MENA: Monocarboxylic Acid Market 2023

Monocarboxylic Acid Market Size in MENA

The MENA's monocarboxylic acid market rose rapidly to $X in 2021, picking up by 6.6% against the previous year. The total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -4.9% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Monocarboxylic Acid Production in MENA

In value terms, monocarboxylic acid production rose sharply to $X in 2021 estimated in export price. The total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -6.9% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 33% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Monocarboxylic Acid Exports

Exports in MENA

In 2021, approx. X tons of acrylic acid and its salts and other monocarboxylic acid were exported in MENA; jumping by 22% against the previous year. Over the period under review, exports saw a strong increase. The pace of growth appeared the most rapid in 2015 when exports increased by 41%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, monocarboxylic acid exports surged to $X in 2021. In general, exports posted strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Saudi Arabia (X tons) represented the key exporter of acrylic acid and its salts and other monocarboxylic acid in MENA, constituting 99% of total export.

Saudi Arabia was also the fastest-growing in terms of the acrylic acid and its salts and other monocarboxylic acid exports, with a CAGR of +12.3% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) also remains the largest monocarboxylic acid supplier in MENA.

In Saudi Arabia, monocarboxylic acid exports increased at an average annual rate of +8.0% over the period from 2012-2021.

Export Prices by Country

The export price in MENA stood at $X per ton in 2021, with an increase of 28% against the previous year. Overall, the export price, however, saw a perceptible decline. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Saudi Arabia.

From 2012 to 2021, the rate of growth in terms of prices for Saudi Arabia amounted to -3.8% per year.

Monocarboxylic Acid Imports

Imports in MENA

In 2021, monocarboxylic acid imports in MENA skyrocketed to X tons, increasing by 18% compared with 2020. Total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +78.8% against 2015 indices. The pace of growth appeared the most rapid in 2016 with an increase of 30% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in years to come.

In value terms, monocarboxylic acid imports soared to $X in 2021. In general, imports enjoyed buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United Arab Emirates (X tons) and Turkey (X tons) prevails in imports structure, together creating 79% of total imports. Saudi Arabia (X tons) ranks next in terms of the total imports with an 8.9% share, followed by Egypt (5.8%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the United Arab Emirates (with a CAGR of +44.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest monocarboxylic acid importing markets in MENA were Turkey ($X), the United Arab Emirates ($X) and Egypt ($X), together comprising 71% of total imports.

The United Arab Emirates, with a CAGR of +32.5%, saw 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

The import price in MENA stood at $X per ton in 2021, rising by 23% 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 2017 when the import price increased by 29% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Egypt ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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