Middle East: Styrene Market 2024

Styrene Market Size in the Middle East

The Middle Eastern styrene market declined markedly to $X in 2022, dropping by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X, and then contracted sharply in the following year.

Styrene Production in the Middle East

In value terms, styrene production contracted slightly to $X in 2022 estimated in export price. In general, production, however, saw a pronounced contraction. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

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Styrene Exports

Exports in the Middle East

In 2022, styrene exports in the Middle East soared to X tons, with an increase of X% against 2021. Overall, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 when exports increased by X%. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in years to come.

In value terms, styrene exports surged to $X in 2022. In general, exports recorded a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Saudi Arabia (X tons) represented the key exporter of styrene, comprising X% of total exports. It was distantly followed by Kuwait (X tons), achieving a X% share of total exports. Iran (X tons) and Oman (X tons) took a little share of total exports.

Exports from Saudi Arabia increased at an average annual rate of X% from 2012 to 2022. At the same time, Oman (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of X% from 2012-2022. Kuwait experienced a relatively flat trend pattern. By contrast, Iran (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Saudi Arabia increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual growth rate of value in Saudi Arabia amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Kuwait (X% per year) and Iran (X% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, jumping by X% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the other leaders experienced a decline in the export price figures.

Styrene Imports

Imports in the Middle East

In 2022, after three years of growth, there was decline in purchases abroad of styrene, when their volume decreased by X% to X tons. Overall, imports, however, saw a strong increase. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons, and then reduced in the following year.

In value terms, styrene imports expanded rapidly to $X in 2022. In general, imports, however, posted prominent growth. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Turkey represented the major importer of styrene in the Middle East, with the volume of imports recording X tons, which was approx. X% of total imports in 2022. It was distantly followed by the United Arab Emirates (X tons), generating a X% share of total imports. Iran (X tons) followed a long way behind the leaders.

Imports into Turkey increased at an average annual rate of X% from 2012 to 2022. At the same time, Iran (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2022. The United Arab Emirates (X p.p.) and Iran (X p.p.) significantly strengthened its position in terms of the total imports, while Turkey saw its share reduced by X% from 2012 to 2022, respectively.

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

In Turkey, styrene imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Iran (X% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, growing by X% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Turkey ($X per ton), while Iran ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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