GCC: O-Acetylsalicylic Acid Market 2024

O-Acetylsalicylic Acid Market Size in GCC

In 2021, the GCC o-acetylsalicylic acid market decreased by -48% to $X for the first time since 2016, thus ending a four-year rising trend. In general, consumption continues to indicate a deep downturn. Over the period under review, the market attained the maximum level at $X in 2020, and then dropped markedly in the following year.

O-Acetylsalicylic Acid Production in GCC

In value terms, o-acetylsalicylic acid production reduced rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, saw resilient growth. The most prominent rate of growth was recorded in 2020 with an increase of 210%. As a result, production reached the peak level of $X, and then contracted remarkably in the following year.

O-Acetylsalicylic Acid Exports

Exports in GCC

In 2021, shipments abroad of o-acetylsalicylic acid, its salts and esters was finally on the rise to reach X kg after five years of decline. Over the period under review, exports, however, continue to indicate a deep reduction. The pace of growth was the most pronounced in 2015 when exports increased by 3,163%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, o-acetylsalicylic acid exports expanded significantly to $X in 2021. In general, exports, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2015 with an increase of 1,446% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2021, the United Arab Emirates (X kg) was the main exporter of o-acetylsalicylic acid, its salts and esters in GCC, comprising 100% of total export.

The United Arab Emirates was also the fastest-growing in terms of the o-acetylsalicylic acid, its salts and esters exports, with a CAGR of -7.3% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

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

In the United Arab Emirates, o-acetylsalicylic acid exports contracted by an average annual rate of -12.0% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, reducing by -44.6% against the previous year. Over the period under review, the export price saw a abrupt slump. The growth pace was the most rapid in 2014 an increase of 26% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the export prices failed to regain momentum.

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 -5.1% per year.

O-Acetylsalicylic Acid Imports

Imports in GCC

In 2021, overseas purchases of o-acetylsalicylic acid, its salts and esters decreased by -24.8% to X tons, falling for the third year in a row after two years of growth. In general, imports recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2018 when imports increased by 213%. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, o-acetylsalicylic acid imports declined dramatically to $X in 2021. Over the period under review, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2017 when imports increased by 152% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

The United Arab Emirates dominates imports structure, accounting for X tons, which was approx. 91% of total imports in 2021. It was distantly followed by Saudi Arabia (X tons), achieving a 6.6% share of total imports. Oman (X kg) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to o-acetylsalicylic acid imports into the United Arab Emirates stood at -17.7%. At the same time, Oman (+62.5%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +62.5% from 2012-2021. By contrast, Saudi Arabia (-7.2%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+17 p.p.), Saudi Arabia (+6.6 p.p.) and Oman (+1.9 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported o-acetylsalicylic acid, its salts and esters in GCC, comprising 76% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 17% share of total imports.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates amounted to -7.2%. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (-8.8% per year) and Oman (+70.4% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, which is down by -58.7% against the previous year. In general, the import price, however, posted strong growth. The most prominent rate of growth was recorded in 2016 an increase of 105%. Over the period under review, import prices attained the peak figure at $X per ton in 2020, and then reduced dramatically in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+12.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform