Middle East: Phenolic Resins Market 2024

Phenolic Resins Market Size in the Middle East

For the third year in a row, the Middle Eastern phenolic resins market recorded growth in sales value, which increased by 0.5% to $X in 2021. The market value increased at an average annual rate of +1.6% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The level of consumption peaked in 2021 and is likely to see gradual growth in the immediate term.

Phenolic Resins Production in the Middle East

In value terms, phenolic resins production contracted modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2019 when the production volume increased by 14%. Over the period under review, production attained the peak level at $X in 2020, and then shrank slightly in the following year.

Phenolic Resins Exports

Exports in the Middle East

In 2021, overseas shipments of phenolic resins in primary forms increased by 131% to X tons, rising for the third consecutive year after three years of decline. Over the period under review, exports saw a temperate increase. The pace of growth was the most pronounced in 2015 with an increase of 258% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, phenolic resins exports soared to $X in 2021. Overall, exports showed a modest increase. The pace of growth was the most pronounced in 2015 with an increase of 160% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Turkey represented the key exporter of phenolic resins in primary forms in the Middle East, with the volume of exports amounting to X tons, which was approx. 83% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), mixing up a 15% share of total exports.

Turkey was also the fastest-growing in terms of the phenolic resins in primary forms exports, with a CAGR of +18.0% from 2012 to 2021. At the same time, the United Arab Emirates (+3.2%) displayed positive paces of growth. Turkey (+59 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest phenolic resins supplier in the Middle East, comprising 75% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 23% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Turkey stood at +7.9%.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, reducing by -6.4% against the previous year. Over the period under review, the export price saw a slight reduction. The pace of growth was the most pronounced in 2014 an increase of 90% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 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, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Turkey stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-0.6%).

Phenolic Resins Imports

Imports in the Middle East

Phenolic resins imports surged to X tons in 2021, growing by 30% on 2020 figures. In general, imports recorded 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, phenolic resins imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey represented the major importing country with an import of about X tons, which accounted for 54% of total imports. It was distantly followed by the United Arab Emirates (X tons), Saudi Arabia (X tons) and Iran (X tons), together creating a 35% share of total imports. The following importers - Iraq (X tons), Kuwait (X tons) and Oman (X tons) - together made up 8.1% of total imports.

From 2012 to 2021, average annual rates of growth with regard to phenolic resins imports into Turkey stood at +6.8%. At the same time, Kuwait (+12.6%), Saudi Arabia (+12.5%), the United Arab Emirates (+10.2%), Oman (+5.3%) and Iran (+1.9%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +12.6% from 2012-2021. By contrast, Iraq (-3.0%) illustrated a downward trend over the same period. While the share of Turkey (+23 p.p.), Saudi Arabia (+9.2 p.p.), the United Arab Emirates (+8.4 p.p.) and Kuwait (+1.7 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported phenolic resins in primary forms in the Middle East, comprising 54% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 15% share of total imports. It was followed by the United Arab Emirates, with a 13% share.

In Turkey, phenolic resins imports increased at an average annual rate of +5.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (+11.9% per year) and the United Arab Emirates (+8.3% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, rising by 7.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.8%. The most prominent rate of growth was recorded in 2013 when the import price increased by 29% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iraq (+2.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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