Middle East: Silicone Market 2024

Silicone Market Size in the Middle East

The Middle Eastern silicone market surged to $X in 2021, increasing by 52% against the previous year. Overall, consumption continues to indicate a prominent expansion. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Silicone Production in the Middle East

In value terms, silicone production surged to $X in 2021 estimated in export price. Over the period under review, production posted significant growth. The level of production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Silicone Exports

Exports in the Middle East

In 2021, the amount of silicones (in primary forms) exported in the Middle East soared to X tons, growing by 16% compared with the previous year's figure. The total export volume increased at an average annual rate of +3.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2015 with an increase of 27% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, silicone exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +6.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 24% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Turkey was the major exporting country with an export of about X tons, which finished at 77% of total exports. It was distantly followed by the United Arab Emirates (X tons), making up an 18% share of total exports. Saudi Arabia (X tons) held a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to silicone exports from Turkey stood at +4.4%. At the same time, Saudi Arabia (+6.5%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +6.5% from 2012-2021. The United Arab Emirates experienced a relatively flat trend pattern. Turkey (+8.1 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -5.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest silicone supplier in the Middle East, comprising 76% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 17% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey stood at +6.6%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+5.1% per year) and Saudi Arabia (+20.7% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, rising by 7.2% against the previous year. Over the last nine years, it increased at an average annual rate of +2.8%. The most prominent rate of growth was recorded in 2018 when the export price increased by 30% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+13.4%), while the other leaders experienced more modest paces of growth.

Silicone Imports

Imports in the Middle East

In 2021, silicone imports in the Middle East skyrocketed to X tons, rising by 18% on the previous year. The total import volume increased at an average annual rate of +5.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, silicone imports surged to $X in 2021. Total imports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey was the key importing country with an import of around X tons, which finished at 52% of total imports. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 26% share, followed by Saudi Arabia (6.3%), Iran (5.6%) and Israel (4.8%).

From 2012 to 2021, average annual rates of growth with regard to silicone imports into Turkey stood at +7.7%. At the same time, the United Arab Emirates (+15.3%) 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 +15.3% from 2012-2021. Israel experienced a relatively flat trend pattern. By contrast, Iran (-2.4%) and Saudi Arabia (-4.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates and Turkey increased by +14 and +7.3 percentage points, respectively.

In value terms, Turkey ($X) constitutes the largest market for imported silicones (in primary forms) in the Middle East, comprising 52% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 22% share of total imports. It was followed by Saudi Arabia, with a 7.8% share.

From 2012 to 2021, the average annual growth rate of value in Turkey stood at +7.9%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+16.3% per year) and Saudi Arabia (-0.3% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, jumping by 24% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 26%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, 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 Saudi Arabia (+4.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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