Middle East: Market for Isoprene Rubber (IR) in Primary Forms 2024

Market Size for Isoprene Rubber (IR) in Primary Forms in the Middle East

The Middle Eastern market for isoprene rubber (IR) in primary forms soared to $X in 2021, increasing by 109% against the previous year. Over the period under review, consumption continues to indicate a resilient expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Isoprene Rubber (IR) in Primary Forms in the Middle East

In value terms, production of isoprene rubber (IR) in primary forms rose sharply to $X in 2021 estimated in export price. Overall, production continues to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2017 with an increase of 9.9%. Over the period under review, production of reached the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Isoprene Rubber (IR) in Primary Forms

Exports in the Middle East

In 2021, the amount of isoprene rubber (IR) in primary forms exported in the Middle East skyrocketed to X tons, with an increase of 83% against 2020. In general, exports showed a buoyant increase. Over the period under review, the exports of hit record highs at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, exports of isoprene rubber (IR) in primary forms surged to $X in 2021. Overall, exports showed a resilient expansion. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Saudi Arabia represented the key exporting country with an export of around X tons, which resulted at 86% of total exports. It was distantly followed by Turkey (X tons), achieving a 12% share of total exports.

Saudi Arabia was also the fastest-growing in terms of the isoprene rubber (IR) in primary forms exports, with a CAGR of +27.6% from 2012 to 2021. At the same time, Turkey (+18.7%) displayed positive paces of growth. While the share of Saudi Arabia (+48 p.p.) and Turkey (+2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest isoprene rubber (IR) in primary form supplier in the Middle East, comprising 79% of total exports. The second position in the ranking was held by Turkey ($X), with a 19% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Saudi Arabia amounted to +23.0%.

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, with an increase of 13% against the previous year. Overall, the export price, however, saw a deep reduction. The pace of growth appeared the most rapid in 2017 when the export price increased by 20% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-3.7%).

Imports of Isoprene Rubber (IR) in Primary Forms

Imports in the Middle East

In 2021, approx. X tons of isoprene rubber (IR) in primary forms were imported in the Middle East; with an increase of 87% compared with the year before. In general, imports showed resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of isoprene rubber (IR) in primary forms surged to $X in 2021. Overall, imports enjoyed temperate growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey prevails in forms structure, reaching X tons, which was approx. 90% of total imports in 2021. It was distantly followed by Jordan (X tons), committing a 4.5% share of total imports. The United Arab Emirates (X tons) held a little share of total imports.

Imports into Turkey increased at an average annual rate of +12.8% from 2012 to 2021. At the same time, Jordan (+41.2%) displayed positive paces of growth. Moreover, Jordan emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +41.2% from 2012-2021. By contrast, the United Arab Emirates (-1.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Turkey and Jordan increased by +7.9 and +4 percentage points, respectively.

In value terms, Turkey ($X) constitutes the largest market for imported isoprene rubber (IR) in primary forms in the Middle East, comprising 91% of total imports. The second position in the ranking was taken by Jordan ($X), with a 3.2% share of total imports.

In Turkey, imports of isoprene rubber (IR) in primary forms expanded at an average annual rate of +5.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Jordan (+38.5% per year) and the United Arab Emirates (-5.0% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, growing by 31% against the previous year. In general, the import price, however, continues to indicate a abrupt contraction. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, the country with the highest price was Turkey ($X per ton), while Jordan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Jordan (-1.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform