GCC: Triethanolamine Market 2024

Triethanolamine Market Size in GCC

In 2021, after two years of decline, there was significant growth in the GCC triethanolamine market, when its value increased by 8.8% to $X. Over the period under review, consumption, however, showed a perceptible descent. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Triethanolamine Production in GCC

In value terms, triethanolamine production expanded sharply to $X in 2021 estimated in export price. In general, production, however, continues to indicate a noticeable contraction. The pace of growth appeared the most rapid in 2017 when the production volume increased by 23%. The level of production peaked at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Triethanolamine Exports

Exports in GCC

For the fourth consecutive year, GCC recorded growth in shipments abroad of triethanolamine and its salts, which increased by 10% to X tons in 2021. Over the period under review, exports enjoyed a slight expansion. The pace of growth was the most pronounced in 2016 when exports increased by 211% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, triethanolamine exports rose modestly to $X in 2021. Overall, exports, however, recorded a pronounced setback. The most prominent rate of growth was recorded in 2016 with an increase of 202% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Saudi Arabia prevails in exports structure, reaching X tons, which was near 97% of total exports in 2021. The United Arab Emirates (X tons) followed a long way behind the leaders.

Saudi Arabia was also the fastest-growing in terms of the triethanolamine and its salts exports, with a CAGR of +5.6% from 2012 to 2021. The United Arab Emirates (-23.1%) illustrated a downward trend over the same period. Saudi Arabia (+31 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -31.2% from 2012 to 2021, respectively.

In value terms, Saudi Arabia ($X) remains the largest triethanolamine supplier in GCC, comprising 94% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 6% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Saudi Arabia totaled +2.7%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, dropping by -4.9% against the previous year. Overall, the export price showed a perceptible descent. The pace of growth was the most pronounced in 2013 an increase of 1.7% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-0.1%).

Triethanolamine Imports

Imports in GCC

Triethanolamine imports expanded slightly to X tons in 2021, growing by 4.1% against the previous year's figure. Overall, imports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of 304% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, triethanolamine imports reached $X in 2021. Over the period under review, imports, however, recorded a noticeable reduction. The most prominent rate of growth was recorded in 2018 when imports increased by 334%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

The United Arab Emirates was the major importing country with an import of around X tons, which reached 78% of total imports. It was distantly followed by Oman (X tons), creating a 21% share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the triethanolamine and its salts imports, with a CAGR of +28.1% from 2012 to 2021. At the same time, Oman (+13.1%) displayed positive paces of growth. While the share of the United Arab Emirates (+63 p.p.) and Oman (+8.8 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) and Oman ($X) constituted the countries with the highest levels of imports in 2021.

Among the main importing countries, the United Arab Emirates, with a CAGR of +23.9%, saw the highest growth rate of the value of imports, over the period under review.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, increasing by 4.2% against the previous year. Over the period under review, the import price, however, saw a abrupt contraction. The growth pace was the most rapid in 2017 an increase of 28% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 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 Oman ($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 Oman (+1.2%).

Source: IndexBox Platform