GCC: Ethylene Market 2024

Ethylene Market Size in GCC

In 2021, after three years of decline, there was growth in the GCC ethylene market, when its value increased by 4.2% to $X. The total consumption indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Ethylene Production in GCC

In value terms, ethylene production expanded notably to $X in 2021 estimated in export price. In general, production, however, continues to indicate prominent growth. The pace of growth appeared the most rapid in 2017 when the production volume increased by 126%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Ethylene Exports

Exports in GCC

Ethylene exports fell significantly to X tons in 2021, reducing by -19.3% on 2020 figures. Overall, exports recorded a abrupt decrease. The growth pace was the most rapid in 2016 when exports increased by 130%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, ethylene exports expanded markedly to $X in 2021. Over the period under review, exports continue to indicate a deep downturn. The growth pace was the most rapid in 2016 when exports increased by 129%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates was the largest exporter of ethylene in GCC, with the volume of exports resulting at X tons, which was approx. 68% of total exports in 2021. It was distantly followed by Saudi Arabia (X tons), committing a 32% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the ethylene exports, with a CAGR of -6.1% from 2012 to 2021. Saudi Arabia (-19.3%) illustrated a downward trend over the same period. The United Arab Emirates (+33 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by -33% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) remains the largest ethylene supplier in GCC, comprising 70% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 30% share of total exports.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates amounted to -8.2%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, with an increase of 31% against the previous year. Over the period under review, the export price, however, saw a slight decline. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

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 amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-1.0%).

Ethylene Imports

Imports in GCC

In 2021, purchases abroad of ethylene increased by 61% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports enjoyed a significant expansion. The growth pace was the most rapid in 2013 with an increase of 418% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, ethylene imports surged to $X in 2021. Overall, imports recorded significant growth. The pace of growth was the most pronounced in 2013 when imports increased by 873%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Qatar represented the key importer of ethylene in GCC, with the volume of imports finishing at X tons, which was near 86% of total imports in 2021. It was distantly followed by Oman (X tons), constituting a 14% share of total imports.

Qatar was also the fastest-growing in terms of the ethylene imports, with a CAGR of +20.3% from 2012 to 2021. At the same time, Oman (+12.5%) displayed positive paces of growth. From 2012 to 2021, the share of Qatar increased by +86 percentage points.

In value terms, Qatar ($X) constitutes the largest market for imported ethylene in GCC, comprising 93% of total imports. The second position in the ranking was taken by Oman ($X), with a 6.6% share of total imports.

In Qatar, ethylene imports expanded at an average annual rate of +16.9% over the period from 2012-2021.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, picking up by 26% against the previous year. Import price indicated buoyant growth 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. The pace of growth appeared the most rapid in 2013 an increase of 88%. Over the period under review, import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Qatar ($X per ton), while Oman stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (-2.8%).

Source: IndexBox Platform