Middle East: Sulphuric Acid Market 2024

Sulphuric Acid Market Size in the Middle East

The Middle Eastern sulphuric acid market contracted to $X in 2022, declining by -6% against the previous year. The total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -7.4% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Sulphuric Acid Production in the Middle East

In value terms, sulphuric acid production reached $X in 2022 estimated in export price. Over the period under review, production saw a pronounced expansion. The most prominent rate of growth was recorded in 2017 with an increase of 52% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Sulphuric Acid Exports

Exports in the Middle East

In 2022, the amount of sulphuric acid and oleum exported in the Middle East soared to X tons, with an increase of 37% against the year before. Over the period under review, exports showed a prominent increase. The most prominent rate of growth was recorded in 2018 with an increase of 1,693%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, sulphuric acid exports skyrocketed to $X in 2022. Overall, exports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2018 when exports increased by 1,475% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Turkey prevails in exports structure, resulting at X tons, which was near 94% of total exports in 2022. The following exporters - Saudi Arabia (X tons) and Iran (X tons) - each finished at a 5.3% share of total exports.

Turkey was also the fastest-growing in terms of the sulphuric acid and oleum exports, with a CAGR of +84.7% from 2012 to 2022. Saudi Arabia (-6.7%) and Iran (-11.9%) illustrated a downward trend over the same period. Turkey (+93 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia and Iran saw its share reduced by -23.3% and -40.9% from 2012 to 2022, respectively.

In value terms, Turkey ($X) remains the largest sulphuric acid supplier in the Middle East, comprising 88% of total exports. The second position in the ranking was held by Iran ($X), with a 5.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Turkey stood at +74.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Iran (-13.3% per year) and Saudi Arabia (-6.1% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, falling by -15.1% against the previous year. Over the period under review, the export price continues to indicate a deep slump. The growth pace was the most rapid in 2021 an increase of 217% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Iran ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+0.6%), while the other leaders experienced a decline in the export price figures.

Sulphuric Acid Imports

Imports in the Middle East

In 2022, the amount of sulphuric acid and oleum imported in the Middle East skyrocketed to X tons, rising by 21% on the previous year. In general, imports enjoyed prominent growth. The pace of growth appeared the most rapid in 2021 with an increase of 54% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in years to come.

In value terms, sulphuric acid imports totaled $X in 2022. Overall, imports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 160%. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Imports by Country

Turkey dominates imports structure, reaching X tons, which was near 94% of total imports in 2022. It was distantly followed by Israel (X tons), generating a 5.7% share of total imports.

Turkey was also the fastest-growing in terms of the sulphuric acid and oleum imports, with a CAGR of +14.1% from 2012 to 2022. At the same time, Israel (+9.0%) displayed positive paces of growth. While the share of Turkey (+6.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Israel (-2.6 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) constitutes the largest market for imported sulphuric acid and oleum in the Middle East, comprising 83% of total imports. The second position in the ranking was held by Israel ($X), with a 15% share of total imports.

In Turkey, sulphuric acid imports increased at an average annual rate of +15.4% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, reducing by -7.5% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 69% against the previous year. As a result, import price attained the peak level of $X per ton, and then fell in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Israel ($X per ton), while Turkey amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+4.3%).

Source: IndexBox Platform

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