GCC: Fluoropolymers Market 2024

Fluoropolymers Market Size in GCC

For the fourth year in a row, the GCC fluoropolymers market recorded growth in sales value, which increased by 3.3% to $X in 2021. The market value increased at an average annual rate of +3.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level in 2021 and is likely to see steady growth in the near future.

Fluoropolymers Production in GCC

In value terms, fluoropolymers production declined to $X in 2021 estimated in export price. The total production indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +59.0% against 2015 indices. The growth pace was the most rapid in 2019 when the production volume increased by 30%. Over the period under review, production hit record highs at $X in 2020, and then dropped in the following year.

Fluoropolymers Exports

Exports in GCC

In 2021, overseas shipments of fluoropolymers decreased by -55.3% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, exports, however, showed a buoyant increase. The pace of growth was the most pronounced in 2013 when exports increased by 194% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, fluoropolymers exports reduced markedly to $X in 2021. Over the period under review, exports, however, recorded a remarkable increase. The pace of growth appeared the most rapid in 2013 with an increase of 206%. The level of export peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Saudi Arabia dominates exports structure, finishing at X tons, which was near 89% of total exports in 2021. It was distantly followed by Kuwait (X tons), generating a 7.2% share of total exports. The United Arab Emirates (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to fluoropolymers exports from Saudi Arabia stood at +16.9%. At the same time, Kuwait (+23.9%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of +23.9% from 2012-2021. By contrast, the United Arab Emirates (-19.6%) illustrated a downward trend over the same period. Saudi Arabia (+39 p.p.) and Kuwait (+4.8 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -41.6% from 2012 to 2021, respectively.

In value terms, Saudi Arabia ($X) remains the largest fluoropolymers supplier in GCC, comprising 91% of total exports. The second position in the ranking was taken by Kuwait ($X), with a 6.4% share of total exports.

In Saudi Arabia, fluoropolymers exports increased at an average annual rate of +14.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Kuwait (+20.1% per year) and the United Arab Emirates (-24.1% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, increasing by 11% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-2.0%), while the other leaders experienced a decline in the export price figures.

Fluoropolymers Imports

Imports in GCC

In 2021, supplies from abroad of fluoropolymers increased by 8.9% to X tons, rising for the second consecutive year after three years of decline. Overall, imports continue to indicate pronounced growth. The pace of growth appeared the most rapid in 2020 when imports increased by 860% against the previous year. The volume of import peaked at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, fluoropolymers imports skyrocketed to $X in 2021. Over the period under review, imports showed a tangible expansion. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Saudi Arabia (X tons) represented the major importer of fluoropolymers, mixing up 66% of total imports. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 24% share, followed by Oman (7.6%). Bahrain (X tons) held a little share of total imports.

Imports into Saudi Arabia increased at an average annual rate of +1.4% from 2012 to 2021. At the same time, Oman (+65.8%) and the United Arab Emirates (+4.5%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +65.8% from 2012-2021. By contrast, Bahrain (-8.3%) illustrated a downward trend over the same period. Oman (+7.5 p.p.) and the United Arab Emirates (+4.4 p.p.) significantly strengthened its position in terms of the total imports, while Bahrain and Saudi Arabia saw its share reduced by -2.5% and -4.4% from 2012 to 2021, respectively.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported fluoropolymers in GCC, comprising 71% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 23% share of total imports. It was followed by Bahrain, with a 1.7% share.

In Saudi Arabia, fluoropolymers imports increased at an average annual rate of +3.0% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+6.7% per year) and Bahrain (-14.3% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, surging by 246% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the import price increased by 249% against the previous year. As a result, import price attained the peak level of $X per ton. From 2020 to 2021, the import prices failed to regain momentum.

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 Bahrain ($X per ton), while Oman ($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 (+2.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform