GCC: Polymethyl Methacrylate Market 2024

Polymethyl Methacrylate Market Size in GCC

In 2022, after four years of decline, there was growth in the GCC polymethyl methacrylate market, when its value increased by 2.2% to $X. Overall, consumption posted a notable expansion. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Polymethyl Methacrylate Production in GCC

In value terms, polymethyl methacrylate production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by 102% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Polymethyl Methacrylate Exports

Exports in GCC

In 2022, overseas shipments of polymethyl methacrylate in primary forms decreased by -17.1% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, exports, however, saw a significant increase. The pace of growth appeared the most rapid in 2015 with an increase of 130%. The volume of export peaked at X tons in 2021, and then fell notably in the following year.

In value terms, polymethyl methacrylate exports reduced notably to $X in 2022. Over the period under review, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2018 when exports increased by 122%. Over the period under review, the exports reached the maximum at $X in 2021, and then dropped markedly in the following year.

Exports by Country

In 2022, Saudi Arabia (X tons) was the largest exporter of polymethyl methacrylate in primary forms, achieving 69% of total exports. It was distantly followed by the United Arab Emirates (X tons), making up a 30% share of total exports.

Saudi Arabia was also the fastest-growing in terms of the polymethyl methacrylate in primary forms exports, with a CAGR of +40.3% from 2012 to 2022. At the same time, the United Arab Emirates (+22.9%) displayed positive paces of growth. Saudi Arabia (+32 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -30.8% from 2012 to 2022, respectively.

In value terms, Saudi Arabia ($X) remains the largest polymethyl methacrylate supplier in GCC, comprising 73% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 26% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Saudi Arabia totaled +41.8%.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, falling by -2.8% against the previous year. Overall, the export price continues to indicate a perceptible reduction. The growth pace was the most rapid in 2018 when the export price increased by 29% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+1.1%).

Polymethyl Methacrylate Imports

Imports in GCC

After three years of growth, purchases abroad of polymethyl methacrylate in primary forms decreased by -23.3% to X tons in 2022. Over the period under review, imports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 100%. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, polymethyl methacrylate imports shrank significantly to $X in 2022. Overall, imports, however, continue to indicate measured growth. The most prominent rate of growth was recorded in 2020 with an increase of 51% against the previous year. The level of import peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Oman (X tons) and the United Arab Emirates (X tons) represented the largest importers of polymethyl methacrylate in primary forms in GCC, together resulting at near 88% of total imports. It was distantly followed by Qatar (X tons), comprising an 11% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the United Arab Emirates (with a CAGR of +28.1%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Oman ($X), the United Arab Emirates ($X) and Qatar ($X) were the countries with the highest levels of imports in 2022, together comprising 98% of total imports.

The United Arab Emirates, with a CAGR of +20.9%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, falling by -10.3% against the previous year. In general, the import price continues to indicate a perceptible shrinkage. The growth pace was the most rapid in 2019 an increase of 25%. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, 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 2022, the most notable rate of growth in terms of prices was attained by Qatar (-3.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform