Middle East: Polyurethanes Market 2024

Polyurethanes Market Size in the Middle East

After two years of growth, the Middle Eastern polyurethanes market decreased by X% to $X in 2023. In general, consumption, however, posted a resilient increase. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2023, consumption failed to regain momentum.

Polyurethanes Production in the Middle East

In value terms, polyurethanes production declined to $X in 2023 estimated in export price. In general, production, however, enjoyed a prominent increase. The pace of growth was the most pronounced in 2020 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2021 to 2023, production growth failed to regain momentum.

Polyurethanes Exports

Exports in the Middle East

In 2023, approx. X tons of polyurethanes in primary forms were exported in the Middle East; with an increase of X% against the previous year. Total exports indicated a strong increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, polyurethanes exports stood at $X in 2023. In general, exports enjoyed prominent growth. The pace of growth appeared the most rapid in 2013 when exports increased by X%. Over the period under review, the exports hit record highs in 2023 and are likely to see gradual growth in years to come.

Exports by Country

In 2023, Turkey (X tons) represented the largest exporter of polyurethanes in primary forms, mixing up X% of total exports. It was distantly followed by the United Arab Emirates (X tons), constituting a X% share of total exports. Saudi Arabia (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the polyurethanes in primary forms exports, with a CAGR of X% from 2012 to 2023. At the same time, the United Arab Emirates (X%) and Saudi Arabia (X%) displayed positive paces of growth. While the share of Turkey (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Saudi Arabia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest polyurethanes supplier in the Middle East, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total exports.

In Turkey, polyurethanes exports increased at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2023, reducing by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2022, and then declined in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced more modest paces of growth.

Polyurethanes Imports

Imports in the Middle East

In 2023, after two years of growth, there was significant decline in purchases abroad of polyurethanes in primary forms, when their volume decreased by X% to X tons. Total imports indicated a temperate expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, polyurethanes imports fell to $X in 2023. Total imports indicated moderate growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2022, and then dropped in the following year.

Imports by Country

Iran was the main importer of polyurethanes in primary forms in the Middle East, with the volume of imports resulting at X tons, which was approx. X% of total imports in 2023. Turkey (X tons) took the second position in the ranking, distantly followed by the United Arab Emirates (X tons). All these countries together held near X% share of total imports. Jordan (X tons), Israel (X tons), Oman (X tons), Iraq (X tons), Lebanon (X tons) and Syrian Arab Republic (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to polyurethanes imports into Iran stood at X%. At the same time, Jordan (X%), Iraq (X%), Lebanon (X%) and Oman (X%) displayed positive paces of growth. Moreover, Jordan emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2023. The United Arab Emirates and Israel experienced a relatively flat trend pattern. By contrast, Turkey (X%) and Syrian Arab Republic (X%) illustrated a downward trend over the same period. Iran (X p.p.) and Jordan (X p.p.) significantly strengthened its position in terms of the total imports, while Israel, Syrian Arab Republic, the United Arab Emirates and Turkey saw its share reduced by X%, X%, X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest polyurethanes importing markets in the Middle East were Iran ($X), Turkey ($X) and the United Arab Emirates ($X), together accounting for X% of total imports. Israel, Jordan, Iraq, Oman, Lebanon and Syrian Arab Republic lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Jordan, with a CAGR of X%, recorded the highest growth rate of 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

In 2023, the import price in the Middle East amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by X%. Over the period under review, import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2023, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Israel ($X per ton), while Jordan ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Israel (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform