Middle East: Silicone Market 2024

Silicone Market Size in the Middle East

The Middle Eastern silicone market stood at $X in 2023, picking up by X% against the previous year. In general, consumption recorded a strong expansion. The level of consumption peaked at $X in 2019; however, from 2020 to 2023, consumption failed to regain momentum.

Silicone Production in the Middle East

In value terms, silicone production surged to $X in 2023 estimated in export price. Overall, production posted significant growth. The growth pace was the most rapid in 2021 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2023, production remained at a lower figure.

Silicone Exports

Exports in the Middle East

Silicone exports surged to X tons in 2023, rising by X% compared with 2022. Over the period under review, exports saw a buoyant increase. The pace of growth appeared the most rapid in 2017 when exports increased by X%. The volume of export peaked at X tons in 2018; however, from 2019 to 2023, the exports failed to regain momentum.

In value terms, silicone exports skyrocketed to $X in 2023. Overall, exports showed a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum in 2023 and are likely to see gradual growth in years to come.

Exports by Country

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

Exports from Turkey increased at an average annual rate of X% from 2012 to 2023. At the same time, the United Arab Emirates (X%), Israel (X%) and Saudi Arabia (X%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of the United Arab Emirates increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual growth rate of value in Turkey stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Israel (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. Export price indicated a notable expansion from 2012 to 2023: its price 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, silicone export price increased by X% against 2019 indices. The growth pace was the most rapid in 2019 when the export price increased by X%. Over the period under review, the export prices attained the peak figure at $X per ton in 2022, and then reduced in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Israel ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

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

Silicone Imports

Imports in the Middle East

In 2023, imports of silicones (in primary forms) in the Middle East expanded slightly to X tons, with an increase of X% compared with the year before. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when imports increased by X% against the previous year. The volume of import peaked in 2023 and is expected to retain growth in the near future.

In value terms, silicone imports declined dramatically to $X in 2023. Total imports indicated resilient 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. The most prominent rate of growth was recorded in 2021 when imports increased by X%. The level of import peaked at $X in 2022, and then declined sharply in the following year.

Imports by Country

Turkey represented the major importer of silicones (in primary forms) in the Middle East, with the volume of imports accounting for X tons, which was near X% of total imports in 2023. The United Arab Emirates (X tons) took the second position in the ranking, distantly followed by Iran (X tons). All these countries together held approx. X% share of total imports. The following importers - Israel (X tons), Saudi Arabia (X tons) and Iraq (X tons) - together made up X% of total imports.

Imports into Turkey increased at an average annual rate of X% from 2012 to 2023. At the same time, the United Arab Emirates (X%) and Iran (X%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2023. Iraq experienced a relatively flat trend pattern. By contrast, Israel (X%) and Saudi Arabia (X%) illustrated a downward trend over the same period. While the share of Turkey (X p.p.) and the United Arab Emirates (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Iran (X p.p.), Israel (X p.p.) and 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 ($X) constitutes the largest market for imported silicones (in primary forms) in the Middle East, comprising X% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total imports. It was followed by Iran, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Turkey totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Iran (X% per year).

Import Prices by Country

In 2023, the import price in the Middle East amounted to $X per ton, shrinking by X% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of X%. The level of import peaked at $X per ton in 2022, and then declined markedly in the following year.

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 ($X per ton), while Iraq ($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 more modest paces of growth.

Source: IndexBox Platform