GCC: Octyl Alcohol Market 2024

Octyl Alcohol Market Size in GCC

The GCC octyl alcohol market skyrocketed to $X in 2022, increasing by 22% against the previous year. Overall, consumption showed strong growth. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Octyl Alcohol Production in GCC

In value terms, octyl alcohol production expanded sharply to $X in 2022 estimated in export price. The total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.6% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 22% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Octyl Alcohol Exports

Exports in GCC

In 2022, after ten years of growth, there was decline in shipments abroad of octanol (octyl alcohol) and isomers thereof, when their volume decreased by -3.1% to X tons. The total export volume increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 6.4% against the previous year. As a result, the exports reached the peak of X tons, and then declined modestly in the following year.

In value terms, octyl alcohol exports fell modestly to $X in 2022. The total export value increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 4.1%. As a result, the exports reached the peak of $X, and then dropped slightly in the following year.

Exports by Country

The shipments of the one major exporters of octanol (octyl alcohol) and isomers thereof, namely Saudi Arabia, represented more than two-thirds of total export.

Saudi Arabia was also the fastest-growing in terms of the octanol (octyl alcohol) and isomers thereof exports, with a CAGR of +2.8% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) also remains the largest octyl alcohol supplier in GCC.

From 2012 to 2022, the average annual rate of growth in terms of value in Saudi Arabia amounted to +1.8%.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, almost unchanged from the previous year. Overall, the export price, however, continues to indicate a slight descent. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, 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 Saudi Arabia.

From 2012 to 2022, the rate of growth in terms of prices for Saudi Arabia amounted to -1.0% per year.

Octyl Alcohol Imports

Imports in GCC

In 2022, approx. X tons of octanol (octyl alcohol) and isomers thereof were imported in GCC; remaining stable against the previous year. Over the period under review, imports recorded a perceptible decrease. The pace of growth was the most pronounced in 2019 when imports increased by 135%. Over the period under review, imports attained the maximum at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, octyl alcohol imports declined remarkably to $X in 2022. In general, imports saw a abrupt downturn. The most prominent rate of growth was recorded in 2019 with an increase of 96%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United Arab Emirates (X tons) was the major importer of octanol (octyl alcohol) and isomers thereof, comprising 83% of total imports. It was distantly followed by Oman (X tons), creating an 11% share of total imports. Qatar (X tons) and Kuwait (X tons) followed a long way behind the leaders.

Imports into the United Arab Emirates decreased at an average annual rate of -3.8% from 2012 to 2022. At the same time, Qatar (+14.7%) and Kuwait (+3.7%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +14.7% from 2012-2022. By contrast, Oman (-1.2%) illustrated a downward trend over the same period. While the share of Qatar (+2.9 p.p.) and Oman (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the United Arab Emirates (-4.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported octanol (octyl alcohol) and isomers thereof in GCC, comprising 84% of total imports. The second position in the ranking was taken by Oman ($X), with a 7.4% share of total imports. It was followed by Qatar, with a 6.1% share.

In the United Arab Emirates, octyl alcohol imports decreased by an average annual rate of -6.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Oman (-9.5% per year) and Qatar (+15.1% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, declining by -16.2% against the previous year. Overall, the import price saw a noticeable slump. The most prominent rate of growth was recorded in 2021 an increase of 59% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Qatar ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform