Turkey: Polyethylene Glycol Wax Market 2024

Polyethylene Glycol Wax Market Size in Turkey

The Turkish polyethylene glycol wax market soared to $X in 2021, jumping by 58% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption continues to indicate a resilient expansion. Over the period under review, the market attained the peak level in 2021 and is likely to continue growth in years to come.

Polyethylene Glycol Wax Exports

Exports from Turkey

In 2021, the amount of artificial and prepared waxes of polyethylene glycol exported from Turkey dropped markedly to X tons, waning by -51.6% against the previous year. In general, exports, however, posted strong growth. The pace of growth was the most pronounced in 2015 when exports increased by 635% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, polyethylene glycol wax exports contracted sharply to $X in 2021. Over the period under review, exports, however, showed a prominent increase. The pace of growth appeared the most rapid in 2017 with an increase of 433% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Iran (X tons) was the main destination for polyethylene glycol wax exports from Turkey, accounting for a 44% share of total exports. Moreover, polyethylene glycol wax exports to Iran exceeded the volume sent to the second major destination, Bulgaria (X tons), threefold. Azerbaijan (X tons) ranked third in terms of total exports with a 9.7% share.

From 2012 to 2021, the average annual growth rate of volume to Iran stood at +51.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (-27.8% per year) and Azerbaijan (+17.2% per year).

In value terms, Bulgaria ($X), Iran ($X) and Albania ($X) were the largest markets for polyethylene glycol wax exported from Turkey worldwide, together accounting for 76% of total exports. Azerbaijan, Spain, Uzbekistan, Romania and Russia lagged somewhat behind, together accounting for a further 16%.

Spain, with a CAGR of +127.6%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average polyethylene glycol wax export price stood at $X per ton in 2021, approximately mirroring the previous year. Overall, export price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, polyethylene glycol wax export price increased by +82.1% against 2015 indices. The most prominent rate of growth was recorded in 2018 an increase of 41%. The export price peaked at $X per ton in 2020, and then reduced slightly in the following year.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Bulgaria ($X per ton), while the average price for exports to Uzbekistan ($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 Bulgaria (+36.3%), while the prices for the other major destinations experienced more modest paces of growth.

Polyethylene Glycol Wax Imports

Imports into Turkey

Polyethylene glycol wax imports into Turkey soared to X tons in 2021, picking up by 33% on the year before. In general, imports posted a significant increase. The most prominent rate of growth was recorded in 2014 when imports increased by 115%. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, polyethylene glycol wax imports soared to $X in 2021. Over the period under review, imports showed a significant increase. The pace of growth was the most pronounced in 2014 with an increase of 82%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, South Korea (X tons) constituted the largest supplier of polyethylene glycol wax to Turkey, accounting for a 73% share of total imports. Moreover, polyethylene glycol wax imports from South Korea exceeded the figures recorded by the second-largest supplier, Russia (X tons), sixfold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 4.8% share.

From 2012 to 2021, the average annual growth rate of volume from South Korea stood at +89.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+51.5% per year) and Taiwan (Chinese) (+154.1% per year).

In value terms, South Korea ($X) constituted the largest supplier of artificial and prepared waxes of polyethylene glycol to Turkey, comprising 72% of total imports. The second position in the ranking was taken by Russia ($X), with a 13% share of total imports. It was followed by China, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from South Korea amounted to +86.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+48.4% per year) and China (+61.7% per year).

Import Prices by Country

The average polyethylene glycol wax import price stood at $X per ton in 2021, jumping by 24% against the previous year. Over the period under review, the import price, however, continues to indicate a abrupt curtailment. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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 Germany ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+2.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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