Turkey: Aromatic Alcohols Market 2024

Aromatic Alcohols Market Size in Turkey

The Turkish aromatic alcohols market contracted slightly to $X in 2021, falling by -2.2% against the previous year. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Aromatic Alcohols Production in Turkey

In value terms, aromatic alcohols production declined to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 32% against the previous year. Aromatic alcohols production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Aromatic Alcohols Exports

Exports from Turkey

In 2021, after three years of growth, there was significant decline in overseas shipments of aromatic alcohols and their derivatives, when their volume decreased by -20.7% to X tons. Over the period under review, exports, however, continue to indicate a strong expansion. The pace of growth was the most pronounced in 2018 with an increase of 104% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2020, and then fell remarkably in the following year.

In value terms, aromatic alcohols exports declined significantly to $X in 2021. In general, exports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 169%. The exports peaked at $X in 2020, and then plummeted in the following year.

Exports by Country

Iran (X tons), Uzbekistan (X tons) and Iraq (X tons) were the main destinations of aromatic alcohols exports from Turkey, together comprising 70% of total exports. These countries were followed by Serbia, Azerbaijan, Kazakhstan, Poland and North Macedonia, which together accounted for a further 27%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kazakhstan (with a CAGR of +58.7%), while the other leaders experienced more modest paces of growth.

In value terms, Iran ($X) remains the key foreign market for aromatic alcohols and their derivatives exports from Turkey, comprising 54% of total exports. The second position in the ranking was held by Iraq ($X), with a 15% share of total exports. It was followed by Uzbekistan, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Iran stood at +17.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (-1.7% per year) and Uzbekistan (+40.9% per year).

Export Prices by Country

The average aromatic alcohols export price stood at $X per ton in 2021, picking up by 2.9% against the previous year. Over the period under review, the export price showed a temperate expansion. The most prominent rate of growth was recorded in 2014 an increase of 91% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Iran ($X per ton), while the average price for exports to Poland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to North Macedonia (+55.4%), while the prices for the other major destinations experienced more modest paces of growth.

Aromatic Alcohols Imports

Imports into Turkey

Aromatic alcohols imports into Turkey declined to X tons in 2021, with a decrease of -7.7% on 2020. Over the period under review, total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +61.6% against 2019 indices. The pace of growth was the most pronounced in 2020 when imports increased by 75%. As a result, imports reached the peak of X tons, and then fell in the following year.

In value terms, aromatic alcohols imports reached $X in 2021. Overall, total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +35.3% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 53% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

Germany (X tons), India (X tons) and China (X tons) were the main suppliers of aromatic alcohols imports to Turkey, with a combined 80% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +17.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest aromatic alcohols suppliers to Turkey were Germany ($X), India ($X) and China ($X), with a combined 77% share of total imports.

Among the main suppliers, China, with a CAGR of +13.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average aromatic alcohols import price stood at $X per ton in 2021, picking up by 19% against the previous year. Overall, the import price, however, saw a mild downturn. The most prominent rate of growth was recorded in 2017 when the average import price increased by 45% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Spain ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+7.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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