GCC: Market for Industrial Tall Oil Fatty Acids 2024

Market Size for Industrial Tall Oil Fatty Acids in GCC

The GCC tall oil fatty acids market was finally on the rise to reach $X in 2021, after four years of decline. In general, consumption continues to indicate a strong increase. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Production of Industrial Tall Oil Fatty Acids in GCC

In value terms, tall oil fatty acids production contracted slightly to $X in 2021 estimated in export price. Overall, production saw a abrupt contraction. The growth pace was the most rapid in 2017 with an increase of 45%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Industrial Tall Oil Fatty Acids

Exports in GCC

In 2021, approx. X tons of industrial tall oil fatty acids were exported in GCC; rising by 70% against 2020. Over the period under review, exports, however, recorded a abrupt downturn. The pace of growth was the most pronounced in 2020 when exports increased by 315% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, tall oil fatty acids exports dropped to $X in 2021. Overall, exports, however, saw a abrupt downturn. The growth pace was the most rapid in 2020 with an increase of 217% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Saudi Arabia represented the major exporter of industrial tall oil fatty acids in GCC, with the volume of exports reaching X tons, which was near 79% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), creating a 21% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to tall oil fatty acids exports from Saudi Arabia stood at -10.7%. At the same time, the United Arab Emirates (+9.1%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in GCC, with a CAGR of +9.1% from 2012-2021. From 2012 to 2021, the share of the United Arab Emirates increased by +17 percentage points.

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

Among the main exporting countries, the United Arab Emirates, with a CAGR of +3.6%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, waning by -48% against the previous year. Over the period under review, the export price, however, showed a pronounced expansion. The growth pace was the most rapid in 2015 when the export price increased by 201% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+0.7%).

Imports of Industrial Tall Oil Fatty Acids

Imports in GCC

In 2021, purchases abroad of industrial tall oil fatty acids was finally on the rise to reach X tons after three years of decline. Over the period under review, imports posted significant growth. The growth pace was the most rapid in 2013 with an increase of 770%. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, tall oil fatty acids imports surged to $X in 2021. Overall, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 882% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) prevails in imports structure, together committing 94% of total imports. The following importers - Kuwait (X tons) and Qatar (X tons) - each reached a 5.6% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Saudi Arabia (with a CAGR of +35.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X) were the countries with the highest levels of imports in 2021, together accounting for 96% of total imports.

Among the main importing countries, Kuwait, with a CAGR of +30.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, growing by 19% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. Over the period under review, import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Qatar ($X per ton) and Kuwait ($X per ton), while Saudi Arabia ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+0.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform