Middle East: Polycarboxylic Acid Market 2024

Polycarboxylic Acid Market Size in the Middle East

In 2022, the Middle Eastern polycarboxylic acid market increased by 9.7% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +55.0% against 2020 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Polycarboxylic Acid Production in the Middle East

In value terms, polycarboxylic acid production dropped to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a slight reduction. The most prominent rate of growth was recorded in 2021 when the production volume increased by 13%. The level of production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Polycarboxylic Acid Exports

Exports in the Middle East

For the fourth consecutive year, the Middle East recorded growth in overseas shipments of polycarboxylic acids, which increased by 3.2% to X tons in 2022. Over the period under review, exports recorded perceptible growth. The most prominent rate of growth was recorded in 2020 with an increase of 43%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, polycarboxylic acid exports reached $X in 2022. Overall, exports continue to indicate a measured increase. The most prominent rate of growth was recorded in 2021 with an increase of 106%. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Exports by Country

Turkey was the key exporting country with an export of about X tons, which accounted for 58% of total exports. The United Arab Emirates (X tons) held the second position in the ranking, distantly followed by Israel (X tons) and Iran (X tons). All these countries together held approx. 39% share of total exports.

Exports from Turkey increased at an average annual rate of +13.1% from 2012 to 2022. At the same time, the United Arab Emirates (+14.4%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +14.4% from 2012-2022. By contrast, Israel (-2.4%) and Iran (-13.9%) illustrated a downward trend over the same period. While the share of Turkey (+35 p.p.) and the United Arab Emirates (+13 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Israel (-9.2 p.p.) and Iran (-39.3 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) remains the largest polycarboxylic acid supplier in the Middle East, comprising 72% of total exports. The second position in the ranking was taken by Israel ($X), with a 12% share of total exports. It was followed by the United Arab Emirates, with a 9.1% share.

In Turkey, polycarboxylic acid exports increased at an average annual rate of +14.9% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Israel (-2.5% per year) and the United Arab Emirates (+8.6% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, with an increase of 4% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 45%. Over the period under review, the export prices reached the peak figure in 2022 and is likely to see steady growth in years to come.

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 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 Turkey (+1.6%), while the other leaders experienced a decline in the export price figures.

Polycarboxylic Acid Imports

Imports in the Middle East

In 2022, purchases abroad of polycarboxylic acids increased by 16% to X tons, rising for the fourth year in a row after two years of decline. Overall, imports posted resilient growth. The most prominent rate of growth was recorded in 2013 when imports increased by 29%. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in the immediate term.

In value terms, polycarboxylic acid imports surged to $X in 2022. In general, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 84%. The level of import peaked in 2022 and is likely to continue growth in years to come.

Imports by Country

Turkey was the largest importing country with an import of around X tons, which amounted to 65% of total imports. Oman (X tons) took a 19% share (based on physical terms) of total imports, which put it in second place, followed by Saudi Arabia (11%). The United Arab Emirates (X tons) held a little share of total imports.

Turkey was also the fastest-growing in terms of the polycarboxylic acids imports, with a CAGR of +18.3% from 2012 to 2022. At the same time, Saudi Arabia (+14.5%) and Oman (+6.5%) displayed positive paces of growth. By contrast, the United Arab Emirates (-11.4%) illustrated a downward trend over the same period. While the share of Turkey (+32 p.p.) and Saudi Arabia (+3.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Oman (-8.6 p.p.) and the United Arab Emirates (-21.3 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) constitutes the largest market for imported polycarboxylic acids in the Middle East, comprising 72% of total imports. The second position in the ranking was held by Oman ($X), with a 13% share of total imports. It was followed by Saudi Arabia, with a 9.8% share.

In Turkey, polycarboxylic acid imports increased at an average annual rate of +15.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Oman (+0.4% per year) and Saudi Arabia (+7.3% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, remaining constant against the previous year. Over the period under review, the import price, however, showed a noticeable decline. The most prominent rate of growth was recorded in 2021 when the import price increased by 54%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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