GCC: Ethylene Glycol Market 2024

Ethylene Glycol Market Size in GCC

In 2022, the GCC ethylene glycol market increased by 163% to $X, rising for the third year in a row after two years of decline. Overall, consumption posted resilient growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Ethylene Glycol Production in GCC

In value terms, ethylene glycol production shrank to $X in 2022 estimated in export price. In general, production showed a deep reduction. The most prominent rate of growth was recorded in 2015 when the production volume increased by 118% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Ethylene Glycol Exports

Exports in GCC

In 2022, approx. X tons of ethylene glycol (ethanediol) were exported in GCC; waning by -68.6% compared with the previous year's figure. Over the period under review, exports faced a abrupt slump. The most prominent rate of growth was recorded in 2015 when exports increased by 146%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, ethylene glycol exports reduced remarkably to $X in 2022. Overall, exports saw a abrupt slump. The pace of growth was the most pronounced in 2015 with an increase of 118%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Kuwait dominates exports structure, recording X tons, which was approx. 89% of total exports in 2022. It was distantly followed by Oman (X tons) and the United Arab Emirates (X tons), together making up an 11% share of total exports.

Kuwait experienced a relatively flat trend pattern with regard to volume of exports of ethylene glycol (ethanediol). At the same time, Oman (+37.2%) and the United Arab Emirates (+12.2%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +37.2% from 2012-2022. From 2012 to 2022, the share of Kuwait, Oman and the United Arab Emirates increased by +70, +5.8 and +4.5 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Kuwait ($X) remains the largest ethylene glycol supplier in GCC, comprising 89% of total exports. The second position in the ranking was held by Oman ($X), with a 5.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Kuwait stood at -6.1%. In the other countries, the average annual rates were as follows: Oman (+32.7% per year) and the United Arab Emirates (+5.2% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, dropping by -10% against the previous year. Overall, the export price saw a pronounced setback. The pace of growth was the most pronounced in 2021 an increase of 40%. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (-3.3%), while the other leaders experienced a decline in the export price figures.

Ethylene Glycol Imports

Imports in GCC

In 2022, the amount of ethylene glycol (ethanediol) imported in GCC amounted to X tons, remaining relatively unchanged against 2021 figures. Over the period under review, imports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 72%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, ethylene glycol imports fell to $X in 2022. Total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +5.8% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 124% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Oman prevails in imports structure, finishing at X tons, which was near 91% of total imports in 2022. It was distantly followed by Qatar (X tons), comprising a 4.7% share of total imports. The United Arab Emirates (X tons) followed a long way behind the leaders.

Oman was also the fastest-growing in terms of the ethylene glycol (ethanediol) imports, with a CAGR of +68.6% from 2012 to 2022. Qatar (-2.6%) and the United Arab Emirates (-18.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Oman increased by +90 percentage points.

In value terms, Oman ($X) constitutes the largest market for imported ethylene glycol (ethanediol) in GCC, comprising 90% of total imports. The second position in the ranking was taken by Qatar ($X), with a 6.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Oman totaled +63.6%. In the other countries, the average annual rates were as follows: Qatar (-6.6% per year) and the United Arab Emirates (-22.7% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, reducing by -6.9% against the previous year. In general, the import price showed a pronounced decline. The most prominent rate of growth was recorded in 2021 an increase of 41%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (-3.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform