GCC: Ethyl Acetate Market 2024

Ethyl Acetate Market Size in GCC

The GCC ethyl acetate market expanded significantly to $X in 2021, increasing by 13% against the previous year. Overall, consumption recorded a pronounced decrease. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Ethyl Acetate Production in GCC

In value terms, ethyl acetate production declined to $X in 2021 estimated in export price. The total production indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +22.5% against 2016 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by 81% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Ethyl Acetate Exports

Exports in GCC

In 2021, after three years of growth, there was significant decline in shipments abroad of ethyl acetate, when their volume decreased by -11.1% to X tons. Total exports indicated a notable increase from 2012 to 2021: its volume increased at an average annual rate of +3.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +17.6% against 2017 indices. The most prominent rate of growth was recorded in 2014 with an increase of 119%. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, ethyl acetate exports soared to $X in 2021. Over the period under review, exports, however, enjoyed a resilient increase. The growth pace was the most rapid in 2014 with an increase of 123% against the previous year. The level of export peaked in 2021 and is likely to see steady growth in the near future.

Exports by Country

Saudi Arabia prevails in exports structure, recording X tons, which was approx. 94% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), comprising a 5.5% share of total exports.

Exports from Saudi Arabia increased at an average annual rate of +3.1% from 2012 to 2021. At the same time, the United Arab Emirates (+4.8%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in GCC, with a CAGR of +4.8% from 2012-2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest ethyl acetate supplier in GCC, comprising 94% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 5.9% share of total exports.

In Saudi Arabia, ethyl acetate exports increased at an average annual rate of +8.4% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, increasing by 65% against the previous year. Export price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, ethyl acetate export price increased by +63.4% against 2018 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+5.2%).

Ethyl Acetate Imports

Imports in GCC

In 2021, purchases abroad of ethyl acetate increased by 0.9% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports, however, continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2020 with an increase of 34% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, ethyl acetate imports surged to $X in 2021. In general, imports, however, showed a noticeable downturn. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates prevails in imports structure, resulting at X tons, which was near 91% of total imports in 2021. Bahrain (X tons) and Oman (X tons) followed a long way behind the leaders.

Imports into the United Arab Emirates decreased at an average annual rate of -4.5% from 2012 to 2021. At the same time, Bahrain (+28.0%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +28.0% from 2012-2021. By contrast, Oman (-13.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates and Bahrain increased by +12 and +4.1 percentage points, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported ethyl acetate in GCC, comprising 90% of total imports. The second position in the ranking was taken by Bahrain ($X), with a 4.2% share of total imports.

In the United Arab Emirates, ethyl acetate imports remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Bahrain (+29.2% per year) and Oman (-11.8% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, picking up by 64% against the previous year. Import price indicated a tangible increase from 2012 to 2021: its price increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Oman ($X per ton), while Bahrain ($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 (+3.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform