Middle East: Resinoids Market 2024

Resinoids Market Size in the Middle East

The Middle Eastern resinoids market fell remarkably to $X in 2022, shrinking by -18.2% against the previous year. Overall, consumption showed a pronounced descent. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Resinoids Production in the Middle East

In value terms, resinoids production dropped slightly to $X in 2022 estimated in export price. The total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +6.6% against 2020 indices. The pace of growth appeared the most rapid in 2013 with an increase of 72% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Resinoids Exports

Exports in the Middle East

In 2022, approx. X tons of resinoids were exported in the Middle East; picking up by 45% on the previous year. In general, exports enjoyed measured growth. The pace of growth was the most pronounced in 2017 when exports increased by 110%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, resinoids exports stood at $X in 2022. Over the period under review, exports posted a resilient expansion. The pace of growth appeared the most rapid in 2018 with an increase of 145% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, resulting at X tons, which was near 71% of total exports in 2022. Saudi Arabia (X tons) ranks second in terms of the total exports with an 8.6% share, followed by Turkey (5.5%) and Oman (5%). The following exporters - Lebanon (X tons), Kuwait (X tons) and Bahrain (X tons) - each amounted to an 8.1% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to resinoids exports from the United Arab Emirates stood at +3.9%. At the same time, Bahrain (+80.1%), Oman (+40.7%), Lebanon (+8.3%) and Turkey (+7.5%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +80.1% from 2012-2022. By contrast, Saudi Arabia (-5.0%) and Kuwait (-9.5%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+8 p.p.), Oman (+4.8 p.p.), Bahrain (+2.6 p.p.) and Turkey (+2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Kuwait (-6.9 p.p.) and Saudi Arabia (-10.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest resinoids supplier in the Middle East, comprising 81% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with an 8% share of total exports. It was followed by Oman, with a 2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +16.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-0.1% per year) and Oman (+30.3% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, reducing by -28.4% against the previous year. In general, the export price, however, saw a resilient expansion. The pace of growth was the most pronounced in 2018 when the export price increased by 121%. The level of export peaked at $X per ton in 2021, and then declined notably in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Lebanon ($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 (+12.0%), while the other leaders experienced more modest paces of growth.

Resinoids Imports

Imports in the Middle East

In 2022, purchases abroad of resinoids decreased by -31.3% to X tons, falling for the fourth consecutive year after two years of growth. Over the period under review, imports continue to indicate a abrupt downturn. The growth pace was the most rapid in 2014 when imports increased by 39%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, resinoids imports reduced sharply to $X in 2022. Overall, imports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2021 with an increase of 26% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates represented the main importing country with an import of about X tons, which reached 38% of total imports. Kuwait (X tons) took a 15% share (based on physical terms) of total imports, which put it in second place, followed by Iraq (14%), Yemen (9.5%), Iran (7.3%), Qatar (6%) and Oman (5.8%).

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of imports of resinoids. At the same time, Iraq (+40.8%), Qatar (+25.6%), Iran (+18.3%), Yemen (+4.7%) and Kuwait (+1.8%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +40.8% from 2012-2022. By contrast, Oman (-11.6%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+26 p.p.), Iraq (+14 p.p.), Kuwait (+11 p.p.), Yemen (+7.4 p.p.), Iran (+6.9 p.p.) and Qatar (+5.8 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest resinoids importing markets in the Middle East were Kuwait ($X), the United Arab Emirates ($X) and Qatar ($X), together accounting for 78% of total imports. Iraq, Oman, Yemen and Iran lagged somewhat behind, together accounting for a further 14%.

Among the main importing countries, Iraq, with a CAGR of +48.0%, saw the highest rates of growth with regard to 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, shrinking by -37.3% against the previous year. Over the period under review, the import price, however, saw prominent growth. The most prominent rate of growth was recorded in 2013 an increase of 80% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iraq (+5.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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