GCC: Carboxylic Acid Market 2025

Carboxylic Acid Market Size in GCC

The GCC carboxylic acid market soared to $X in 2021, surging by 19% against the previous year. Overall, consumption posted a buoyant increase. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in years to come.

Carboxylic Acid Production in GCC

In value terms, carboxylic acid production declined to $X in 2021 estimated in export price. Overall, production, however, recorded a prominent expansion. The growth pace was the most rapid in 2017 when the production volume increased by 466% against the previous year. The level of production peaked at $X in 2020, and then contracted in the following year.

Carboxylic Acid Exports

Exports in GCC

In 2021, shipments abroad of carboxylic acid with alcohol, phenol, aldehyde or ketone functions increased by 102% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports posted a buoyant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 110% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, carboxylic acid exports soared to $X in 2021. Overall, exports saw a buoyant expansion. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia represented the key exporter of carboxylic acid with alcohol, phenol, aldehyde or ketone functions in GCC, with the volume of exports finishing at X tons, which was near 65% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons) and Oman (X tons), together constituting a 31% share of total exports. Bahrain (X tons) took a little share of total exports.

Exports from Saudi Arabia increased at an average annual rate of +22.3% from 2012 to 2021. At the same time, Oman (+25.2%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +25.2% from 2012-2021. The United Arab Emirates experienced a relatively flat trend pattern. By contrast, Bahrain (-12.4%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+43 p.p.) and Oman (+6.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Bahrain (-21.4 p.p.) and the United Arab Emirates (-26.7 p.p.) displayed negative dynamics.

In value terms, the largest carboxylic acid supplying countries in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X), together accounting for 95% of total exports.

Saudi Arabia, with a CAGR of +18.9%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, rising by 5.7% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 50% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: 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 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+7.2%), while the other leaders experienced mixed trends in the export price figures.

Carboxylic Acid Imports

Imports in GCC

In 2021, approx. X tons of carboxylic acid with alcohol, phenol, aldehyde or ketone functions were imported in GCC; increasing by 12% compared with 2020 figures. Overall, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2014 when imports increased by 64% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the near future.

In value terms, carboxylic acid imports soared to $X in 2021. Over the period under review, imports recorded a prominent increase. The growth pace was the most rapid in 2014 with an increase of 55%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

Imports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) prevails in imports structure, together mixing up 77% of total imports. Bahrain (X tons) ranks next in terms of the total imports with a 9.2% share, followed by Qatar (6.9%). Oman (X tons) and Kuwait (X tons) held a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Bahrain (with a CAGR of +23.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest carboxylic acid importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Bahrain ($X), together comprising 90% of total imports.

Among the main importing countries, Bahrain, with a CAGR of +24.3%, recorded the highest rates of growth with regard to the value of imports, 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 2021, increasing by 21% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of 22%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Bahrain ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+7.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform