Middle East: P-Xylene Market 2024

P-Xylene Market Size in the Middle East

After three years of growth, the Middle Eastern p-xylene market decreased by -7% to $X in 2021. Over the period under review, consumption, however, continues to indicate prominent growth. Over the period under review, the market hit record highs at $X in 2020, and then shrank in the following year.

P-Xylene Production in the Middle East

In value terms, p-xylene production amounted to $X in 2021 estimated in export price. The total production indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -0.2% against 2019 indices. The pace of growth appeared the most rapid in 2019 with an increase of 59% against the previous year. As a result, production reached the peak level of $X; afterwards, it flattened through to 2021.

P-Xylene Exports

Exports in the Middle East

In 2021, shipments abroad of p-xylene increased by 16% to X tons, rising for the third year in a row after two years of decline. Total exports indicated a pronounced increase from 2012 to 2021: its volume increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +82.3% against 2018 indices. The most prominent rate of growth was recorded in 2019 with an increase of 37%. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, p-xylene exports soared to $X in 2021. Over the period under review, exports, however, continue to indicate a perceptible curtailment. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

The shipments of the three major exporters of p-xylene, namely Saudi Arabia, Kuwait and Oman, represented more than two-thirds of total export. It was distantly followed by Iran (X tons), mixing up a 9.1% share of total exports. Israel (X tons) took a relatively small share of total exports.

From 2012 to 2021, the biggest increases were in Saudi Arabia (with a CAGR of +24.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), Kuwait ($X) and Oman ($X) constituted the countries with the highest levels of exports in 2021, with a combined 87% share of total exports.

Saudi Arabia, with a CAGR of +20.1%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, jumping by 28% against the previous year. Over the period under review, the export price, however, recorded a abrupt contraction. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Iran ($X per ton), while Oman ($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 (-3.3%), while the other leaders experienced a decline in the export price figures.

P-Xylene Imports

Imports in the Middle East

In 2021, overseas purchases of p-xylene decreased by -65.9% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, imports recorded a pronounced setback. The most prominent rate of growth was recorded in 2015 when imports increased by 49%. Over the period under review, imports attained the maximum at X tons in 2020, and then fell rapidly in the following year.

In value terms, p-xylene imports contracted sharply to $X in 2021. Overall, imports continue to indicate a deep downturn. The pace of growth appeared the most rapid in 2017 with an increase of 29%. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Turkey dominates imports structure, resulting at X tons, which was near 90% of total imports in 2021. It was distantly followed by the United Arab Emirates (X tons), comprising a 9.5% share of total imports.

Imports into Turkey decreased at an average annual rate of -3.8% from 2012 to 2021. At the same time, the United Arab Emirates (+21.8%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +21.8% from 2012-2021. From 2012 to 2021, the share of the United Arab Emirates increased by +8.3 percentage points.

In value terms, Turkey ($X) constitutes the largest market for imported p-xylene in the Middle East, comprising 86% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 13% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey stood at -9.9%.

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, jumping by 60% against the previous year. Over the period under review, the import price, however, continues to indicate a abrupt shrinkage. 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 the United Arab Emirates ($X per ton), while Turkey amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (-6.4%).

Source: IndexBox Platform

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