Kuwait: Market for Synthetic Organic Tanning Substances 2024

Market Size for Synthetic Organic Tanning Substances in Kuwait

The Kuwaiti synthetic organic tanning substances market reduced notably to $X in 2021, with a decrease of -60.8% against the previous year. In general, consumption showed a deep slump. Synthetic organic tanning substances consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Synthetic Organic Tanning Substances in Kuwait

In value terms, synthetic organic tanning substances production declined modestly to $X in 2021 estimated in export price. Over the period under review, production saw a mild contraction. The growth pace was the most rapid in 2014 when the production volume increased by 58%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Exports of Synthetic Organic Tanning Substances

Exports from Kuwait

In 2021, overseas shipments of synthetic organic tanning substances increased by 459% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports recorded significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, synthetic organic tanning substances exports surged to $X in 2021. In general, exports posted a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Iraq (X tons) and Saudi Arabia (X tons) were the main destinations of synthetic organic tanning substances exports from Kuwait.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of +178.7%).

In value terms, Iraq ($X) emerged as the key foreign market for synthetic organic tanning substances exports from Kuwait, comprising 74% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 26% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Iraq stood at +47.7%.

Export Prices by Country

The average synthetic organic tanning substances export price stood at $X per ton in 2021, waning by -10.7% against the previous year. Over the period under review, the export price showed a pronounced slump. The most prominent rate of growth was recorded in 2014 when the average export price increased by 81% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Iraq ($X per ton), while the average price for exports to Saudi Arabia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Iraq (+1.8%).

Imports of Synthetic Organic Tanning Substances

Imports into Kuwait

For the fourth year in a row, Kuwait recorded decline in supplies from abroad of synthetic organic tanning substances, which decreased by -55.6% to X tons in 2021. Over the period under review, imports faced a sharp decrease. The most prominent rate of growth was recorded in 2017 when imports increased by 178%. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, synthetic organic tanning substances imports shrank dramatically to $X in 2021. In general, imports faced a abrupt decrease. The pace of growth appeared the most rapid in 2017 with an increase of 261%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Turkey (X tons), Spain (X tons) and Saudi Arabia (X tons) were the main suppliers of synthetic organic tanning substances imports to Kuwait, with a combined 81% share of total imports. The United Arab Emirates, Germany and India lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +22.6%), while imports for the other leaders experienced a decline.

In value terms, the largest synthetic organic tanning substances suppliers to Kuwait were the United Arab Emirates ($X), Turkey ($X) and Saudi Arabia ($X), together accounting for 66% of total imports. Germany, India and Spain lagged somewhat behind, together accounting for a further 32%.

Germany, with a CAGR of +16.3%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average synthetic organic tanning substances import price stood at $X per ton in 2021, standing approx. at the previous year. Overall, import price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, synthetic organic tanning substances import price decreased by -1.5% against 2019 indices. The most prominent rate of growth was recorded in 2017 an increase of 30% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was the United Arab Emirates ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+14.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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