GCC: Market for Polypropylene in Primary Forms 2024

Market Size for Polypropylene in Primary Forms in GCC

In 2022, the GCC polypropylene in primary forms market increased by 1.1% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Polypropylene in Primary Forms in GCC

In value terms, polypropylene in primary forms production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2017 with an increase of 13% 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.

Exports of Polypropylene in Primary Forms

Exports in GCC

In 2022, shipments abroad of polypropylene in primary forms decreased by -2.9% to X tons for the first time since 2011, thus ending a ten-year rising trend. The total export volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when exports increased by 11%. Over the period under review, the exports reached the maximum at X tons in 2021, and then reduced slightly in the following year.

In value terms, polypropylene in primary forms exports fell dramatically to $X in 2022. The total export value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 49%. As a result, the exports reached the peak of $X, and then declined significantly in the following year.

Exports by Country

In 2022, Saudi Arabia (X tons) was the largest exporter of polypropylene in primary forms, achieving 74% of total exports. The United Arab Emirates (X tons) ranks second in terms of the total exports with an 18% share, followed by Oman (6.5%).

From 2012 to 2022, average annual rates of growth with regard to polypropylene in primary forms exports from Saudi Arabia stood at +2.5%. At the same time, Oman (+9.0%) and the United Arab Emirates (+9.0%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +9.0% from 2012-2022. From 2012 to 2022, the share of the United Arab Emirates and Oman increased by +7.2 and +2.6 percentage points, respectively.

In value terms, Saudi Arabia ($X) remains the largest polypropylene in primary forms supplier in GCC, comprising 76% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 18% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Saudi Arabia stood at +1.4%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+7.5% per year) and Oman (+1.4% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, waning by -14% against the previous year. Overall, the export price showed a mild decrease. The most prominent rate of growth was recorded in 2021 when the export price increased by 40% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-1.0%), while the other leaders experienced a decline in the export price figures.

Imports of Polypropylene in Primary Forms

Imports in GCC

After two years of growth, overseas purchases of polypropylene in primary forms decreased by -5.5% to X tons in 2022. The total import volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by 21%. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, polypropylene in primary forms imports reduced notably to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 66%. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates was the key importer of polypropylene in primary forms in GCC, with the volume of imports reaching X tons, which was approx. 60% of total imports in 2022. Saudi Arabia (X tons) took the second position in the ranking, followed by Oman (X tons) and Qatar (X tons). All these countries together took approx. 35% share of total imports. The following importers - Bahrain (X tons) and Kuwait (X tons) - each finished at a 4.6% share of total imports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of imports of polypropylene in primary forms. At the same time, Qatar (+18.5%), Kuwait (+10.1%), Saudi Arabia (+6.1%), Bahrain (+3.1%) and Oman (+1.0%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +18.5% from 2012-2022. Saudi Arabia (+5.1 p.p.) and Qatar (+4.5 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by -9.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported polypropylene in primary forms in GCC, comprising 57% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 19% share of total imports. It was followed by Oman, with a 13% share.

In the United Arab Emirates, polypropylene in primary forms imports decreased by an average annual rate of -1.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (+4.4% per year) and Oman (+0.3% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, dropping by -13.7% against the previous year. Overall, the import price recorded a mild shrinkage. The most prominent rate of growth was recorded in 2021 when the import price increased by 45% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Saudi Arabia ($X per ton) and Kuwait ($X per ton), while the United Arab Emirates ($X per ton) and Bahrain ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform