MENA: Styrene Market 2024

Styrene Market Size in MENA

In 2021, after two years of decline, there was significant growth in the MENA's styrene market, when its value increased by 57% to $X. The total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Styrene Production in MENA

In value terms, styrene production reached $X in 2021 estimated in export price. Overall, production saw a slight reduction. The growth pace was the most rapid in 2013 with an increase of 15%. The level of production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Styrene Exports

Exports in MENA

In 2021, after two years of growth, there was significant decline in shipments abroad of styrene, when their volume decreased by -16.2% to X tons. Overall, exports continue to indicate a slight shrinkage. The pace of growth was the most pronounced in 2019 when exports increased by 32%. Over the period under review, the exports reached the peak figure at X tons in 2020, and then contracted significantly in the following year.

In value terms, styrene exports skyrocketed to $X in 2021. Over the period under review, exports recorded a pronounced shrinkage. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia was the major exporting country with an export of about X tons, which recorded 68% of total exports. It was distantly followed by Kuwait (X tons), making up a 25% share of total exports. The following exporters - Iran (X tons) and Oman (X tons) - together made up 5.6% of total exports.

From 2012 to 2021, average annual rates of growth with regard to styrene exports from Saudi Arabia stood at -1.4%. At the same time, Oman (+23.4%) and Kuwait (+1.7%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in MENA, with a CAGR of +23.4% from 2012-2021. By contrast, Iran (-14.9%) illustrated a downward trend over the same period. While the share of Kuwait (+6.8 p.p.) and Saudi Arabia (+2.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Iran (-10.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest styrene supplier in MENA, comprising 67% of total exports. The second position in the ranking was taken by Kuwait ($X), with a 28% share of total exports. It was followed by Iran, with a 2.6% share.

In Saudi Arabia, styrene exports decreased by an average annual rate of -2.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Kuwait (-0.5% per year) and Iran (-21.1% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2021, with an increase of 55% against the previous year. In general, the export price, however, saw a mild descent. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while Iran ($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 (-1.0%), while the other leaders experienced a decline in the export price figures.

Styrene Imports

Imports in MENA

In 2021, styrene imports in MENA skyrocketed to X tons, growing by 49% against 2020 figures. Overall, imports continue to indicate a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, styrene imports soared to $X in 2021. In general, imports enjoyed a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey dominates imports structure, reaching X tons, which was near 87% of total imports in 2021. It was distantly followed by the United Arab Emirates (X tons), achieving an 8.5% share of total imports. Egypt (X tons) held a little share of total imports.

Imports into Turkey increased at an average annual rate of +14.2% from 2012 to 2021. At the same time, the United Arab Emirates (+44.3%) and Egypt (+20.3%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in MENA, with a CAGR of +44.3% from 2012-2021. The United Arab Emirates (+7.4 p.p.) significantly strengthened its position in terms of the total imports, while Turkey saw its share reduced by -6.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported styrene in MENA, comprising 89% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 6.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Turkey amounted to +12.8%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+41.5% per year) and Egypt (+19.1% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, increasing by 56% against the previous year. Overall, the import price, however, recorded a mild decline. Over the period under review, import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (-1.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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