Middle East: O-Acetylsalicylic Acid Market 2024

O-Acetylsalicylic Acid Market Size in the Middle East

The Middle Eastern o-acetylsalicylic acid market surged to $X in 2021, picking up by 30% against the previous year. The total consumption indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +67.8% against 2016 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

O-Acetylsalicylic Acid Production in the Middle East

In value terms, o-acetylsalicylic acid production shrank dramatically to $X in 2021 estimated in export price. In general, production, however, saw strong growth. The most prominent rate of growth was recorded in 2020 when the production volume increased by 210%. As a result, production attained the peak level of $X, and then dropped markedly in the following year.

O-Acetylsalicylic Acid Exports

Exports in the Middle East

In 2021, the amount of o-acetylsalicylic acid, its salts and esters exported in the Middle East shrank rapidly to X kg, waning by -61.2% compared with the previous year. Overall, exports showed a deep reduction. The most prominent rate of growth was recorded in 2015 when exports increased by 1,179%. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, o-acetylsalicylic acid exports declined notably to $X in 2021. In general, exports, however, enjoyed prominent growth. The pace of growth was the most pronounced in 2015 with an increase of 952%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates was the main exporter of o-acetylsalicylic acid, its salts and esters in the Middle East, with the volume of exports recording X kg, which was near 58% of total exports in 2021. It was distantly followed by Israel (X kg) and Turkey (X kg), together mixing up a 39% share of total exports. Jordan (X kg) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Jordan (with a CAGR of +483.1%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Israel ($X) remains the largest o-acetylsalicylic acid supplier in the Middle East, comprising 90% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 6.8% share of total exports. It was followed by Jordan, with a 2% share.

In Israel, o-acetylsalicylic acid exports expanded at an average annual rate of +91.7% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (-12.0% per year) and Jordan (+333.7% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, jumping by 114% against the previous year. In general, the export price posted significant growth. The pace of growth was the most pronounced in 2018 when the export price increased by 125% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Israel ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+7.6%), while the other leaders experienced mixed trends in the export price figures.

O-Acetylsalicylic Acid Imports

Imports in the Middle East

In 2021, approx. X tons of o-acetylsalicylic acid, its salts and esters were imported in the Middle East; rising by 34% on the previous year. Over the period under review, imports saw a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, o-acetylsalicylic acid imports soared to $X in 2021. Total imports indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +68.4% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey was the major importing country with an import of about X tons, which amounted to 53% of total imports. Iran (X tons) took an 18% share (based on physical terms) of total imports, which put it in second place, followed by Israel (13%). Jordan (X tons), Syrian Arab Republic (X tons), the United Arab Emirates (X tons) and Iraq (X tons) followed a long way behind the leaders.

Imports into Turkey increased at an average annual rate of +2.2% from 2012 to 2021. At the same time, Iran (+15.1%) and Iraq (+12.0%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +15.1% from 2012-2021. Israel experienced a relatively flat trend pattern. By contrast, Syrian Arab Republic (-5.8%), Jordan (-9.5%) and the United Arab Emirates (-17.7%) illustrated a downward trend over the same period. Iran (+13 p.p.), Turkey (+9.2 p.p.) and Iraq (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while Syrian Arab Republic, Jordan and the United Arab Emirates saw its share reduced by -2.5%, -6.2% and -12.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported o-acetylsalicylic acid, its salts and esters in the Middle East, comprising 67% of total imports. The second position in the ranking was held by Israel ($X), with a 15% share of total imports. It was followed by Iran, with a 5.5% share.

In Turkey, o-acetylsalicylic acid imports expanded at an average annual rate of +3.9% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Israel (+1.2% per year) and Iran (+3.4% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, therefore, remained relatively stable against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2019 when the import price increased by 20% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+12.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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