Oman: Acetic Acid Market 2024

Acetic Acid Market Size in Oman

In 2021, the Omani acetic acid market increased by 14% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption showed a measured expansion. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Acetic Acid Production in Oman

In value terms, acetic acid production surged to $X in 2021 estimated in export price. Overall, production recorded pronounced growth. The pace of growth appeared the most rapid in 2015 when the production volume increased by 84% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Acetic Acid Exports

Exports from Oman

In 2021, overseas shipments of acetic acid increased by 142% to X tons, rising for the third consecutive year after six years of decline. In general, exports, however, faced a sharp reduction. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, acetic acid exports expanded remarkably to $X in 2021. Overall, exports, however, showed a sharp downturn. The pace of growth appeared the most rapid in 2019 when exports increased by 20% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

India (X tons) was the main destination for acetic acid exports from Oman, with a 99% share of total exports. It was followed by Yemen (X kg), with a 0.6% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to India totaled +23.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Yemen (-30.5% per year) and Qatar (-42.5% per year).

In value terms, India ($X) remains the key foreign market for acetic acid exports from Oman, comprising 98% of total exports. The second position in the ranking was held by Yemen ($X), with a 0.9% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to India totaled +12.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Yemen (-35.5% per year) and Qatar (-37.6% per year).

Export Prices by Country

In 2021, the average acetic acid export price amounted to $X per ton, shrinking by -53.1% against the previous year. In general, the export price recorded a abrupt setback. The pace of growth appeared the most rapid in 2017 an increase of 28% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to India ($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 (+8.5%), while the prices for the other major destinations experienced a decline.

Acetic Acid Imports

Imports into Oman

In 2021, purchases abroad of acetic acid increased by 9.4% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, recorded a slight curtailment. The most prominent rate of growth was recorded in 2014 when imports increased by 92%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, acetic acid imports soared to $X in 2021. Over the period under review, imports recorded pronounced growth. The most prominent rate of growth was recorded in 2014 with an increase of 89% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, India (X tons) constituted the largest acetic acid supplier to Oman, accounting for a 53% share of total imports. Moreover, acetic acid imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was held by the United Arab Emirates (X tons), with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from India amounted to +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+22.9% per year) and the United Arab Emirates (-8.8% per year).

In value terms, India ($X) constituted the largest supplier of acetic acid to Oman, comprising 57% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 20% share of total imports. It was followed by China, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from India amounted to +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-4.3% per year) and China (+19.2% per year).

Import Prices by Country

The average acetic acid import price stood at $X per ton in 2021, jumping by 58% against the previous year. Overall, import price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, acetic acid import price increased by +81.9% against 2017 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for China ($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 Netherlands (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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