Middle East: Polyurethanes Market 2024

Polyurethanes Market Size in the Middle East

In 2021, after two years of decline, there was growth in the Middle Eastern polyurethanes market, when its value increased by 2.8% to $X. Over the period under review, consumption saw a buoyant expansion. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Polyurethanes Production in the Middle East

In value terms, polyurethanes production soared to $X in 2021 estimated in export price. Overall, production, however, continues to indicate significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 184% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Polyurethanes Exports

Exports in the Middle East

Polyurethanes exports dropped modestly to X tons in 2021, leveling off at the year before. Total exports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -19.9% against 2019 indices. The growth pace was the most rapid in 2015 when exports increased by 52% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, polyurethanes exports skyrocketed to $X in 2021. Total exports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +7.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 45% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Turkey represented the key exporting country with an export of about X tons, which amounted to 75% of total exports. It was distantly followed by the United Arab Emirates (X tons), creating a 21% share of total exports. Saudi Arabia (X tons) took a little share of total exports.

Turkey was also the fastest-growing in terms of the polyurethanes in primary forms exports, with a CAGR of +11.4% from 2012 to 2021. At the same time, the United Arab Emirates (+2.8%) displayed positive paces of growth. By contrast, Saudi Arabia (-4.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Turkey increased by +27 percentage points.

In value terms, Turkey ($X) remains the largest polyurethanes supplier in the Middle East, comprising 75% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 21% share of total exports.

In Turkey, polyurethanes exports expanded at an average annual rate of +11.2% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+7.0% per year) and Saudi Arabia (-4.0% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, rising by 31% against the previous year. Over the last nine years, it increased at an average annual rate of +1.5%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.1%), while the other leaders experienced mixed trends in the export price figures.

Polyurethanes Imports

Imports in the Middle East

After three years of decline, supplies from abroad of polyurethanes in primary forms increased by 19% to X tons in 2021. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 27%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, polyurethanes imports skyrocketed to $X in 2021. In general, imports recorded a relatively flat trend pattern. The level of import peaked at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

Turkey (X tons) and the United Arab Emirates (X tons) were the key importers of polyurethanes in primary forms in 2021, reaching near 32% and 29% of total imports, respectively. Iran (X tons) held the next position in the ranking, followed by Israel (X tons). All these countries together took approx. 14% share of total imports. Syrian Arab Republic (X tons), Saudi Arabia (X tons), Oman (X tons), Iraq (X tons), Bahrain (X tons), Yemen (X tons), Lebanon (X tons) and Qatar (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Iraq (with a CAGR of +10.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest polyurethanes importing markets in the Middle East were Turkey ($X), the United Arab Emirates ($X) and Israel ($X), with a combined 70% share of total imports. Iran, Saudi Arabia, Syrian Arab Republic, Iraq, Oman, Bahrain, Qatar, Lebanon and Yemen lagged somewhat behind, together comprising a further 27%.

In terms of the main importing countries, Iraq, with a CAGR of +8.7%, recorded 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

In 2021, the import price in the Middle East amounted to $X per ton, picking up by 15% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the import price increased by 16%. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Israel ($X per ton), while Yemen ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :