Middle East: Industrial Oleic Acid Market 2024

Industrial Oleic Acid Market Size in the Middle East

The Middle Eastern industrial oleic acid market reached $X in 2022, rising by X% against the previous year. The total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Industrial Oleic Acid Production in the Middle East

In value terms, industrial oleic acid production skyrocketed to $X in 2022 estimated in export price. In general, production saw temperate growth. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Industrial Oleic Acid Exports

Exports in the Middle East

In 2022, shipments abroad of industrial oleic acid was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports posted significant growth. The pace of growth appeared the most rapid in 2013 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, industrial oleic acid exports soared to $X in 2022. In general, exports posted a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates was the major exporter of industrial oleic acid in the Middle East, with the volume of exports amounting to X tons, which was approx. X% of total exports in 2022. It was distantly followed by Turkey (X tons) and Iran (X tons), together creating a X% share of total exports. Jordan (X tons) held a minor share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of X% from 2012 to 2022. At the same time, Iran (X%) and Turkey (X%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of X% from 2012-2022. By contrast, Jordan (X%) illustrated a downward trend over the same period. The United Arab Emirates (X p.p.), Iran (X p.p.) and Jordan (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X), Turkey ($X) and Iran ($X) constituted the countries with the highest levels of exports in 2022, with a combined X% share of total exports.

Iran, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, which is down by X% against the previous year. Export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, industrial oleic acid export price increased by X% against 2018 indices. The growth pace was the most rapid in 2021 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then reduced in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Jordan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iran (X%), while the other leaders experienced more modest paces of growth.

Industrial Oleic Acid Imports

Imports in the Middle East

In 2022, approx. X tons of industrial oleic acid were imported in the Middle East; with a decrease of X% against the previous year. Over the period under review, imports, however, continue to indicate a strong increase. The pace of growth was the most pronounced in 2019 when imports increased by X%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, industrial oleic acid imports shrank rapidly to $X in 2022. Overall, imports, however, showed resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of X%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Turkey (X tons) and the United Arab Emirates (X tons) were the main importers of industrial oleic acid in the Middle East, together generating X% of total imports. It was distantly followed by Iran (X tons), generating a X% share of total imports. Kuwait (X tons) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest industrial oleic acid importing markets in the Middle East were Turkey ($X), the United Arab Emirates ($X) and Iran ($X), with a combined X% share of total imports.

Among the main importing countries, the United Arab Emirates, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, 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 the Middle East stood at $X per ton in 2022, rising by X% against the previous year. Import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, industrial oleic acid import price increased by X% against 2020 indices. 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 in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Turkey ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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