GCC: Silicone Market 2024

Silicone Exports

Exports in GCC

In 2021, overseas shipments of silicones (in primary forms) increased by 24% to X tons for the first time since 2017, thus ending a three-year declining trend. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by 82% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, silicone exports surged to $X in 2021. Over the period under review, exports saw a resilient increase. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, the United Arab Emirates (X tons) was the major exporter of silicones (in primary forms), mixing up 86% of total exports. It was distantly followed by Saudi Arabia (X tons), making up a 13% share of total exports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of exports of silicones (in primary forms). At the same time, Saudi Arabia (+6.5%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of +6.5% from 2012-2021. Saudi Arabia (+5.2 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest silicone supplier in GCC, comprising 81% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with an 18% share of total exports.

In the United Arab Emirates, silicone exports increased at an average annual rate of +5.1% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, growing by 32% against the previous year. Export price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 an increase of 41%. The level of export peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2021, 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 (+13.4%).

Silicone Imports

Imports in GCC

In 2021, the amount of silicones (in primary forms) imported in GCC surged to X tons, increasing by 50% on the previous year's figure. Total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +7.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +99.5% against 2018 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, silicone imports skyrocketed to $X in 2021. Total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +8.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +97.5% against 2018 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The United Arab Emirates represented the main importing country with an import of around X tons, which resulted at 73% of total imports. It was distantly followed by Saudi Arabia (X tons), creating an 18% share of total imports. The following importers - Bahrain (X tons), Qatar (X tons) and Oman (X tons) - together made up 7.6% of total imports.

The United Arab Emirates was also the fastest-growing in terms of the silicones (in primary forms) imports, with a CAGR of +15.3% from 2012 to 2021. At the same time, Bahrain (+14.9%), Oman (+9.7%) and Qatar (+1.0%) displayed positive paces of growth. By contrast, Saudi Arabia (-4.2%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+35 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Qatar (-1.8 p.p.) and Saudi Arabia (-32.4 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 ($X) constitutes the largest market for imported silicones (in primary forms) in GCC, comprising 67% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 24% share of total imports. It was followed by Qatar, with a 3% share.

In the United Arab Emirates, silicone imports increased at an average annual rate of +16.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (-0.3% per year) and Qatar (+3.7% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, surging by 21% against the previous year. Over the period under review, the import price showed a mild increase. The most prominent rate of growth was recorded in 2018 when the import price increased by 22% against the previous year. As a result, import price reached the peak level of $X per ton; afterwards, it flattened through to 2021.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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 (+4.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform