GCC: Market for Salts Of Acetic Acid 2024

Market Size for Salts Of Acetic Acid in GCC

In 2022, the GCC salts of acetic acid market increased by 1.1% to $X, rising for the second year in a row after three years of decline. In general, consumption, however, enjoyed slight growth. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Production of Salts Of Acetic Acid in GCC

In value terms, salts of acetic acid production contracted modestly to $X in 2022 estimated in export price. In general, production saw a drastic downturn. The pace of growth appeared the most rapid in 2017 when the production volume increased by 30%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Salts Of Acetic Acid

Exports in GCC

Salts of acetic acid exports reduced sharply to X tons in 2022, which is down by -70.5% against the previous year. In general, exports continue to indicate a dramatic downturn. The pace of growth appeared the most rapid in 2014 with an increase of 7,550% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, salts of acetic acid exports contracted notably to $X in 2022. Over the period under review, exports showed a sharp curtailment. The pace of growth was the most pronounced in 2014 when exports increased by 2,356%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Oman (X tons) represented the main exporter of salts of acetic acid, comprising 62% of total exports. It was distantly followed by the United Arab Emirates (X tons), committing a 38% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of -5.0%).

In value terms, the United Arab Emirates ($X) emerged as the largest salts of acetic acid supplier in GCC, comprising 70% of total exports. The second position in the ranking was taken by Oman ($X), with a 30% share of total exports.

In the United Arab Emirates, salts of acetic acid exports contracted by an average annual rate of -14.4% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, rising by 100% against the previous year. In general, the export price showed a prominent increase. The most prominent rate of growth was recorded in 2017 an increase of 272% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (-0.5%).

Imports of Salts Of Acetic Acid

Imports in GCC

Salts of acetic acid imports was estimated at X tons in 2022, picking up by 13% against the previous year's figure. Over the period under review, imports, however, continue to indicate a noticeable reduction. The growth pace was the most rapid in 2018 when imports increased by 266%. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, salts of acetic acid imports rose notably to $X in 2022. In general, imports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when imports increased by 357% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) was the key importer of salts of acetic acid, mixing up 72% of total imports. It was distantly followed by Kuwait (X tons), generating a 26% share of total imports. Oman (X tons) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to salts of acetic acid imports into the United Arab Emirates stood at +1.4%. At the same time, Kuwait (+29.0%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of +29.0% from 2012-2022. By contrast, Oman (-2.6%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+27 p.p.) and Kuwait (+24 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported salts of acetic acid in GCC, comprising 85% of total imports. The second position in the ranking was held by Kuwait ($X), with a 13% share of total imports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled -3.9%. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (+11.5% per year) and Oman (+0.5% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, leveling off at the previous year. Overall, the import price showed a abrupt curtailment. The pace of growth appeared the most rapid in 2018 when the import price increased by 25%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, 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 the United Arab Emirates ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+3.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform