Middle East: Styrene Market 2024

Styrene Market Size in the Middle East

In 2021, the Middle Eastern styrene market was finally on the rise to reach $X after two years of decline. The total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Styrene Production in the Middle East

In value terms, styrene production reached $X in 2021 estimated in export price. In general, production continues to indicate a mild setback. The growth pace was the most rapid in 2013 with an increase of 15% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Styrene Exports

Exports in the Middle East

After two years of growth, overseas shipments of styrene decreased by -16.2% to X tons in 2021. Overall, exports saw a slight descent. The pace of growth was the most pronounced in 2019 when exports increased by 32% against the previous year. The volume of export peaked at X tons in 2020, and then dropped dramatically in the following year.

In value terms, styrene exports soared to $X in 2021. In general, exports saw a pronounced setback. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia represented the main exporting country with an export of about X tons, which recorded 68% of total exports. It was distantly followed by Kuwait (X tons), creating a 25% share of total exports. Iran (X tons) and Oman (X tons) held a minor share of total exports.

Exports from Saudi Arabia decreased at an average annual rate of -1.4% from 2012 to 2021. At the same time, Oman (+23.4%) and Kuwait (+1.7%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +23.4% from 2012-2021. By contrast, Iran (-14.9%) illustrated a downward trend over the same period. While the share of Kuwait (+6.8 p.p.) and Saudi Arabia (+2.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Iran (-10.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest styrene supplier in the Middle East, comprising 67% of total exports. The second position in the ranking was held by Kuwait ($X), with a 28% share of total exports. It was followed by Iran, with a 2.6% share.

In Saudi Arabia, styrene exports shrank by an average annual rate of -2.5% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Kuwait (-0.5% per year) and Iran (-21.1% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, growing by 55% against the previous year. Overall, the export price, however, recorded a mild decrease. Over the period under review, the export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-1.0%), while the other leaders experienced a decline in the export price figures.

Styrene Imports

Imports in the Middle East

For the third year in a row, the Middle East recorded growth in purchases abroad of styrene, which increased by 51% to X tons in 2021. Over the period under review, imports saw a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, styrene imports skyrocketed to $X in 2021. Overall, imports recorded a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey prevails in imports structure, resulting at X tons, which was approx. 90% of total imports in 2021. It was distantly followed by the United Arab Emirates (X tons), making up an 8.8% share of total imports.

Imports into Turkey increased at an average annual rate of +14.2% from 2012 to 2021. At the same time, the United Arab Emirates (+44.3%) 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 +44.3% from 2012-2021. The United Arab Emirates (+7.7 p.p.) significantly strengthened its position in terms of the total imports, while Turkey saw its share reduced by -6.8% from 2012 to 2021, respectively.

In value terms, Turkey ($X) constitutes the largest market for imported styrene in the Middle East, comprising 93% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 6.3% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey amounted to +12.8%.

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, picking up by 56% against the previous year. Over the period under review, the import price, however, continues to indicate a mild setback. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (-1.2%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :