Kuwait: Polyethylene Glycol Wax Market 2024

Polyethylene Glycol Wax Market Size in Kuwait

In 2021, the Kuwaiti polyethylene glycol wax market increased by 19% to $X, rising for the fifth consecutive year after two years of decline. Overall, the total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +8.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +76.8% against 2016 indices. Polyethylene glycol wax consumption peaked in 2021 and is likely to continue growth in years to come.

Polyethylene Glycol Wax Production in Kuwait

In value terms, polyethylene glycol wax production declined slightly to $X in 2021 estimated in export price. Over the period under review, production posted a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of 76% against the previous year. Polyethylene glycol wax production peaked at $X in 2020, and then fell in the following year.

Polyethylene Glycol Wax Exports

Exports from Kuwait

In 2021, the amount of artificial and prepared waxes of polyethylene glycol exported from Kuwait declined remarkably to X tons, shrinking by -94.2% compared with the previous year. In general, exports continue to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2015 with an increase of 3,312%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, polyethylene glycol wax exports declined markedly to $X in 2021. Overall, exports, however, enjoyed measured growth. The growth pace was the most rapid in 2015 with an increase of 2,201% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons), Qatar (X tons) and Saudi Arabia (X tons) were the main destinations of polyethylene glycol wax exports from Kuwait, with a combined 98% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of +22.0%), while the other leaders experienced a decline.

In value terms, Saudi Arabia ($X) emerged as the key foreign market for artificial and prepared waxes of polyethylene glycol exports from Kuwait, comprising 52% of total exports. The second position in the ranking was held by Qatar ($X), with a 21% share of total exports. It was followed by the United Arab Emirates, with a 20% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Saudi Arabia totaled -83.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (-2.0% per year) and the United Arab Emirates (-0.8% per year).

Export Prices by Country

The average polyethylene glycol wax export price stood at $X per ton in 2021, jumping by 107% against the previous year. Overall, the export price enjoyed resilient growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+47.4%), while the prices for the other major destinations experienced more modest paces of growth.

Polyethylene Glycol Wax Imports

Imports into Kuwait

For the third consecutive year, Kuwait recorded decline in purchases abroad of artificial and prepared waxes of polyethylene glycol, which decreased by -79.5% to X kg in 2021. Over the period under review, imports continue to indicate a dramatic setback. The pace of growth appeared the most rapid in 2015 with an increase of 216%. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, polyethylene glycol wax imports declined sharply to $X in 2021. In general, imports continue to indicate a dramatic slump. The most prominent rate of growth was recorded in 2013 with an increase of 193% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Italy (X kg), France (X kg) and Jordan (X kg) were the main suppliers of polyethylene glycol wax imports to Kuwait, together comprising 63% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +26.4%), while imports for the other leaders experienced mixed trend patterns.

In value terms, France ($X), Italy ($X) and China ($X) constituted the largest polyethylene glycol wax suppliers to Kuwait, together accounting for 68% of total imports.

In terms of the main suppliers, France, with a CAGR of +20.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average polyethylene glycol wax import price stood at $X per ton in 2021, growing by 11% against the previous year. In general, the import price saw a strong increase. The pace of growth appeared the most rapid in 2016 when the average import price increased by 77% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was France ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+18,056.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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