Middle East: Industrial Oleic Acid Market 2024

Industrial Oleic Acid Market Size in the Middle East

The Middle Eastern industrial oleic acid market contracted to $X in 2021, which is down by -7.1% against the previous year. The total consumption indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +10.3% against 2019 indices. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Industrial Oleic Acid Production in the Middle East

In value terms, industrial oleic acid production dropped remarkably to $X in 2021 estimated in export price. Overall, production, however, saw a slight increase. The pace of growth appeared the most rapid in 2020 when the production volume increased by 84% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Industrial Oleic Acid Exports

Exports in the Middle East

In 2021, exports of industrial oleic acid in the Middle East expanded to X tons, surging by 1.8% compared with 2020 figures. In general, exports saw resilient growth. The growth pace was the most rapid in 2013 when exports increased by 489% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, industrial oleic acid exports skyrocketed to $X in 2021. Over the period under review, exports saw a prominent expansion. The most prominent rate of growth was recorded in 2013 with an increase of 444%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates was the key exporter of industrial oleic acid in the Middle East, with the volume of exports finishing at X tons, which was approx. 70% of total exports in 2021. Turkey (X tons) took a 17% share (based on physical terms) of total exports, which put it in second place, followed by Jordan (6.7%) and Saudi Arabia (6.5%).

The United Arab Emirates was also the fastest-growing in terms of the industrial oleic acid exports, with a CAGR of +17.5% from 2012 to 2021. At the same time, Jordan (+14.1%), Turkey (+3.4%) and Saudi Arabia (+3.4%) displayed positive paces of growth. The United Arab Emirates (+38 p.p.) and Jordan (+2.7 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia and Turkey saw its share reduced by -2.9% and -7.7% from 2012 to 2021, respectively.

In value terms, the largest industrial oleic acid supplying countries in the Middle East were the United Arab Emirates ($X), Turkey ($X) and Saudi Arabia ($X), together comprising 99.9% of total exports.

Saudi Arabia, with a CAGR of +13.9%, recorded the highest growth rate of the value of exports, among 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

In 2021, the export price in the Middle East amounted to $X per ton, picking up by 72% against the previous year. Over the period under review, the export price recorded a mild increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Saudi Arabia ($X per ton), while Jordan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+10.1%), while the other leaders experienced mixed trends in the export price figures.

Industrial Oleic Acid Imports

Imports in the Middle East

Industrial oleic acid imports skyrocketed to X tons in 2021, growing by 202% compared with the previous year's figure. Over the period under review, imports saw a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, industrial oleic acid imports skyrocketed to $X in 2021. In general, imports saw a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Turkey (X tons) represented the major importer of industrial oleic acid, comprising 59% of total imports. The United Arab Emirates (X tons) held the second position in the ranking, followed by Saudi Arabia (X tons). All these countries together held approx. 37% share of total imports. Israel (X tons) followed a long way behind the leaders.

Imports into Turkey increased at an average annual rate of +24.5% from 2012 to 2021. At the same time, Saudi Arabia (+37.8%), Israel (+33.1%) and the United Arab Emirates (+29.6%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +37.8% from 2012-2021. While the share of Saudi Arabia (+9.9 p.p.), the United Arab Emirates (+6.8 p.p.) and Turkey (+2.5 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported industrial oleic acid in the Middle East, comprising 60% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 20% share of total imports. It was followed by the United Arab Emirates, with an 18% share.

In Turkey, industrial oleic acid imports expanded at an average annual rate of +25.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (+39.2% per year) and the United Arab Emirates (+29.3% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, growing by 55% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Saudi Arabia ($X per ton), while Israel ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+1.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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