In the Middle East, the population is growing rapidly, the rate of rejuvenation is high, the purchasing power is strong, and the potential for automobile consumption is great, but automobiles mainly rely on China, Japan, and Europe , the United States, South Korea and other countries import. At present, the countries with better development of automobile manufacturing in the Middle East are temporarily represented by Iran. In recent years, domestic auto parts production and consumer demand have been in the growth stage. Iran’s local automobile industry has developed rapidly. As a major automobile production country in West Asia and the Gulf region, Iran has A relatively complete automobile industry chain and manufacturers and automobile brands with a long history. The local automobile manufacturers mainly include IKCO, SAIPA, Pars Khodro, Kerman and Bahman, and the main models produced include Samand, Tiba, Dena, etc. IKCO and SAIPA are the two major manufacturers of the Iranian automobile industry. At the end of 2022, there was even news that Iran would export cars to Russia, and IKCO would provide the main models exclusively for the Russian market. IKCO’s comprehensive strength is second only to the National Iranian Oil Company, ranking second in Iran.
According to the data of the Ministry of Industry, Mines and Trade of Iran, in the fiscal year 2022-23 (ending March 21) Iran’s domestic vehicles (including heavy , commercial and passenger vehicles) reached 1.348 million units, an increase of 40% over the previous year. Among them, the two largest automakers, SAIPA and IKCO, produced 961,000 vehicles, a year-on-year increase of 479%. In the first month of the 2023-24 fiscal year (March 21-April 20), SAIPA’s monthly vehicle production reached 29,391 units, a year-on-year increase of 41%. In the first two months of the 2022-23 fiscal year (March 21 to May 21), domestic vehicle production (including commercial vehicles and passenger vehicles) reached 193,437 units, a year-on-year increase of 48%. Among them, the output of passenger cars reached 165,874 units, a year-on-year increase of 45%; the output of pickup trucks reached 21,404 units, a year-on-year increase of 58%; the output of trucks reached 713 units, an increase of 1,108% over the same period of the previous fiscal year.
Among the oil-producing countries in the Middle East, the United Arab Emirates plans to start a car manufacturing plan in 2025; Saudi Arabia has made an ambitious plan and intends to invest billions of dollars , to create an electric vehicle manufacturing hub with the goal of producing 500,000 vehicles a year by 2030. The Middle East market is still a fully competitive market. Although different brands, different models, and different displacements are subject to unified tax and fee policies, for the Middle East market, Japanese and Korean brands have been deeply cultivated there for many years. With the inner appeal of high-quality products, Chinese car companies still need to make great efforts to accelerate their deployment in the Middle East market.
Price trend of polyether polyols in the Middle East in 2023 (USD /t)
As an important polyurethane raw material for the backrest of automobile seats, the continuous development of the automobile industry in the Middle East will also drive the demand for polyether polyols. According to the statistics of Tiantian Chemical Network, the polyether production enterprises in the Middle East are mainly concentrated in Saudi Arabia, including Sadara and Huntsman APC. Among them, Sadara has an annual production capacity of 400,000 tons/year, and Huntsman APC has a polyether production capacity of 20,000 tons/year. The production of polyether polyols is regularly exported to markets in the Gulf countries and other Middle Eastern countries in addition to supplying the domestic market of Saudi Arabia. Saudi Arabia is also one of the main import sources of polyether polyols in my country. According to customs data, the cumulative import volume from January to April 2023 reached 25,582 tons, ranking second only to Singapore in total. China also exports polyether polyols to Turkey, the United Arab Emirates, Egypt, Saudi Arabia and other Middle Eastern countries. From January to April 2023, the cumulative export volume to Middle Eastern countries is as high as 168,113 tons. We also track the market prices of soft foam polyether, ordinary POP polyether and high resilience polyether in the Middle East every week. The full version of the weekly report is also online. If you are interested in the Middle East market, you can learn more by subscribing to our weekly report.
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