Middle East: Salicylic Acid Market 2024

Salicylic Acid Market Size in the Middle East

In 2021, the Middle Eastern salicylic acid market decreased by -1.8% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption continues to indicate a buoyant expansion. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Salicylic Acid Production in the Middle East

In value terms, salicylic acid production reduced to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 35%. As a result, production attained the peak level of $X, and then reduced in the following year.

Salicylic Acid Exports

Exports in the Middle East

In 2021, overseas shipments of salicylic acid and its salts decreased by -29.2% to X tons, falling for the third year in a row after two years of growth. Over the period under review, exports continue to indicate a pronounced slump. The pace of growth appeared the most rapid in 2017 when exports increased by 91%. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, salicylic acid exports surged to $X in 2021. In general, exports, however, showed perceptible growth. The pace of growth appeared the most rapid in 2013 with an increase of 79%. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Saudi Arabia was the main exporter of salicylic acid and its salts in the Middle East, with the volume of exports reaching X tons, which was approx. 58% of total exports in 2021. Turkey (X tons) took the second position in the ranking, distantly followed by the United Arab Emirates (X tons). All these countries together held near 38% share of total exports. Israel (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +44.6%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Saudi Arabia ($X), Turkey ($X) and Israel ($X) were the countries with the highest levels of exports in 2021, with a combined 98% share of total exports.

In terms of the main exporting countries, Turkey, with a CAGR of +43.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, with an increase of 102% against the previous year. Overall, the export price continues to indicate a buoyant expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Israel ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+10.8%), while the other leaders experienced more modest paces of growth.

Salicylic Acid Imports

Imports in the Middle East

For the fourth year in a row, the Middle East recorded growth in purchases abroad of salicylic acid and its salts, which increased by 6.9% to X tons in 2021. In general, imports recorded strong growth. The most prominent rate of growth was recorded in 2016 with an increase of 163% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, salicylic acid imports dropped slightly to $X in 2021. Over the period under review, imports enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2016 when imports increased by 104%. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Turkey was the key importing country with an import of around X tons, which finished at 47% of total imports. Iran (X tons) took a 28% share (based on physical terms) of total imports, which put it in second place, followed by the United Arab Emirates (14%) and Israel (4.7%). Saudi Arabia (X tons) took a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Saudi Arabia (with a CAGR of +24.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported salicylic acid and its salts in the Middle East, comprising 52% of total imports. The second position in the ranking was taken by Iran ($X), with an 18% share of total imports. It was followed by the United Arab Emirates, with a 13% share.

From 2012 to 2021, the average annual growth rate of value in Turkey stood at +16.0%. In the other countries, the average annual rates were as follows: Iran (+1.7% per year) and the United Arab Emirates (+14.5% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, reducing by -8% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 34% against the previous year. The level of import peaked at $X per ton in 2019; however, from 2020 to 2021, 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 Saudi Arabia ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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