GCC: Resinoids Market 2022

Resinoids Market Size in GCC

The GCC resinoids market skyrocketed to $X in 2021, increasing by 30% against the previous year. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2019; afterwards, it flattened through to 2021.

Resinoids Production in GCC

In value terms, resinoids production expanded rapidly to $X in 2021 estimated in export price. Over the period under review, production saw resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of 369%. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Resinoids Exports

Exports in GCC

In 2021, approx. X tons of resinoids were exported in GCC; waning by -50.5% on the previous year's figure. Overall, exports showed a mild curtailment. The pace of growth was the most pronounced in 2016 when exports increased by 84% against the previous year. The volume of export peaked at X tons in 2020, and then shrank markedly in the following year.

In value terms, resinoids exports reduced modestly to $X in 2021. Over the period under review, exports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 153% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates was the major exporter of resinoids in GCC, with the volume of exports amounting to X tons, which was near 75% of total exports in 2021. It was distantly followed by Saudi Arabia (X tons), comprising a 16% share of total exports. The following exporters - Kuwait (X tons) and Oman (X tons) - each finished at a 7.4% share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -1.2% from 2012 to 2021. At the same time, Oman (+28.7%) and Kuwait (+19.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +28.7% from 2012-2021. By contrast, Saudi Arabia (-4.1%) illustrated a downward trend over the same period. While the share of Oman (+3.3 p.p.) and Kuwait (+3.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Saudi Arabia (-5.5 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 ($X) remains the largest resinoids supplier in GCC, comprising 74% of total exports. The second position in the ranking was held by Kuwait ($X), with an 18% share of total exports. It was followed by Saudi Arabia, with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +16.0%. In the other countries, the average annual rates were as follows: Kuwait (+49.0% per year) and Saudi Arabia (-4.0% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, picking up by 95% against the previous year. In general, the export price enjoyed buoyant growth. The most prominent rate of growth was recorded in 2018 an increase of 126% against the previous year. The level of export peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of origin: 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 Kuwait (+24.3%), while the other leaders experienced more modest paces of growth.

Resinoids Imports

Imports in GCC

In 2021, the amount of resinoids imported in GCC contracted to X tons, with a decrease of -9.7% on the previous year's figure. Over the period under review, imports recorded a abrupt contraction. The growth pace was the most rapid in 2014 with an increase of 38%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, resinoids imports amounted to $X in 2021. Total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -35.0% against 2018 indices. The growth pace was the most rapid in 2017 when imports increased by 20% against the previous year. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) represented roughly 81% of total imports in 2021. Qatar (X tons) ranks next in terms of the total imports with a 10% share, followed by Oman (7.7%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Qatar (with a CAGR of +62.8%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported resinoids in GCC, comprising 80% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 10% share of total imports. It was followed by Qatar, with a 6.2% share.

In Saudi Arabia, resinoids imports expanded at an average annual rate of +4.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+1.3% per year) and Qatar (+25.8% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, increasing by 18% against the previous year. Overall, the import price continues to indicate a buoyant increase. The growth pace was the most rapid in 2013 an increase of 93%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($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 (+21.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform