GCC: Acetic Acid Market 2024

Acetic Acid Market Size in GCC

In 2021, the GCC acetic acid market decreased by -23% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption, however, continues to indicate prominent growth. Over the period under review, the market reached the peak level at $X in 2020, and then declined sharply in the following year.

Acetic Acid Production in GCC

In value terms, acetic acid production reduced dramatically to $X in 2021 estimated in export price. In general, production, however, continues to indicate a tangible expansion. The pace of growth appeared the most rapid in 2020 with an increase of 51% against the previous year. As a result, production attained the peak level of $X, and then declined notably in the following year.

Acetic Acid Exports

Exports in GCC

In 2021, the amount of acetic acid exported in GCC dropped to X tons, reducing by -6.3% against 2020 figures. Overall, exports, however, posted a modest increase. The pace of growth was the most pronounced in 2020 when exports increased by 92%. The volume of export peaked at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, acetic acid exports soared to $X in 2021. In general, exports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2020 with an increase of 110% against the previous year. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

Saudi Arabia prevails in exports structure, resulting at X tons, which was approx. 92% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), generating a 7.8% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to acetic acid exports from Saudi Arabia stood at +1.2%. At the same time, the United Arab Emirates (+7.1%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in GCC, with a CAGR of +7.1% from 2012-2021. From 2012 to 2021, the share of the United Arab Emirates increased by +3.2 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest acetic acid supplier in GCC, comprising 97% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 2.7% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Saudi Arabia totaled +7.7%.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, growing by 59% against the previous year. Overall, the export price saw strong growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+6.5%).

Acetic Acid Imports

Imports in GCC

In 2021, after two years of decline, there was growth in supplies from abroad of acetic acid, when their volume increased by 2.1% to X tons. In general, imports enjoyed a buoyant increase. The growth pace was the most rapid in 2017 when imports increased by 183%. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, acetic acid imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate prominent growth. The pace of growth was the most pronounced in 2018 when imports increased by 222% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

The United Arab Emirates prevails in imports structure, reaching X tons, which was near 89% of total imports in 2021. It was distantly followed by Oman (X tons), constituting a 7.7% share of total imports. Kuwait (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the acetic acid imports, with a CAGR of +24.9% from 2012 to 2021. At the same time, Kuwait (+17.5%) displayed positive paces of growth. By contrast, Oman (-1.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates increased by +51 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported acetic acid in GCC, comprising 77% of total imports. The second position in the ranking was held by Oman ($X), with a 15% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates stood at +22.2%. In the other countries, the average annual rates were as follows: Oman (+3.3% per year) and Kuwait (+19.6% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, growing by 34% against the previous year. Overall, the import price, however, saw a noticeable shrinkage. The most prominent rate of growth was recorded in 2018 when the import price increased by 92% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Kuwait ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+4.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform