Kuwait: Carbon Dioxide Market 2024

Carbon Dioxide Market Size in Kuwait

The Kuwaiti carbon dioxide market skyrocketed to $X in 2022, increasing by 65% against the previous year. Overall, consumption, however, saw a pronounced contraction. Carbon dioxide consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Carbon Dioxide Production in Kuwait

In value terms, carbon dioxide production expanded slightly to $X in 2022 estimated in export price. Overall, production saw a resilient expansion. The growth pace was the most rapid in 2016 when the production volume increased by 55% against the previous year. Carbon dioxide production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Carbon Dioxide Exports

Exports from Kuwait

In 2022, shipments abroad of carbon dioxide decreased by -11.1% to X tons for the first time since 2014, thus ending a seven-year rising trend. Overall, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 512% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank in the following year.

In value terms, carbon dioxide exports contracted to $X in 2022. In general, exports, however, showed a significant increase. The pace of growth appeared the most rapid in 2013 when exports increased by 659%. Over the period under review, the exports attained the maximum at $X in 2021, and then shrank in the following year.

Exports by Country

Saudi Arabia (X tons) was the main destination for carbon dioxide exports from Kuwait, with a 50% share of total exports. Moreover, carbon dioxide exports to Saudi Arabia exceeded the volume sent to the second major destination, Iraq (X tons), threefold. Jordan (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Saudi Arabia stood at +54.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (+34.8% per year) and Jordan (+45.7% per year).

In value terms, Saudi Arabia ($X) remains the key foreign market for carbon dioxide exports from Kuwait, comprising 51% of total exports. The second position in the ranking was held by Iraq ($X), with a 19% share of total exports. It was followed by Jordan, with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Saudi Arabia amounted to +35.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (+33.6% per year) and Jordan (+36.2% per year).

Export Prices by Country

The average carbon dioxide export price stood at $X per ton in 2022, leveling off at the previous year. Over the period under review, the export price saw a deep downturn. The most prominent rate of growth was recorded in 2013 when the average export price increased by 24%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Jordan ($X per ton), while the average price for exports to Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Iraq (-0.8%), while the prices for the other major destinations experienced a decline.

Carbon Dioxide Imports

Imports into Kuwait

In 2022, after four years of growth, there was significant decline in purchases abroad of carbon dioxide, when their volume decreased by -6.8% to X tons. Overall, imports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2018 when imports increased by 486% against the previous year. Imports peaked at X tons in 2021, and then dropped in the following year.

In value terms, carbon dioxide imports reduced to $X in 2022. In general, imports, however, recorded a tangible expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 157%. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Saudi Arabia (X tons) was the main carbon dioxide supplier to Kuwait, with a 97% share of total imports. It was followed by Bahrain (X tons), with a 2.2% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Saudi Arabia amounted to +54.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Bahrain (-5.1% per year) and the United Arab Emirates (-36.8% per year).

In value terms, Saudi Arabia ($X) constituted the largest supplier of carbon dioxide to Kuwait, comprising 67% of total imports. The second position in the ranking was held by Bahrain ($X), with an 18% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Saudi Arabia amounted to +38.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Bahrain (+17.0% per year) and the United Arab Emirates (-26.4% per year).

Import Prices by Country

In 2022, the average carbon dioxide import price amounted to $X per ton, which is down by -7.4% against the previous year. Over the period under review, the import price showed a abrupt setback. The most prominent rate of growth was recorded in 2017 when the average import price increased by 76%. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices failed to regain momentum.

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 ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+23.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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