GCC: Epoxide Resin Market 2024

Epoxide Resin Market Size in GCC

In 2021, the GCC epoxide resin market increased by 57% to $X, rising for the fourth consecutive year after two years of decline. The total consumption indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +74.5% against 2017 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Epoxide Resin Production in GCC

In value terms, epoxide resin production dropped to $X in 2021 estimated in export price. Overall, production recorded a perceptible reduction. The most prominent rate of growth was recorded in 2017 when the production volume increased by 59% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Epoxide Resin Exports

Exports in GCC

In 2021, exports of epoxide resins in GCC contracted notably to X tons, waning by -16.7% on the previous year. Over the period under review, exports continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2014 with an increase of 64%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, epoxide resin exports rose notably to $X in 2021. In general, exports showed a noticeable curtailment. The pace of growth was the most pronounced in 2014 with an increase of 38%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Saudi Arabia (X tons) represented the largest exporter of epoxide resins, committing 65% of total exports. It was distantly followed by the United Arab Emirates (X tons), creating a 30% share of total exports. Oman (X tons) held a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to epoxide resin exports from Saudi Arabia stood at -8.4%. At the same time, Oman (+32.6%) and the United Arab Emirates (+1.5%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +32.6% from 2012-2021. The United Arab Emirates (+15 p.p.) and Oman (+3.7 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by -19.3% from 2012 to 2021, respectively.

In value terms, Saudi Arabia ($X) remains the largest epoxide resin supplier in GCC, comprising 67% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 30% share of total exports.

In Saudi Arabia, epoxide resin exports shrank by an average annual rate of -6.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the United Arab Emirates (+4.2% per year) and Oman (+22.1% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, with an increase of 36% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.6%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($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 (+2.7%), while the other leaders experienced mixed trends in the export price figures.

Epoxide Resin Imports

Imports in GCC

Epoxide resin imports surged to X tons in 2021, increasing by 47% against 2020 figures. Total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, epoxide resin imports soared to $X in 2021. Total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +7.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The United Arab Emirates was the main importer of epoxide resins in GCC, with the volume of imports accounting for X tons, which was near 61% of total imports in 2021. Saudi Arabia (X tons) took a 21% share (based on physical terms) of total imports, which put it in second place, followed by Oman (6.4%) and Bahrain (4.8%). Qatar (X tons) and Kuwait (X tons) held a minor share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +6.0% from 2012 to 2021. At the same time, Bahrain (+14.6%), Kuwait (+9.3%), Saudi Arabia (+7.7%) and Oman (+7.4%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +14.6% from 2012-2021. Qatar experienced a relatively flat trend pattern. From 2012 to 2021, the share of Bahrain and Saudi Arabia increased by +2.3 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported epoxide resins in GCC, comprising 55% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 26% share of total imports. It was followed by Oman, with a 6.5% share.

In the United Arab Emirates, epoxide resin imports expanded at an average annual rate of +6.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (+8.3% per year) and Oman (+10.5% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, jumping by 29% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Saudi Arabia ($X per ton) and Qatar ($X per ton), while Bahrain ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+4.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform