GCC: Salicylic Acid Market 2024

Salicylic Acid Market Size in GCC

In 2021, the GCC salicylic acid market increased by 9.9% to $X, rising for the third year in a row after two years of decline. Over the period under review, consumption showed a notable increase. The level of consumption peaked in 2021 and is likely to see steady growth in the near future.

Salicylic Acid Production in GCC

In value terms, salicylic acid production dropped to $X in 2021 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 35%. As a result, production reached the peak level of $X, and then reduced in the following year.

Salicylic Acid Exports

Exports in GCC

In 2021, overseas shipments of salicylic acid and its salts decreased by -50.4% to X tons, falling for the third consecutive year after two years of growth. Over the period under review, exports recorded a deep setback. The growth pace was the most rapid in 2017 with an increase of 101%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, salicylic acid exports reduced remarkably to $X in 2021. Overall, exports showed a deep setback. The most prominent rate of growth was recorded in 2017 with an increase of 155% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Saudi Arabia (X tons) was the main exporter of salicylic acid and its salts, constituting 90% of total exports. It was distantly followed by the United Arab Emirates (X tons), generating a 10% share of total exports.

Exports from Saudi Arabia decreased at an average annual rate of -9.0% from 2012 to 2021. The United Arab Emirates (-6.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates increased by +2.1 percentage points.

In value terms, Saudi Arabia ($X) remains the largest salicylic acid supplier in GCC, comprising 96% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 3.8% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Saudi Arabia totaled -5.8%.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, growing by 58% against the previous year. Over the period under review, the export price showed a tangible increase. The pace of growth was the most pronounced in 2020 when the export price increased by 65%. Over the period under review, the export prices hit record highs in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: 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 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.5%).

Salicylic Acid Imports

Imports in GCC

In 2021, supplies from abroad of salicylic acid and its salts increased by 34% to X tons, rising for the third consecutive year after two years of decline. In general, imports saw a strong increase. The most prominent rate of growth was recorded in 2013 with an increase of 361%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, salicylic acid imports surged to $X in 2021. Over the period under review, imports enjoyed a buoyant expansion. The growth pace was the most rapid in 2013 with an increase of 319%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the largest importer of salicylic acid and its salts in GCC, with the volume of imports accounting for X tons, which was near 72% of total imports in 2021. It was distantly followed by Saudi Arabia (X tons) and Bahrain (X tons), together achieving a 26% share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +17.7% from 2012 to 2021. At the same time, Saudi Arabia (+24.3%) and Bahrain (+23.0%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in GCC, with a CAGR of +24.3% from 2012-2021. While the share of the United Arab Emirates (+14 p.p.), Saudi Arabia (+9.6 p.p.) and Bahrain (+3.5 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Bahrain ($X) were the countries with the highest levels of imports in 2021, together comprising 98% of total imports.

Saudi Arabia, with a CAGR of +29.6%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, reducing by -9.8% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 32% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while Bahrain ($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 (+4.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform