Middle East: Ethylene Market 2024

Ethylene Market Size in the Middle East

The Middle Eastern ethylene market was finally on the rise to reach $X in 2021, after three years of decline. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Ethylene Production in the Middle East

In value terms, ethylene production expanded modestly to $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 46% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Ethylene Exports

Exports in the Middle East

In 2021, approx. X tons of ethylene were exported in the Middle East; dropping by -7.5% against the previous year's figure. Overall, exports faced a abrupt downturn. The pace of growth appeared the most rapid in 2016 when exports increased by 122% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, ethylene exports soared to $X in 2021. In general, exports showed a abrupt downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 122% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates represented the main exporting country with an export of about X tons, which reached 54% of total exports. Saudi Arabia (X tons) held the second position in the ranking, followed by Turkey (X tons). All these countries together held near 43% share of total exports. Iran (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to ethylene exports from the United Arab Emirates stood at -6.1%. At the same time, Turkey (+23.1%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +23.1% from 2012-2021. By contrast, Saudi Arabia (-19.3%) and Iran (-34.1%) illustrated a downward trend over the same period. The United Arab Emirates (+30 p.p.) and Turkey (+17 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia and Iran saw its share reduced by -18.9% and -28.5% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) remains the largest ethylene supplier in the Middle East, comprising 58% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 25% share of total exports. It was followed by Turkey, with a 15% share.

In the United Arab Emirates, ethylene exports shrank by an average annual rate of -8.2% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-20.2% per year) and Turkey (+18.9% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, growing by 27% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the export price increased by 27%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in the United Arab Emirates ($X per ton) and Saudi Arabia ($X per ton), while Iran ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iran (+0.9%), while the other leaders experienced a decline in the export price figures.

Ethylene Imports

Imports in the Middle East

Ethylene imports soared to X tons in 2021, with an increase of 68% on the year before. Over the period under review, imports enjoyed a perceptible increase. The most prominent rate of growth was recorded in 2014 with an increase of 585% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, ethylene imports surged to $X in 2021. Overall, imports saw pronounced growth. The most prominent rate of growth was recorded in 2014 with an increase of 578%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Qatar represented the key importer of ethylene in the Middle East, with the volume of imports reaching X tons, which was approx. 78% of total imports in 2021. Oman (X tons) took the second position in the ranking, followed by Turkey (X tons). All these countries together took near 22% share of total imports.

Qatar was also the fastest-growing in terms of the ethylene imports, with a CAGR of +20.3% from 2012 to 2021. At the same time, Oman (+12.5%) displayed positive paces of growth. By contrast, Turkey (-18.9%) illustrated a downward trend over the same period. While the share of Qatar (+78 p.p.) and Oman (+5.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Turkey (-84.1 p.p.) displayed negative dynamics.

In value terms, Qatar ($X) constitutes the largest market for imported ethylene in the Middle East, comprising 81% of total imports. The second position in the ranking was taken by Turkey ($X), with a 12% share of total imports.

In Qatar, ethylene imports increased at an average annual rate of +16.9% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Turkey (-17.7% per year) and Oman (+9.0% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, jumping by 31% against the previous year. In general, the import price, however, continues to indicate a mild setback. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Turkey ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+1.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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