Kuwait: Market for Industrial Monocarboxylic Fatty Acids 2024

Market Size for Industrial Monocarboxylic Fatty Acids in Kuwait

The Kuwaiti industrial monocarboxylic fatty acids market rose sharply to $X in 2021, picking up by 15% against the previous year. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +9.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Industrial monocarboxylic fatty acids consumption peaked in 2021 and is likely to continue growth in years to come.

Production of Industrial Monocarboxylic Fatty Acids in Kuwait

In value terms, industrial monocarboxylic fatty acids production skyrocketed to $X in 2021 estimated in export price. In general, production, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2013 when the production volume increased by 49%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Industrial Monocarboxylic Fatty Acids

Exports from Kuwait

In 2021, after two years of decline, there was significant growth in overseas shipments of industrial monocarboxylic fatty acids, when their volume increased by 337% to X tons. In general, exports, however, saw a abrupt downturn. The pace of growth was the most pronounced in 2018 when exports increased by 1,340% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, industrial monocarboxylic fatty acids exports surged to $X in 2021. Overall, exports, however, showed a deep contraction. The most prominent rate of growth was recorded in 2018 when exports increased by 1,426% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Qatar (X tons) was the main destination for industrial monocarboxylic fatty acids exports from Kuwait, accounting for a 84% share of total exports. Moreover, industrial monocarboxylic fatty acids exports to Qatar exceeded the volume sent to the second major destination, India (X tons), sixfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Qatar amounted to +7.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (0.0% per year) and Pakistan (-48.1% per year).

In value terms, Qatar ($X) remains the key foreign market for industrial monocarboxylic fatty acids exports from Kuwait, comprising 89% of total exports. The second position in the ranking was held by India ($X), with a 10% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Qatar stood at +20.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (0.0% per year) and Pakistan (-50.5% per year).

Export Prices by Country

In 2021, the average industrial monocarboxylic fatty acids export price amounted to $X per ton, surging by 19% against the previous year. Overall, the export price recorded a prominent expansion. The most prominent rate of growth was recorded in 2017 when the average export price increased by 49%. The export price peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to Pakistan ($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 Qatar (+12.2%), while the prices for the other major destinations experienced a decline.

Imports of Industrial Monocarboxylic Fatty Acids

Imports into Kuwait

In 2021, purchases abroad of industrial monocarboxylic fatty acids increased by 35% to X tons, rising for the fourth consecutive year after three years of decline. Over the period under review, imports, however, faced a deep setback. The growth pace was the most rapid in 2018 when imports increased by 348%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, industrial monocarboxylic fatty acids imports soared to $X in 2021. Overall, imports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2018 with an increase of 331% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Saudi Arabia (X tons) constituted the largest supplier of industrial monocarboxylic fatty acids to Kuwait, accounting for a 73% share of total imports. Moreover, industrial monocarboxylic fatty acids imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, Belgium (X tons), sevenfold. Italy (X tons) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2021, the average annual growth rate of volume from Saudi Arabia amounted to -13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+33.7% per year) and Italy (+19.0% per year).

In value terms, Saudi Arabia ($X) constituted the largest supplier of industrial monocarboxylic fatty acids to Kuwait, comprising 76% of total imports. The second position in the ranking was held by Belgium ($X), with an 8.3% share of total imports. It was followed by Italy, with a 6.7% share.

From 2012 to 2021, the average annual growth rate of value from Saudi Arabia totaled -13.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+24.7% per year) and Italy (+14.8% per year).

Import Prices by Country

In 2021, the average industrial monocarboxylic fatty acids import price amounted to $X per ton, rising by 13% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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 Italy ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+2.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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