Middle East: Polymethyl Methacrylate Market 2024

Polymethyl Methacrylate Market Size in the Middle East

The Middle Eastern polymethyl methacrylate market contracted modestly to $X in 2022, leveling off at the previous year. The total consumption indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.3% 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 +5.0% against 2019 indices. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Polymethyl Methacrylate Production in the Middle East

In value terms, polymethyl methacrylate production dropped slightly to $X in 2022 estimated in export price. Overall, production, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of 102%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Polymethyl Methacrylate Exports

Exports in the Middle East

After seven years of growth, shipments abroad of polymethyl methacrylate in primary forms decreased by -16.8% to X tons in 2022. Overall, exports, however, saw significant growth. The growth pace was the most rapid in 2015 with an increase of 123%. The volume of export peaked at X tons in 2021, and then plummeted in the following year.

In value terms, polymethyl methacrylate exports dropped remarkably to $X in 2022. In general, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 106%. The level of export peaked at $X in 2021, and then fell rapidly in the following year.

Exports by Country

In 2022, Saudi Arabia (X tons) was the largest exporter of polymethyl methacrylate in primary forms, making up 67% of total exports. It was distantly followed by the United Arab Emirates (X tons), committing a 29% share of total exports. Turkey (X tons) followed a long way behind the leaders.

Saudi Arabia was also the fastest-growing in terms of the polymethyl methacrylate in primary forms exports, with a CAGR of +40.3% from 2012 to 2022. At the same time, the United Arab Emirates (+22.9%) and Turkey (+9.6%) displayed positive paces of growth. While the share of Saudi Arabia (+39 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Turkey (-6.6 p.p.) and the United Arab Emirates (-17.2 p.p.) displayed negative dynamics.

In value terms, Saudi Arabia ($X) remains the largest polymethyl methacrylate supplier in the Middle East, comprising 68% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 24% share of total exports.

In Saudi Arabia, polymethyl methacrylate exports increased at an average annual rate of +41.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (+15.7% per year) and Turkey (+9.7% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, almost unchanged from the previous year. In general, the export price recorded a perceptible contraction. The most prominent rate of growth was recorded in 2018 when the export price increased by 27% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: 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 Saudi Arabia (+1.1%), while the other leaders experienced mixed trends in the export price figures.

Polymethyl Methacrylate Imports

Imports in the Middle East

Polymethyl methacrylate imports shrank to X tons in 2022, with a decrease of -11.5% against 2021 figures. Total imports indicated a modest increase from 2012 to 2022: its volume increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -14.4% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 70%. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, polymethyl methacrylate imports reduced to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 29% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Turkey (X tons) represented the major importer of polymethyl methacrylate in primary forms, constituting 47% of total imports. Israel (X tons) ranks second in terms of the total imports with a 19% share, followed by Oman (14%) and the United Arab Emirates (10%). Iran (X tons), Qatar (X tons) and Jordan (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to polymethyl methacrylate imports into Turkey stood at +7.1%. At the same time, the United Arab Emirates (+28.1%), Oman (+21.5%) and Jordan (+17.1%) 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 +28.1% from 2012-2022. By contrast, Israel (-2.2%), Qatar (-4.5%) and Iran (-13.7%) illustrated a downward trend over the same period. Turkey (+18 p.p.), Oman (+12 p.p.) and the United Arab Emirates (+9.3 p.p.) significantly strengthened its position in terms of the total imports, while Qatar, Israel and Iran saw its share reduced by -2.8%, -9.8% and -18.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X), Israel ($X) and Oman ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 83% of total imports. The United Arab Emirates, Iran, Jordan and Qatar lagged somewhat behind, together accounting for a further 17%.

In terms of the main importing countries, Jordan, with a CAGR of +25.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, growing by 3.2% against the previous year. Over the period under review, the import price, however, saw a slight shrinkage. The pace of growth was the most pronounced in 2018 an increase of 38%. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jordan (+6.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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