Turkey: Polyurethanes Market 2024

Polyurethanes Market Size in Turkey

In 2021, the Turkish polyurethanes market decreased by -3.2% to $X, falling for the third year in a row after seven years of growth. In general, consumption, however, saw a perceptible increase. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Polyurethanes Production in Turkey

In value terms, polyurethanes production surged to $X in 2021 estimated in export price. Over the period under review, production, however, posted a significant expansion. The pace of growth was the most pronounced in 2018 when the production volume increased by 199% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Polyurethanes Exports

Exports from Turkey

In 2021, the amount of polyurethanes in primary forms exported from Turkey rose remarkably to X tons, growing by 13% on the previous year. Over the period under review, total exports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +11.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +165.1% against 2012 indices. The growth pace was the most rapid in 2013 with an increase of 50%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, polyurethanes exports soared to $X in 2021. In general, total exports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +11.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Uzbekistan (X tons), Egypt (X tons) and Iran (X tons) were the main destinations of polyurethanes exports from Turkey, together accounting for 31% of total exports. These countries were followed by Russia, Iraq, Algeria, Ukraine, Israel, Serbia, the UK, Poland, Afghanistan and the United States, which together accounted for a further 33%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +81.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for polyurethanes exported from Turkey were Uzbekistan ($X), Egypt ($X) and Iran ($X), with a combined 26% share of total exports. These countries were followed by Russia, Iraq, the United States, the UK, Algeria, Poland, Ukraine, Serbia, Israel and Afghanistan, which together accounted for a further 35%.

In terms of the main countries of destination, the United States, with a CAGR of +85.6%, recorded 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

In 2021, the average polyurethanes export price amounted to $X per ton, picking up by 30% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Uzbekistan ($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 the United States (+6.4%), while the prices for the other major destinations experienced more modest paces of growth.

Polyurethanes Imports

Imports into Turkey

After three years of decline, overseas purchases of polyurethanes in primary forms increased by 6.5% to X tons in 2021. In general, imports, however, recorded a mild decrease. The pace of growth was the most pronounced in 2017 with an increase of 12%. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, polyurethanes imports skyrocketed to $X in 2021. Over the period under review, imports, however, showed a slight reduction. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Germany (X tons), Italy (X tons) and China (X tons) were the main suppliers of polyurethanes imports to Turkey, with a combined 63% share of total imports. These countries were followed by France, the Netherlands, the UK, Spain, South Korea, the United States, India, the United Arab Emirates, Greece and Taiwan (Chinese), which together accounted for a further 29%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +322.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest polyurethanes suppliers to Turkey were Germany ($X), Italy ($X) and China ($X), with a combined 62% share of total imports. These countries were followed by France, Spain, the Netherlands, the UK, South Korea, India, the United States, Taiwan (Chinese), Greece and the United Arab Emirates, which together accounted for a further 27%.

The United Arab Emirates, with a CAGR of +220.1%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average polyurethanes import price amounted to $X per ton, with an increase of 15% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 19% against the previous year. The import price peaked in 2021 and is expected to retain growth in the immediate term.

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 ($X per ton), while the price for the United Arab Emirates ($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 (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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