GCC: Market for Lauric Acid And Other Acids, Their Salts And Esters 2024

Market Size for Lauric Acid And Other Acids, Their Salts And Esters in GCC

After three years of growth, the GCC market for lauric acid and other acids, their salts and esters decreased by -4.9% to $X in 2021. Over the period under review, consumption, however, recorded a prominent increase. The level of consumption peaked at $X in 2020, and then dropped slightly in the following year.

Production of Lauric Acid And Other Acids, Their Salts And Esters in GCC

In value terms, production of lauric acid and other acids, their salts and esters reached $X in 2021 estimated in export price. In general, production showed a buoyant expansion. The pace of growth was the most pronounced in 2018 with an increase of 92%. As a result, production reached the peak level of $X. From 2019 to 2021, production of growth failed to regain momentum.

Exports of Lauric Acid And Other Acids, Their Salts And Esters

Exports in GCC

In 2021, the amount of lauric acid and other acids, their salts and esters exported in GCC reduced to X tons, waning by -13.2% on the year before. Over the period under review, exports recorded a pronounced setback. The most prominent rate of growth was recorded in 2013 with an increase of 155% against the previous year. Over the period under review, the exports of hit record highs at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, exports of lauric acid and other acids, their salts and esters surged to $X in 2021. Overall, exports saw a noticeable setback. The pace of growth appeared the most rapid in 2017 with an increase of 124% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates was the main exporter of lauric acid and other acids, their salts and esters in GCC, with the volume of exports resulting at X tons, which was near 75% of total exports in 2021. It was distantly followed by Saudi Arabia (X tons), committing a 23% share of total exports. Oman (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the lauric acid and other acids, their salts and esters exports, with a CAGR of +1.7% from 2012 to 2021. Oman (-3.9%) and Saudi Arabia (-13.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates increased by +32 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest lauric acid and other acids, their salts and esters supplier in GCC, comprising 84% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 15% share of total exports.

In the United Arab Emirates, exports of lauric acid and other acids, their salts and esters remained relatively stable over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-11.7% per year) and Oman (-4.7% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, picking up by 45% against the previous year. Export price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, export price for lauric acid and other acids, their salts and esters decreased by -4.2% against 2018 indices. Over the period under review, the export prices reached the peak figure 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 ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+1.5%), while the other leaders experienced a decline in the export price figures.

Imports of Lauric Acid And Other Acids, Their Salts And Esters

Imports in GCC

Imports of lauric acid and other acids, their salts and esters shrank remarkably to X tons in 2021, reducing by -23.9% compared with the previous year's figure. Total imports indicated a moderate expansion from 2012 to 2021: its volume increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +12.4% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 48% against the previous year. As a result, imports reached the peak of X tons, and then shrank dramatically in the following year.

In value terms, imports of lauric acid and other acids, their salts and esters reached $X in 2021. Overall, imports, however, enjoyed resilient growth. The pace of growth was the most pronounced in 2020 when imports increased by 76%. The level of import peaked in 2021 and is expected to retain growth in the near future.

Imports by Country

The United Arab Emirates represented the key importer of lauric acid and other acids, their salts and esters in GCC, with the volume of imports reaching X tons, which was near 65% of total imports in 2021. Saudi Arabia (X tons) ranks second in terms of the total imports with a 28% share, followed by Qatar (5.1%). Oman (X tons) followed a long way behind the leaders.

Imports into the United Arab Emirates increased at an average annual rate of +3.1% from 2012 to 2021. At the same time, Oman (+6.4%) and Qatar (+2.1%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +6.4% from 2012-2021. Saudi Arabia experienced a relatively flat trend pattern. The United Arab Emirates (+3.3 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by -4% 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 ($X) constitutes the largest market for imported lauric acid and other acids, their salts and esters in GCC, comprising 68% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 22% share of total imports. It was followed by Qatar, with a 7.8% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates amounted to +10.8%. In the other countries, the average annual rates were as follows: Saudi Arabia (+3.4% per year) and Qatar (+2.3% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, growing by 36% against the previous year. Import price indicated resilient growth from 2012 to 2021: its price increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, import price for lauric acid and other acids, their salts and esters increased by +76.9% against 2017 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Qatar ($X per ton), while Oman ($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 (+7.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform