 2022, the amount of ethylene glycol (ethanediol) exported in the Middle East reduced sharply to X tons, waning by -55.5% compared with the previous year's figure. In general, exports faced a abrupt setback. The growth pace was the most rapid in 2015 with an increase of 137%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, ethylene glycol exports fell markedly to $X in 2022. Over the period under review, exports saw a abrupt shrinkage. The growth pace was the most rapid in 2015 when exports increased by 110% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Kuwait (X tons) and Iran (X tons) prevails in exports structure, together creating 94% of total exports. The following exporters - Oman (X tons) and the United Arab Emirates (X tons) - each reached a 6.4% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of +37.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Kuwait ($X), Iran ($X) and Oman ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 97% share of total exports.

In terms of the main exporting countries, Oman, with a CAGR of +32.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, declining by -11.5% against the previous year. Overall, the export price saw a pronounced slump. The most prominent rate of growth was recorded in 2021 an increase of 41% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in the United Arab Emirates ($X per ton) and Kuwait ($X per ton), while Oman ($X per ton) and Iran ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (-3.3%), while the other leaders experienced a decline in the export price figures.

Ethylene Glycol Imports

Imports in the Middle East

In 2022, overseas purchases of ethylene glycol (ethanediol) increased by 7% to X tons, rising for the third consecutive year after two years of decline. In general, imports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 72% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, ethylene glycol imports reduced to $X in 2022. Overall, imports showed a buoyant increase. The pace of growth appeared the most rapid in 2021 with an increase of 76%. As a result, imports attained the peak of $X, leveling off in the following year.

Imports by Country

In 2022, Turkey (X tons) was the largest importer of ethylene glycol (ethanediol), constituting 78% of total imports. It was distantly followed by Oman (X tons), generating a 20% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to ethylene glycol imports into Turkey stood at +21.6%. At the same time, Oman (+68.6%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +68.6% from 2012-2022. While the share of Turkey (+20 p.p.) and Oman (+19 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported ethylene glycol (ethanediol) in the Middle East, comprising 79% of total imports. The second position in the ranking was held by Oman ($X), with a 19% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Turkey totaled +14.8%.

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, shrinking by -7.5% against the previous year. Overall, the import price saw a abrupt downturn. The most prominent rate of growth was recorded in 2017 when the import price increased by 17% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Turkey ($X per ton), while Oman stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (-3.0%).

Source: IndexBox Platform

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