Middle East: Propene Market 2024

Propene Market Size in the Middle East

The Middle Eastern propene market was finally on the rise to reach $X in 2021, after two years of decline. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Propene Production in the Middle East

In value terms, propene production rose slightly to $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 16%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Propene Exports

Exports in the Middle East

In 2021, propene exports in the Middle East surged to X tons, jumping by 36% compared with the previous year. In general, exports, however, recorded a slight slump. The pace of growth appeared the most rapid in 2018 when exports increased by 86% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, propene exports soared to $X in 2021. Overall, exports, however, showed a slight setback. The most prominent rate of growth was recorded in 2018 when exports increased by 107% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, the United Arab Emirates (X tons) represented the largest exporter of propene (propylene), mixing up 57% of total exports. Saudi Arabia (X tons) took the second position in the ranking, distantly followed by Turkey (X tons). All these countries together held near 43% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the United Arab Emirates (with a CAGR of +33.3%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest propene supplying countries in the Middle East were the United Arab Emirates ($X), Saudi Arabia ($X) and Turkey ($X), together comprising 99.9% of total exports.

Among the main exporting countries, the United Arab Emirates, with a CAGR of +30.8%, saw 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

The export price in the Middle East stood at $X per ton in 2021, picking up by 46% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. Over the period under review, the export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Turkey ($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 (-0.2%), while the other leaders experienced a decline in the export price figures.

Propene Imports

Imports in the Middle East

In 2021, approx. X tons of propene (propylene) were imported in the Middle East; increasing by 25% against 2020. Over the period under review, imports enjoyed significant growth. The growth pace was the most rapid in 2014 when imports increased by 1,078% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, propene imports skyrocketed to $X in 2021. In general, imports saw a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 891%. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Saudi Arabia represented the main importing country with an import of about X tons, which amounted to 65% of total imports. It was distantly followed by Turkey (X tons), generating a 31% share of total imports. Israel (X tons) followed a long way behind the leaders.

Imports into Saudi Arabia decreased at an average annual rate of -28.6% from 2012 to 2021. At the same time, Turkey (+21.2%) and Israel (+3.9%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +21.2% from 2012-2021. From 2012 to 2021, the share of Saudi Arabia increased by +65 percentage points.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported propene (propylene) in the Middle East, comprising 78% of total imports. The second position in the ranking was held by Turkey ($X), with a 12% share of total imports.

In Saudi Arabia, propene imports plunged by an average annual rate of -22.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Turkey (+6.2% per year) and Israel (+2.1% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, which is down by -5.1% against the previous year. In general, the import price showed a deep slump. The most prominent rate of growth was recorded in 2013 an increase of 24%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices failed to regain momentum.

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 ($X per ton), while Turkey ($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 (+9.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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