Turkey: Polyphenols And Phenol-Alcohols Market 2024

Polyphenols And Phenol-Alcohols Market Size in Turkey

In 2022, the Turkish polyphenols and phenol-alcohols market increased by 2.7% to $X, rising for the second consecutive year after two years of decline. In general, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +25.7% against 2020 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Polyphenols And Phenol-Alcohols Exports

Exports from Turkey

In 2022, the amount of polyphenols and phenol-alcohols exported from Turkey skyrocketed to X tons, growing by 138% on 2021. Overall, exports saw significant growth. The pace of growth appeared the most rapid in 2018 with an increase of 1,390%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, polyphenols and phenol-alcohols exports surged to $X in 2022. In general, exports posted a significant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 1,495%. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X tons), Serbia (X tons) and Lithuania (X tons) were the main destinations of polyphenols and phenol-alcohols exports from Turkey, with a combined 87% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +868.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Serbia ($X), Russia ($X) and Lithuania ($X) were the largest markets for polyphenols and phenol-alcohols exported from Turkey worldwide, together accounting for 86% of total exports.

Russia, with a CAGR of +1,133.9%, 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

In 2022, the average polyphenols and phenol-alcohols export price amounted to $X per ton, falling by -14% against the previous year. In general, the export price, however, enjoyed a noticeable expansion. The most prominent rate of growth was recorded in 2017 an increase of 76% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Azerbaijan ($X per ton), while the average price for exports to Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+27.4%), while the prices for the other major destinations experienced more modest paces of growth.

Polyphenols And Phenol-Alcohols Imports

Imports into Turkey

In 2022, overseas purchases of polyphenols and phenol-alcohols decreased by -7.3% to X tons for the first time since 2019, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 23%. As a result, imports reached the peak of X tons, and then declined in the following year.

In value terms, polyphenols and phenol-alcohols imports expanded remarkably to $X in 2022. Overall, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +31.0% against 2018 indices. The growth pace was the most rapid in 2018 when imports increased by 43%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Japan (X tons) and Germany (X tons) were the main suppliers of polyphenols and phenol-alcohols imports to Turkey, together comprising 78% of total imports. India, South Korea, France, Iran and the United States lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +125.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of polyphenols and phenol-alcohols to Turkey, comprising 46% of total imports. The second position in the ranking was held by India ($X), with a 17% share of total imports. It was followed by Japan, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +50.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+20.9% per year) and Japan (-6.1% per year).

Import Prices by Country

In 2022, the average polyphenols and phenol-alcohols import price amounted to $X per ton, picking up by 22% against the previous year. Over the period under review, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 an increase of 42%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+8.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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