GCC: Industrial Stearic Acid Market 2024

Industrial Stearic Acid Market Size in GCC

The GCC industrial stearic acid market contracted to $X in 2021, reducing by -14.4% against the previous year. In general, consumption continues to indicate a noticeable decline. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Industrial Stearic Acid Production in GCC

In value terms, industrial stearic acid production shrank to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 35% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Industrial Stearic Acid Exports

Exports in GCC

In 2021, industrial stearic acid exports in GCC surged to X tons, with an increase of 60% compared with 2020. In general, exports posted significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 376%. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in the immediate term.

In value terms, industrial stearic acid exports surged to $X in 2021. Over the period under review, exports showed a significant increase. The most prominent rate of growth was recorded in 2015 when exports increased by 284% against the previous year. The level of export peaked in 2021 and is likely to see gradual growth in years to come.

Exports by Country

The United Arab Emirates (X tons) represented roughly 100% of total exports in 2021.

The United Arab Emirates was also the fastest-growing in terms of the industrial stearic acid exports, with a CAGR of +31.9% from 2012 to 2021. The United Arab Emirates (+6.3 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest industrial stearic acid supplier in GCC.

In the United Arab Emirates, industrial stearic acid exports increased at an average annual rate of +20.8% over the period from 2012-2021.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, falling by -9.8% against the previous year. In general, the export price saw a deep slump. The pace of growth appeared the most rapid in 2017 an increase of 7.8% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to -8.5% per year.

Industrial Stearic Acid Imports

Imports in GCC

In 2021, supplies from abroad of industrial stearic acid increased by 15% to X tons, rising for the seventh year in a row after two years of decline. Overall, imports recorded a resilient expansion. The growth pace was the most rapid in 2019 with an increase of 109% against the previous year. The volume of import peaked in 2021 and is likely to continue growth in the immediate term.

In value terms, industrial stearic acid imports surged to $X in 2021. In general, imports showed a measured expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 73% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the near future.

Imports by Country

The United Arab Emirates dominates imports structure, accounting for X tons, which was near 91% of total imports in 2021. It was distantly followed by Oman (X tons), achieving a 7.5% share of total imports. Qatar (X tons) took a little share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the industrial stearic acid imports, with a CAGR of +17.2% from 2012 to 2021. At the same time, Qatar (+13.3%) and Oman (+5.1%) displayed positive paces of growth. The United Arab Emirates (+37 p.p.) significantly strengthened its position in terms of the total imports, while Oman saw its share reduced by -4.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported industrial stearic acid in GCC, comprising 84% of total imports. The second position in the ranking was held by Oman ($X), with a 12% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +10.0%. In the other countries, the average annual rates were as follows: Oman (+4.7% per year) and Qatar (-1.0% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, growing by 2.6% against the previous year. Overall, the import price, however, saw a deep slump. The pace of growth was the most pronounced in 2017 an increase of 14% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: 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 2021, the most notable rate of growth in terms of prices was attained by Oman (-0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform