Review of the Global AC Market in the First Half of 2022 Part II — Middle East

After having declined for two years in a row, the Middle Eastern RAC market has shown V-shaped recovery this year. In the first half of 2022, the Middle Eastern RAC market is estimated to have increased by 9.2% over the same period last year. The main reason for this growth was the recovering economy thanks to increasing crude oil prices from the beginning of this year. However, price competition for RACs has intensified, under pressure from high raw material prices and transportation costs, creating a difficult situation for manufacturers.