GCC: Market for Synthetic Organic Tanning Substances 2024

Market Size for Synthetic Organic Tanning Substances in GCC

The GCC synthetic organic tanning substances market surged to $X in 2021, increasing by 39% against the previous year. Over the period under review, consumption, however, saw a pronounced setback. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Synthetic Organic Tanning Substances in GCC

In value terms, synthetic organic tanning substances production rose remarkably to $X in 2021 estimated in export price. Overall, production showed a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when the production volume increased by 28%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Synthetic Organic Tanning Substances

Exports in GCC

After two years of growth, shipments abroad of synthetic organic tanning substances decreased by -7.8% to X tons in 2021. Over the period under review, exports saw a deep contraction. The most prominent rate of growth was recorded in 2013 with an increase of 64% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, synthetic organic tanning substances exports declined to $X in 2021. In general, exports showed a deep setback. The most prominent rate of growth was recorded in 2015 when exports increased by 51% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The biggest shipments were from the United Arab Emirates (X tons), Kuwait (X tons) and Saudi Arabia (X tons), together accounting for 98% of total export. Oman (X tons) took a relatively small share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Kuwait (with a CAGR of +53.3%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest synthetic organic tanning substances supplying countries in GCC were the United Arab Emirates ($X), Kuwait ($X) and Saudi Arabia ($X), with a combined 99% share of total exports.

Kuwait, with a CAGR of +49.1%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, reducing by -6.4% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 68%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the export prices remained at a somewhat lower figure.

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 Saudi Arabia (+9.2%), while the other leaders experienced a decline in the export price figures.

Imports of Synthetic Organic Tanning Substances

Imports in GCC

In 2021, purchases abroad of synthetic organic tanning substances increased by 63% to X tons for the first time since 2016, thus ending a four-year declining trend. Total imports indicated tangible growth from 2012 to 2021: its volume increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 68% against the previous year. The volume of import peaked in 2021 and is likely to continue growth in the immediate term.

In value terms, synthetic organic tanning substances imports skyrocketed to $X in 2021. Over the period under review, imports, however, saw a abrupt shrinkage. The growth pace was the most rapid in 2016 when imports increased by 71%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The purchases of the one major importers of synthetic organic tanning substances, namely the United Arab Emirates, represented more than two-thirds of total import.

The United Arab Emirates was also the fastest-growing in terms of the synthetic organic tanning substances imports, with a CAGR of +19.7% from 2012 to 2021. The United Arab Emirates (+71 p.p.) significantly strengthened its position in terms of the total imports, while 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 synthetic organic tanning substances in GCC.

In the United Arab Emirates, synthetic organic tanning substances imports increased at an average annual rate of +13.7% over the period from 2012-2021.

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, declining by -18.3% against the previous year. In general, the import price continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2019 when the import price increased by 45%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to -5.1% per year.

Source: IndexBox Platform