Oman: Alkyd Resins Market 2024

Alkyd Resins Market Size in Oman

In 2022, after two years of growth, there was significant decline in the Omani alkyd resins market, when its value decreased by -7.7% to $X. In general, consumption recorded a strong increase. Over the period under review, the market hit record highs at $X in 2021, and then shrank in the following year.

Alkyd Resins Exports

Exports from Oman

In 2022, shipments abroad of alkyd resins in primary forms was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports showed a remarkable increase. The pace of growth appeared the most rapid in 2019 with an increase of 8,807% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, alkyd resins exports declined sharply to $X in 2022. Over the period under review, exports recorded prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of 6,948% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Myanmar (X tons) was the main destination for alkyd resins exports from Oman, with a 46% share of total exports. Moreover, alkyd resins exports to Myanmar exceeded the volume sent to the second major destination, Sudan (X tons), more than tenfold. The third position in this ranking was held by Yemen (X tons), with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Myanmar was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Sudan (-12.4% per year) and Yemen (-18.0% per year).

In value terms, Myanmar ($X) emerged as the key foreign market for alkyd resins in primary forms exports from Oman, comprising 48% of total exports. The second position in the ranking was taken by Yemen ($X), with a 3.1% share of total exports. It was followed by Sudan, with a 1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Myanmar was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Yemen (-14.3% per year) and Sudan (-24.0% per year).

Export Prices by Country

In 2022, the average alkyd resins export price amounted to $X per ton, waning by -32% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 97%. As a result, the export price reached the peak level of $X per ton, and then reduced notably in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Sudan ($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 Yemen (+4.5%), while the prices for the other major destinations experienced a decline.

Alkyd Resins Imports

Imports into Oman

In 2022, approx. X tons of alkyd resins in primary forms were imported into Oman; surging by 5.4% against 2021 figures. Overall, imports recorded a prominent expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 101%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, alkyd resins imports reduced to $X in 2022. Over the period under review, imports enjoyed a resilient increase. The pace of growth appeared the most rapid in 2020 with an increase of 61% against the previous year. Imports peaked at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest supplier of alkyd resins to Oman, with a 80% share of total imports. Moreover, alkyd resins imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Kuwait (X tons), sevenfold. The third position in this ranking was taken by India (X tons), with a 3.6% share.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates amounted to +15.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Kuwait (+34.1% per year) and India (-2.8% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of alkyd resins in primary forms to Oman, comprising 75% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 15% share of total imports. It was followed by India, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of value from the United Arab Emirates totaled +10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Kuwait (+31.6% per year) and India (-4.4% per year).

Import Prices by Country

The average alkyd resins import price stood at $X per ton in 2022, reducing by -17.9% against the previous year. In general, the import price recorded a perceptible reduction. The growth pace was the most rapid in 2021 an increase of 52%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-1.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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