GCC: Polystyrene Market 2024

Polystyrene Market Size in GCC

In 2022, the GCC polystyrene market increased by 31% to $X, rising for the third consecutive year after two years of decline. The market value increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Polystyrene Production in GCC

In value terms, polystyrene production stood at $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 25% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Polystyrene Exports

Exports in GCC

After three years of growth, overseas shipments of polystyrene decreased by -19% to X tons in 2022. In general, exports, however, showed a noticeable expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 62%. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, polystyrene exports declined dramatically to $X in 2022. Over the period under review, exports, however, recorded noticeable growth. The most prominent rate of growth was recorded in 2021 when exports increased by 57% against the previous year. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Saudi Arabia was the main exporting country with an export of around X tons, which accounted for 81% of total exports. It was distantly followed by the United Arab Emirates (X tons), generating an 18% share of total exports.

Exports from Saudi Arabia increased at an average annual rate of +1.7% from 2012 to 2022. At the same time, the United Arab Emirates (+37.1%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in GCC, with a CAGR of +37.1% from 2012-2022. The United Arab Emirates (+17 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by -17% from 2012 to 2022, respectively.

In value terms, Saudi Arabia ($X) remains the largest polystyrene supplier in GCC, comprising 75% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 25% share of total exports.

In Saudi Arabia, polystyrene exports remained relatively stable over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, declining by -4.6% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 47% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+0.7%).

Polystyrene Imports

Imports in GCC

Polystyrene imports soared to X tons in 2022, increasing by 50% compared with 2021 figures. Total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, polystyrene imports surged to $X in 2022. Total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +124.3% against 2020 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 was the main importer of polystyrene in GCC, with the volume of imports resulting at X tons, which was near 63% of total imports in 2022. Saudi Arabia (X tons) ranks second in terms of the total imports with a 16% share, followed by Kuwait (10%) and Qatar (6.4%). The following importers - Oman (X tons) and Bahrain (X tons) - each finished at a 4.9% share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +10.4% from 2012 to 2022. At the same time, Saudi Arabia (+13.7%), Qatar (+4.6%) and Bahrain (+3.2%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in GCC, with a CAGR of +13.7% from 2012-2022. Oman experienced a relatively flat trend pattern. By contrast, Kuwait (-2.1%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+15 p.p.) and Saudi Arabia (+6.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Qatar (-2.1 p.p.), Oman (-2.4 p.p.) and Kuwait (-15.7 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 ($X) constitutes the largest market for imported polystyrene in GCC, comprising 66% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 13% share of total imports. It was followed by Kuwait, with a 9.1% share.

In the United Arab Emirates, polystyrene imports expanded at an average annual rate of +10.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (+10.0% per year) and Kuwait (-3.2% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, remaining relatively unchanged against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 50% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+0.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform