GCC: Alkyd Resins Market 2024

Alkyd Resins Market Size in GCC

The GCC alkyd resins market contracted to $X in 2022, dropping by -3.9% against the previous year. The total consumption indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +5.4% against 2020 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Alkyd Resins Production in GCC

In value terms, alkyd resins production contracted to $X in 2022 estimated in export price. The total production indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +6.9% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 56%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Alkyd Resins Exports

Exports in GCC

In 2022, approx. X tons of alkyd resins in primary forms were exported in GCC; shrinking by -9% against 2021 figures. Over the period under review, exports, however, showed a prominent increase. The pace of growth was the most pronounced in 2019 with an increase of 67%. Over the period under review, the exports reached the maximum at X tons in 2021, and then dropped in the following year.

In value terms, alkyd resins exports contracted remarkably to $X in 2022. Total exports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +66.8% against 2018 indices. The pace of growth was the most pronounced in 2021 with an increase of 55%. As a result, the exports reached the peak of $X, and then dropped markedly in the following year.

Exports by Country

The United Arab Emirates represented the largest exporter of alkyd resins in primary forms in GCC, with the volume of exports resulting at X tons, which was approx. 76% of total exports in 2022. It was distantly followed by Saudi Arabia (X tons), creating a 20% share of total exports. Kuwait (X tons) held a little share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the alkyd resins in primary forms exports, with a CAGR of +8.5% from 2012 to 2022. At the same time, Saudi Arabia (+7.9%) displayed positive paces of growth. By contrast, Kuwait (-11.1%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+14 p.p.) and Saudi Arabia (+3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Kuwait (-17.3 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest alkyd resins supplier in GCC, comprising 79% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 17% share of total exports.

In the United Arab Emirates, alkyd resins exports expanded at an average annual rate of +6.6% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+4.3% per year) and Kuwait (-12.5% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, falling by -9.7% against the previous year. Over the period under review, the export price recorded a slight decline. The growth pace was the most rapid in 2021 an increase of 27%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (-1.6%), while the other leaders experienced a decline in the export price figures.

Alkyd Resins Imports

Imports in GCC

In 2022, after two years of growth, there was significant decline in purchases abroad of alkyd resins in primary forms, when their volume decreased by -7% to X tons. The total import volume increased at an average annual rate of +4.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 with an increase of 39% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then reduced in the following year.

In value terms, alkyd resins imports shrank to $X in 2022. The total import value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 38% against the previous year. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

The countries with the highest levels of alkyd resins imports in 2022 were Saudi Arabia (X tons), Oman (X tons) and the United Arab Emirates (X tons), together recording 88% of total import. It was distantly followed by Qatar (X tons), making up a 7.3% share of total imports. Bahrain (X tons) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Oman (with a CAGR of +10.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X) were the countries with the highest levels of imports in 2022, together accounting for 86% of total imports.

Saudi Arabia, with a CAGR of +7.9%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, reducing by -3.9% against the previous year. Over the period under review, the import price saw a slight curtailment. The pace of growth appeared the most rapid in 2021 an increase of 31%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Qatar ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+5.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform