Middle East: Toluene Market 2024

Toluene Market Size in the Middle East

In 2021, the Middle Eastern toluene market decreased by -11.4% to $X, falling for the second consecutive year after three years of growth. Overall, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Toluene Production in the Middle East

In value terms, toluene production rose to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when the production volume increased by 25% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Toluene Exports

Exports in the Middle East

In 2021, the amount of toluene exported in the Middle East rose sharply to X tons, with an increase of 15% compared with 2020. Over the period under review, exports continue to indicate strong growth. The pace of growth was the most pronounced in 2014 when exports increased by 55%. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, toluene exports surged to $X in 2021. In general, exports enjoyed pronounced growth. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The biggest shipments were from the United Arab Emirates (X tons), Iran (X tons) and Israel (X tons), together amounting to 96% of total export. Turkey (X tons) took a little share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Turkey (with a CAGR of +118.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest toluene supplying countries in the Middle East were the United Arab Emirates ($X), Israel ($X) and Iran ($X), with a combined 95% share of total exports. Turkey lagged somewhat behind, comprising a further 3.2%.

In terms of the main exporting countries, Turkey, with a CAGR of +95.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, picking up by 38% against the previous year. In general, the export price, however, continues to indicate a abrupt decrease. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-4.3%), while the other leaders experienced a decline in the export price figures.

Toluene Imports

Imports in the Middle East

After two years of growth, supplies from abroad of toluene decreased by -23.5% to X tons in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by 39%. Over the period under review, imports reached the peak figure at X tons in 2020, and then contracted remarkably in the following year.

In value terms, toluene imports fell slightly to $X in 2021. Over the period under review, imports continue to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2019 with an increase of 28% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Turkey (X tons) represented the main importer of toluene, constituting 76% of total imports. It was distantly followed by Saudi Arabia (X tons) and the United Arab Emirates (X tons), together making up a 19% share of total imports. Lebanon (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to toluene imports into Turkey stood at +1.1%. At the same time, Saudi Arabia (+14.2%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +14.2% from 2012-2021. By contrast, the United Arab Emirates (-6.5%) and Lebanon (-6.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Saudi Arabia and Turkey increased by +8.4 and +2.7 percentage points, respectively.

In value terms, Turkey ($X) constitutes the largest market for imported toluene in the Middle East, comprising 72% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 16% share of total imports. It was followed by the United Arab Emirates, with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey stood at -4.5%. In the other countries, the average annual rates were as follows: Saudi Arabia (+10.7% per year) and the United Arab Emirates (-9.9% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, picking up by 27% against the previous year. Over the period under review, the import price, however, saw a perceptible decline. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Saudi Arabia ($X per ton) and Lebanon ($X per ton), while the United Arab Emirates ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-3.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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