Middle East: Insulating Board Market 2024

Insulating Board Market Size in the Middle East

The Middle Eastern insulating board market shrank to $X in 2022, which is down by -3.6% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Insulating Board Production in the Middle East

In value terms, insulating board production stood at $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 27%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Insulating Board Exports

Exports in the Middle East

In 2022, shipments abroad of insulating board decreased by -26.3% to X cubic meters for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, recorded buoyant growth. The pace of growth appeared the most rapid in 2017 when exports increased by 234%. Over the period under review, the exports hit record highs at X cubic meters in 2021, and then contracted significantly in the following year.

In value terms, insulating board exports amounted to $X in 2022. Over the period under review, exports, however, continue to indicate a prominent increase. The growth pace was the most rapid in 2017 when exports increased by 109%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

The biggest shipments were from Turkey (X cubic meters), together accounting for 98% of total export.

Turkey was also the fastest-growing in terms of the insulating board exports, with a CAGR of +20.1% from 2012 to 2022. While the share of Turkey (+52 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) also remains the largest insulating board supplier in the Middle East.

From 2012 to 2022, the average annual growth rate of value in Turkey amounted to +15.7%.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per cubic meter, rising by 37% against the previous year. In general, the export price, however, recorded a slight decline. Over the period under review, the export prices reached the maximum at $X per cubic meter in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for Turkey amounted to -3.7% per year.

Insulating Board Imports

Imports in the Middle East

In 2022, insulating board imports in the Middle East shrank slightly to X cubic meters, which is down by -1.5% compared with the previous year. Total imports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +67.1% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 70% against the previous year. Over the period under review, imports attained the maximum at X cubic meters in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, insulating board imports declined slightly to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 81% against the previous year. The level of import peaked at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates (X cubic meters) and Syrian Arab Republic (X cubic meters) represented roughly 70% of total imports in 2022. It was distantly followed by Lebanon (X cubic meters), achieving a 13% share of total imports. Yemen (X cubic meters), Iraq (X cubic meters), Iran (X cubic meters) and Israel (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Syrian Arab Republic (with a CAGR of +26.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest insulating board importing markets in the Middle East were the United Arab Emirates ($X), Syrian Arab Republic ($X) and Lebanon ($X), with a combined 73% share of total imports.

In terms of the main importing countries, Syrian Arab Republic, with a CAGR of +25.2%, 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 cubic meter in 2022, falling by -1.5% against the previous year. Over the period under review, the import price continues to indicate a noticeable reduction. The pace of growth appeared the most rapid in 2017 when the import price increased by 16% against the previous year. Over the period under review, import prices reached the peak figure at $X per cubic meter in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Israel ($X per cubic meter), while Syrian Arab Republic ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+2.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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