Middle East: Octyl Alcohol Market 2024

Octyl Alcohol Market Size in the Middle East

In 2022, the Middle Eastern octyl alcohol market increased by 8.8% to $X, rising for the sixth consecutive year after two years of decline. Overall, consumption enjoyed prominent growth. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Octyl Alcohol Production in the Middle East

In value terms, octyl alcohol production rose modestly to $X in 2022 estimated in export price. The total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.4% against 2020 indices. The pace of growth appeared the most rapid in 2020 with an increase of 16% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Octyl Alcohol Exports

Exports in the Middle East

After five years of growth, overseas shipments of octanol (octyl alcohol) and isomers thereof decreased by -3.3% to X tons in 2022. The total export volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when exports increased by 8.9%. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank in the following year.

In value terms, octyl alcohol exports contracted slightly to $X in 2022. The total export value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 5.8%. As a result, the exports attained the peak of $X, and then declined slightly in the following year.

Exports by Country

The shipments of the one major exporters of octanol (octyl alcohol) and isomers thereof, namely Saudi Arabia, represented more than two-thirds of total export.

Saudi Arabia was also the fastest-growing in terms of the octanol (octyl alcohol) and isomers thereof exports, with a CAGR of +2.8% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) also remains the largest octyl alcohol supplier in the Middle East.

In Saudi Arabia, octyl alcohol exports increased at an average annual rate of +1.8% over the period from 2012-2022.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the export price increased by 1.3%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Saudi Arabia.

From 2012 to 2022, the rate of growth in terms of prices for Saudi Arabia amounted to -1.0% per year.

Octyl Alcohol Imports

Imports in the Middle East

In 2022, imports of octanol (octyl alcohol) and isomers thereof in the Middle East totaled X tons, surging by 6.3% on 2021 figures. Over the period under review, imports posted a strong increase. The pace of growth appeared the most rapid in 2021 when imports increased by 54%. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, octyl alcohol imports rose rapidly to $X in 2022. Overall, imports showed a buoyant increase. The pace of growth appeared the most rapid in 2021 with an increase of 135% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Turkey dominates imports structure, accounting for X tons, which was approx. 96% of total imports in 2022. The United Arab Emirates (X tons) took a little share of total imports.

Turkey was also the fastest-growing in terms of the octanol (octyl alcohol) and isomers thereof imports, with a CAGR of +8.0% from 2012 to 2022. The United Arab Emirates (-3.8%) illustrated a downward trend over the same period. While the share of Turkey (+6.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the United Arab Emirates (-3.3 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) constitutes the largest market for imported octanol (octyl alcohol) and isomers thereof in the Middle East, comprising 96% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 1.4% share of total imports.

In Turkey, octyl alcohol imports increased at an average annual rate of +8.8% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, increasing by 6.8% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 52% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

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 the United Arab Emirates stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+0.7%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :