Middle East: Phenylacetic Acid Market 2024

Phenylacetic Acid Market Size in the Middle East

In 2022, the Middle Eastern phenylacetic acid market decreased by X% to $X, falling for the third year in a row after four years of growth. Over the period under review, consumption showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Phenylacetic Acid Production in the Middle East

In value terms, phenylacetic acid production reduced to $X in 2022 estimated in export price. Overall, production, however, recorded a perceptible decrease. The pace of growth appeared the most rapid in 2013 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Phenylacetic Acid Exports

Exports in the Middle East

In 2022, after four years of growth, there was significant decline in shipments abroad of phenylacetic acid, its salts and esters, when their volume decreased by X% to X tons. In general, exports, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then shrank dramatically in the following year.

In value terms, phenylacetic acid exports dropped sharply to $X in 2022. Overall, exports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of X%. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Turkey represented the major exporting country with an export of about X tons, which resulted at X% of total exports. It was distantly followed by the United Arab Emirates (X tons), committing a X% share of total exports.

Turkey was also the fastest-growing in terms of the phenylacetic acid, its salts and esters exports, with a CAGR of X% from 2012 to 2022. At the same time, the United Arab Emirates (X%) displayed positive paces of growth. While the share of Turkey (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (X p.p.) displayed negative dynamics.

In value terms, Turkey ($X) emerged as the largest phenylacetic acid supplier in the Middle East, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports.

In Turkey, phenylacetic acid exports increased at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, surging by X% against the previous year. Export price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, phenylacetic acid export price decreased by X% against 2020 indices. The growth pace was the most rapid in 2017 an increase of X%. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Phenylacetic Acid Imports

Imports in the Middle East

In 2022, supplies from abroad of phenylacetic acid, its salts and esters decreased by X% to X tons, falling for the third year in a row after three years of growth. In general, imports showed a pronounced setback. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, phenylacetic acid imports declined to $X in 2022. Over the period under review, imports saw a slight decrease. The most prominent rate of growth was recorded in 2019 when imports increased by X%. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Turkey was the largest importing country with an import of around X tons, which recorded X% of total imports. Saudi Arabia (X tons) ranks second in terms of the total imports with a X% share, followed by the United Arab Emirates (X%), Israel (X%) and Iran (X%). Lebanon (X tons) held a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Lebanon (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported phenylacetic acid, its salts and esters in the Middle East, comprising X% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a X% share of total imports. It was followed by the United Arab Emirates, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Turkey was relatively modest. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, rising by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2019 an increase of X%. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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