GCC: Expansible Polystyrene Market 2024

Expansible Polystyrene Market Size in GCC

In 2021, the GCC expansible polystyrene market decreased by -3.6% to $X, falling for the second consecutive year after two years of growth. Overall, consumption, however, saw a resilient increase. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Expansible Polystyrene Production in GCC

In value terms, expansible polystyrene production reached $X in 2021 estimated in export price. Over the period under review, production, however, enjoyed a strong increase. The pace of growth was the most pronounced in 2016 when the production volume increased by 102% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Expansible Polystyrene Exports

Exports in GCC

In 2021, approx. X tons of expansible polystyrene in primary forms were exported in GCC; surging by 55% against the previous year's figure. Over the period under review, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 508%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, expansible polystyrene exports surged to $X in 2021. In general, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2015 with an increase of 349% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Saudi Arabia was the main exporting country with an export of about X tons, which finished at 65% of total exports. It was distantly followed by the United Arab Emirates (X tons), comprising a 35% share of total exports.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +37.9%).

In value terms, Saudi Arabia ($X) and the United Arab Emirates ($X) were the countries with the highest levels of exports in 2021.

The United Arab Emirates, with a CAGR of +39.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, with an increase of 66% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. Over the period under review, the export prices attained the maximum 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 the United Arab Emirates (+1.0%).

Expansible Polystyrene Imports

Imports in GCC

In 2021, expansible polystyrene imports in GCC shrank markedly to X tons, dropping by -16.1% on 2020. Total imports indicated temperate growth from 2012 to 2021: its volume increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -38.4% against 2015 indices. The most prominent rate of growth was recorded in 2015 with an increase of 52%. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, expansible polystyrene imports skyrocketed to $X in 2021. Total imports indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -32.8% against 2015 indices. The growth pace was the most rapid in 2013 when imports increased by 45% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Saudi Arabia represented the main importing country with an import of around X tons, which reached 61% of total imports. The United Arab Emirates (X tons) took the second position in the ranking, followed by Kuwait (X tons) and Qatar (X tons). All these countries together held approx. 33% share of total imports. The following importers - Oman (X tons) and Bahrain (X tons) - each resulted at a 5.5% share of total imports.

Saudi Arabia was also the fastest-growing in terms of the expansible polystyrene in primary forms imports, with a CAGR of +18.9% from 2012 to 2021. At the same time, Kuwait (+5.6%) and Bahrain (+2.8%) displayed positive paces of growth. By contrast, Oman (-2.4%), Qatar (-5.9%) and the United Arab Emirates (-11.9%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+46 p.p.) and Kuwait (+3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Qatar (-8.8 p.p.) and the United Arab Emirates (-38.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported expansible polystyrene in primary forms in GCC, comprising 60% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 14% share of total imports. It was followed by Kuwait, with a 12% share.

In Saudi Arabia, expansible polystyrene imports expanded at an average annual rate of +17.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the United Arab Emirates (-12.4% per year) and Kuwait (+5.1% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, rising by 44% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Kuwait ($X per ton) and Oman ($X per ton), while Bahrain ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform