Middle East: Iodine Market 2024

Iodine Market Size in the Middle East

After two years of decline, the Middle Eastern iodine market increased by 34% to $X in 2022. Overall, consumption, however, recorded a abrupt descent. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Iodine Production in the Middle East

In value terms, iodine production rose to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a moderate increase. The growth pace was the most rapid in 2018 when the production volume increased by 51% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Iodine Exports

Exports in the Middle East

In 2022, shipments abroad of iodine decreased by -14.9% to X tons for the first time since 2013, thus ending a eight-year rising trend. Over the period under review, exports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 113% against the previous year. The volume of export peaked at X tons in 2021, and then fell in the following year.

In value terms, iodine exports shrank to $X in 2022. In general, exports, however, saw a significant increase. The pace of growth appeared the most rapid in 2018 when exports increased by 67%. Over the period under review, the exports reached the maximum at $X in 2021, and then dropped in the following year.

Exports by Country

In 2022, Iran (X tons) represented the main exporter of iodine, constituting 54% of total exports. It was distantly followed by the United Arab Emirates (X tons) and Turkey (X tons), together constituting a 46% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Turkey (with a CAGR of +50.2%), while the other leaders experienced more modest paces of growth.

In value terms, Iran ($X), the United Arab Emirates ($X) and Turkey ($X) were the countries with the highest levels of exports in 2022, with a combined 100% share of total exports.

In terms of the main exporting countries, Turkey, with a CAGR of +40.0%, recorded the highest rates of growth with regard to 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 the Middle East stood at $X per ton in 2022, with an increase of 7.6% against the previous year. Over the period under review, the export price, however, continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2019 an increase of 50% 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, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-1.0%), while the other leaders experienced a decline in the export price figures.

Iodine Imports

Imports in the Middle East

In 2022, purchases abroad of iodine was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, saw a mild downturn. The most prominent rate of growth was recorded in 2018 when imports increased by 96%. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, iodine imports soared to $X in 2022. Overall, imports, however, saw a slight reduction. The most prominent rate of growth was recorded in 2019 when imports increased by 123%. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The countries with the highest levels of iodine imports in 2022 were Turkey (X tons), Iran (X tons) and the United Arab Emirates (X tons), together finishing at 86% of total import. Israel (X tons) held a 6.2% share (based on physical terms) of total imports, which put it in second place, followed by Iraq (5.2%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Turkey (with a CAGR of +22.3%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Turkey ($X) constitutes the largest market for imported iodine in the Middle East, comprising 45% of total imports. The second position in the ranking was held by Iran ($X), with a 21% share of total imports. It was followed by the United Arab Emirates, with a 19% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey amounted to +19.3%. In the other countries, the average annual rates were as follows: Iran (+4.0% per year) and the United Arab Emirates (-11.0% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, picking up by 22% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 52% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iraq (+6.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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