Middle East: Market for Phthalic Anhydride, Terephthalic Acid And Its Salts 2024

Market Size for Phthalic Anhydride, Terephthalic Acid And Its Salts in the Middle East

In 2021, after two years of decline, there was significant growth in the Middle Eastern market for phthalic anhydride, terephthalic acid and its salts, when its value increased by 42% to $X. Overall, consumption, however, recorded a slight downturn. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Production of Phthalic Anhydride, Terephthalic Acid And Its Salts in the Middle East

In value terms, phthalic anhydride and terephthalic acid production rose significantly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a drastic downturn. The level of production peaked at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Exports of Phthalic Anhydride, Terephthalic Acid And Its Salts

Exports in the Middle East

After three years of growth, overseas shipments of phthalic anhydride, terephthalic acid and its salts decreased by -1.6% to X tons in 2021. Overall, exports recorded a mild decrease. The most prominent rate of growth was recorded in 2020 when exports increased by 37%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, phthalic anhydride and terephthalic acid exports skyrocketed to $X in 2021. In general, exports showed a pronounced reduction. The growth pace was the most rapid in 2018 with an increase of 39%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The shipments of the four major exporters of phthalic anhydride, terephthalic acid and its salts, namely the United Arab Emirates, Israel, Turkey and Iran, represented more than two-thirds of total export.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +13.0%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest phthalic anhydride and terephthalic acid supplying countries in the Middle East were Israel ($X), Turkey ($X) and the United Arab Emirates ($X), with a combined 79% share of total exports.

In terms of the main exporting countries, Turkey, with a CAGR of +9.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, rising by 40% against the previous year. In general, the export price, however, recorded a perceptible downturn. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

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 (-0.7%), while the other leaders experienced a decline in the export price figures.

Imports of Phthalic Anhydride, Terephthalic Acid And Its Salts

Imports in the Middle East

For the third year in a row, the Middle East recorded growth in overseas purchases of phthalic anhydride, terephthalic acid and its salts, which increased by 35% to X tons in 2021. In general, imports continue to indicate buoyant growth. The pace of growth was the most pronounced in 2013 with an increase of 38%. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, phthalic anhydride and terephthalic acid imports surged to $X in 2021. Over the period under review, imports posted a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Turkey (X tons) represented the key importer of phthalic anhydride, terephthalic acid and its salts, creating 61% of total imports. Oman (X tons) held a 22% share (based on physical terms) of total imports, which put it in second place, followed by Saudi Arabia (15%).

From 2012 to 2021, average annual rates of growth with regard to phthalic anhydride and terephthalic acid imports into Turkey stood at +21.0%. At the same time, Saudi Arabia (+29.2%) and Oman (+7.5%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +29.2% from 2012-2021. Turkey (+28 p.p.) and Saudi Arabia (+11 p.p.) significantly strengthened its position in terms of the total imports, while Oman saw its share reduced by -12.4% from 2012 to 2021, respectively.

In value terms, Turkey ($X) constitutes the largest market for imported phthalic anhydride, terephthalic acid and its salts in the Middle East, comprising 60% of total imports. The second position in the ranking was held by Oman ($X), with a 20% share of total imports.

In Turkey, phthalic anhydride and terephthalic acid imports increased at an average annual rate of +14.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Oman (+1.7% per year) and Saudi Arabia (+20.9% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, with an increase of 41% against the previous year. In general, the import price, however, showed a perceptible curtailment. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (-5.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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