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. Overall, consumption, however, enjoyed a strong expansion. The level of consumption peaked at $X in 2018; however, from 2019 to 2023, consumption stood at a somewhat lower figure.

Polyurethanes Production in the Middle East

In value terms, polyurethanes production rose notably to $X in 2023 estimated in export price. In general, production, however, showed a prominent expansion. The pace of growth was the most pronounced in 2018 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2019 to 2023, production growth remained at a lower figure.

Polyurethanes Exports

Exports in the Middle East

Polyurethanes exports expanded markedly to X tons in 2023, increasing by X% on 2022 figures. Total exports indicated a resilient increase 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, exports decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

In value terms, polyurethanes exports expanded markedly to $X in 2023. Over the period under review, exports showed strong growth. The growth pace was the most rapid in 2013 with an increase of X%. The level of export peaked in 2023 and is likely to see gradual growth in the near future.

Exports by Country

Turkey was the major exporter of polyurethanes in primary forms in the Middle East, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2023. It was distantly followed by the United Arab Emirates (X tons), comprising 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. Turkey (X p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Turkey, polyurethanes exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

In 2023, the export price in the Middle East amounted to $X per ton, 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 when the export price increased by X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2022, and then dropped 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, overseas purchases of polyurethanes in primary forms decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Total imports indicated perceptible growth 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%. As a result, imports reached the peak of X tons. From 2018 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, polyurethanes imports contracted to $X in 2023. Total imports indicated a noticeable expansion from 2012 to 2023: its value 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 pace of growth appeared the most rapid in 2021 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2022, and then fell in the following year.

Imports by Country

In 2023, Iran (X tons) was the key importer of polyurethanes in primary forms, comprising X% of total imports. It was distantly followed by Turkey (X tons) and the United Arab Emirates (X tons), together creating a X% share of total imports. The following importers - Jordan (X tons), Israel (X tons), Oman (X tons), Lebanon (X tons), Iraq (X tons) and Syrian Arab Republic (X tons) - together made up X% of total imports.

Imports into Iran increased at an average annual rate of X% from 2012 to 2023. 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. While the share of Iran (X p.p.) and Jordan (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Israel (X p.p.), Syrian Arab Republic (X p.p.), the United Arab Emirates (X p.p.) and Turkey (X p.p.) displayed negative dynamics. 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 comprising X% of total imports. Israel, Jordan, Oman, Lebanon, Iraq and Syrian Arab Republic lagged somewhat behind, together accounting for a further X%.

Jordan, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main importing countries 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, waning by X% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, 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