GCC: Phenolic Resins Market 2024

Phenolic Resins Market Size in GCC

After two years of growth, the GCC phenolic resins market decreased by -9.5% to $X in 2021. In general, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then declined in the following year.

Phenolic Resins Production in GCC

In value terms, phenolic resins production dropped dramatically to $X in 2021 estimated in export price. Overall, production, however, posted a perceptible increase. The pace of growth appeared the most rapid in 2020 with an increase of 76%. As a result, production attained the peak level of $X, and then fell sharply in the following year.

Phenolic Resins Exports

Exports in GCC

In 2021, the amount of phenolic resins in primary forms exported in GCC stood at X tons, with an increase of 3.7% against the year before. Overall, exports, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2015 when exports increased by 465%. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, phenolic resins exports expanded remarkably to $X in 2021. Over the period under review, exports, however, saw a deep contraction. The pace of growth was the most pronounced in 2015 when exports increased by 232% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, finishing at X tons, which was near 97% of total exports in 2021. Oman (X tons) held a minor share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the phenolic resins in primary forms exports, with a CAGR of +3.2% from 2012 to 2021. Oman (-20.1%) illustrated a downward trend over the same period. The United Arab Emirates (+74 p.p.) significantly strengthened its position in terms of the total exports, while Oman saw its share reduced by -2.2% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) remains the largest phenolic resins supplier in GCC, comprising 96% of total exports. The second position in the ranking was taken by Oman ($X), with a 1.7% share of total exports.

In the United Arab Emirates, phenolic resins exports expanded at an average annual rate of +2.7% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, picking up by 9.4% against the previous year. Overall, the export price saw a prominent increase. The pace of growth was the most pronounced in 2014 when the export price increased by 159% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+8.7%).

Phenolic Resins Imports

Imports in GCC

In 2021, overseas purchases of phenolic resins in primary forms increased by 44% to X tons, rising for the third consecutive year after three years of decline. Overall, imports, however, showed a abrupt curtailment. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, phenolic resins imports soared to $X in 2021. Total imports indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +82.8% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) dominates imports structure, together generating 85% of total imports. Kuwait (X tons) ranks next in terms of the total imports with a 7.9% share, followed by Oman (4.8%). Qatar (X tons) held a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Kuwait (with a CAGR of +12.6%), while purchases 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 93% of total imports.

Among the main importing countries, Saudi Arabia, with a CAGR of +11.9%, saw the highest rates of growth with regard to 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, rising by 4.5% against the previous year. Import price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +9.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the import price increased by 75% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 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 Kuwait ($X per ton) and Saudi Arabia ($X per ton), while Oman ($X per ton) and Qatar ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+18.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform