Middle East: Polyethylene Glycol Wax Market 2024

Polyethylene Glycol Wax Market Size in the Middle East

For the fourth year in a row, the Middle Eastern polyethylene glycol wax market recorded growth in sales value, which increased by X% to $X in 2023. In general, consumption showed a prominent increase. Over the period under review, the market attained the maximum level in 2023 and is likely to see steady growth in the immediate term.

Polyethylene Glycol Wax Production in the Middle East

In value terms, polyethylene glycol wax production rose slightly to $X in 2023 estimated in export price. Over the period under review, production, however, saw a noticeable downturn. The pace of growth appeared the most rapid in 2015 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2023, production failed to regain momentum.

Polyethylene Glycol Wax Exports

Exports in the Middle East

In 2023, exports of artificial and prepared waxes of polyethylene glycol in the Middle East shrank sharply to X tons, dropping by X% against 2022 figures. In general, exports, however, continue to indicate tangible growth. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2023, the exports failed to regain momentum.

In value terms, polyethylene glycol wax exports declined markedly to $X in 2023. Overall, exports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2022 when exports increased by X%. As a result, the exports reached the peak of $X, and then shrank markedly in the following year.

Exports by Country

Saudi Arabia was the key exporter of artificial and prepared waxes of polyethylene glycol in the Middle East, with the volume of exports reaching X tons, which was approx. X% of total exports in 2023. Turkey (X tons) ranks second in terms of the total exports with a X% share, followed by Iran (X%) and the United Arab Emirates (X%). Israel (X tons) took a little share of total exports.

Saudi Arabia experienced a relatively flat trend pattern with regard to volume of exports of artificial and prepared waxes of polyethylene glycol. At the same time, Israel (X%), Turkey (X%), Iran (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of X% from 2012-2023. While the share of Turkey (X p.p.), Iran (X p.p.), the United Arab Emirates (X p.p.) and Israel (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Saudi Arabia (X p.p.) displayed negative dynamics.

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

From 2012 to 2023, the average annual rate of growth in terms of value in Saudi Arabia totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (X% per year) and the United Arab Emirates (X% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2023, with a decrease of X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2022 when the export price increased by X%. Over the period under review, the export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the other leaders experienced more modest paces of growth.

Polyethylene Glycol Wax Imports

Imports in the Middle East

For the fourth year in a row, the Middle East recorded growth in supplies from abroad of artificial and prepared waxes of polyethylene glycol, which increased by X% to X tons in 2023. In general, imports posted a significant increase. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, imports reached the maximum in 2023 and are expected to retain growth in the near future.

In value terms, polyethylene glycol wax imports contracted slightly to $X in 2023. Over the period under review, imports saw a significant increase. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2022, and then dropped slightly in the following year.

Imports by Country

Turkey prevails in imports structure, accounting for X tons, which was approx. X% of total imports in 2023. It was distantly followed by the United Arab Emirates (X tons), comprising an X% share of total imports.

From 2012 to 2023, average annual rates of growth with regard to polyethylene glycol wax imports into Turkey stood at X%. At the same time, the United Arab Emirates (X%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Turkey and the United Arab Emirates increased by X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual growth rate of value in Turkey totaled X%.

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2023, reducing by X% against the previous year. Over the period under review, the import price continues to indicate a abrupt decrease. The growth pace was the most rapid in 2021 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Turkey (X%).

Source: IndexBox Platform