GCC: Polyurethanes Market 2024

Polyurethanes Market Size in GCC

In 2021, the GCC polyurethanes market was finally on the rise to reach $X after two years of decline. In general, consumption recorded a prominent increase. The level of consumption peaked in 2021 and is expected to retain growth in the immediate term.

Polyurethanes Production in GCC

In value terms, polyurethanes production rose notably to $X in 2021 estimated in export price. Overall, production recorded significant growth. The growth pace was the most rapid in 2013 with an increase of 148% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Polyurethanes Exports

Exports in GCC

Polyurethanes exports fell markedly to X tons in 2021, declining by -28.2% compared with 2020. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 126% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, polyurethanes exports contracted to $X in 2021. In general, exports, however, saw a noticeable increase. The growth pace was the most rapid in 2015 when exports increased by 90% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates represented the main exporter of polyurethanes in primary forms in GCC, with the volume of exports reaching X tons, which was approx. 87% of total exports in 2021. It was distantly followed by Saudi Arabia (X tons), achieving a 10% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the polyurethanes in primary forms exports, with a CAGR of +2.8% from 2012 to 2021. Saudi Arabia (-4.3%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+16 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Saudi Arabia (-5.7 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest polyurethanes supplier in GCC, comprising 89% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 9.1% share of total exports.

In the United Arab Emirates, polyurethanes exports increased at an average annual rate of +7.0% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, rising by 32% against the previous year. Over the last nine years, it increased at an average annual rate of +3.5%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.1%).

Polyurethanes Imports

Imports in GCC

In 2021, purchases abroad of polyurethanes in primary forms was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +2.3% over the period from 2012 to 2021; however, the trend pattern 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, polyurethanes imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +2.1% from 2012 to 2021; however, the trend pattern 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.

Imports by Country

The United Arab Emirates dominates imports structure, finishing at X tons, which was approx. 69% of total imports in 2021. Saudi Arabia (X tons) took the second position in the ranking, followed by Oman (X tons) and Bahrain (X tons). All these countries together took approx. 24% share of total imports. Qatar (X tons) and Kuwait (X tons) held a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to polyurethanes imports into the United Arab Emirates stood at +3.8%. At the same time, Oman (+8.5%), Bahrain (+8.1%) and Qatar (+5.6%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +8.5% from 2012-2021. By contrast, Kuwait (-1.1%) and Saudi Arabia (-7.6%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+8.5 p.p.), Oman (+3.5 p.p.) and Bahrain (+2.4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Saudi Arabia (-14.4 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 ($X) constitutes the largest market for imported polyurethanes in primary forms in GCC, comprising 67% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 13% share of total imports. It was followed by Oman, with a 5.9% share.

In the United Arab Emirates, polyurethanes imports expanded at an average annual rate of +3.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (-4.5% per year) and Oman (+5.8% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, rising by 3.9% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 20%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform