Kuwait: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Kuwait

In 2022, the Kuwaiti monocarboxylic acid market decreased by 99.9% to less than $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption, however, continues to indicate a tangible increase. Monocarboxylic acid consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Monocarboxylic Acid Production in Kuwait

In value terms, monocarboxylic acid production totaled $X in 2022 estimated in export price. Over the period under review, the total production indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.8% against 2019 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 28% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Monocarboxylic Acid Exports

Exports from Kuwait

In 2021, approx. X tons of acrylic acid and its salts and other monocarboxylic acid were exported from Kuwait; remaining constant against 2020 figures. In general, exports recorded significant growth. The smallest decline of 99.9% was in 2020. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, monocarboxylic acid exports totaled $X in 2021. Overall, exports saw significant growth. The smallest decline of 99.9% was in 2020. Over the period under review, the exports attained the maximum in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Turkey (X tons) was the main destination for monocarboxylic acid exports from Kuwait, accounting for a approx. 100% share of total exports.

From 2015 to 2021, the average annual growth rate of volume to Turkey was relatively modest.

From 2015 to 2021, the average annual growth rate of value to Turkey was relatively modest.

Export Prices by Country

The average monocarboxylic acid export price stood at $X per ton in 2021, approximately reflecting the previous year. Over the period under review, the export price continues to indicate a perceptible increase. The pace of growth appeared the most rapid in 2020 a decrease of 99.9% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Turkey.

From 2015 to 2021, the rate of growth in terms of prices for Turkey amounted to 0.0% per year.

Monocarboxylic Acid Imports

Imports into Kuwait

In 2022, purchases abroad of acrylic acid and its salts and other monocarboxylic acid decreased by -78.8% to X tons, falling for the third year in a row after three years of growth. Overall, imports showed a drastic downturn. The growth pace was the most rapid in 2017 when imports increased by 261% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, monocarboxylic acid imports fell markedly to $X in 2022. Over the period under review, imports saw a deep reduction. The pace of growth was the most pronounced in 2017 with an increase of 235% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest monocarboxylic acid supplier to Kuwait, accounting for a 82% share of total imports. Moreover, monocarboxylic acid imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), tenfold. The United States (X tons) ranked third in terms of total imports with a 5.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates stood at -10.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (-15.1% per year) and the United States (-15.3% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to Kuwait, comprising 87% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 7.9% share of total imports. It was followed by the United States, with a 0.9% share.

From 2012 to 2022, the average annual growth rate of value from the United Arab Emirates was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (-3.5% per year) and the United States (-16.7% per year).

Import Prices by Country

The average monocarboxylic acid import price stood at $X per ton in 2022, jumping by 81% against the previous year. Over the period under review, the import price posted resilient growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+13.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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