Oman: Market for Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate) 2024

Market Size for Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate) in Oman

After four years of growth, the Omani market for acrylic polymers, in primary forms (excluding polymethyl methacrylate) decreased by -32.8% to $X in 2021. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2020, and then declined remarkably in the following year.

Exports of Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate)

Exports from Oman

In 2021, overseas shipments of acrylic polymers, in primary forms (excluding polymethyl methacrylate) decreased by -1.1% to X tons for the first time since 2017, thus ending a three-year rising trend. In general, exports, however, enjoyed significant growth. The growth pace was the most rapid in 2018 when exports increased by 3,269% against the previous year. The exports peaked at X tons in 2020, and then fell slightly in the following year.

In value terms, exports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) expanded significantly to $X in 2021. Over the period under review, exports, however, saw a significant expansion. The pace of growth was the most pronounced in 2018 with an increase of 5,664%. Over the period under review, the exports of attained the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

The United States (X tons) was the main destination for exports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) from Oman, with a 85% share of total exports. Moreover, exports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) to the United States exceeded the volume sent to the second major destination, Iran (X tons), sevenfold. Yemen (X tons) ranked third in terms of total exports with a 1.6% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +76.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (-16.1% per year) and Yemen (+33.1% per year).

In value terms, the United States ($X) remains the key foreign market for acrylic polymers, in primary forms (excluding polymethyl methacrylate) exports from Oman, comprising 88% of total exports. The second position in the ranking was held by Iran ($X), with an 8.3% share of total exports. It was followed by India, with a 1.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +63.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (-22.9% per year) and India (+12.2% per year).

Export Prices by Country

In 2021, the average export price for acrylic polymers, in primary forms (excluding polymethyl methacrylate) amounted to $X per ton, growing by 11% against the previous year. Overall, the export price, however, recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2018 when the average export price increased by 71% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Yemen ($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 India (+1.0%), while the prices for the other major destinations experienced a decline.

Imports of Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate)

Imports into Oman

After four years of growth, purchases abroad of acrylic polymers, in primary forms (excluding polymethyl methacrylate) decreased by -32.6% to X tons in 2021. Overall, imports, however, posted a resilient increase. The pace of growth was the most pronounced in 2019 with an increase of 72%. Imports peaked at X tons in 2020, and then fell markedly in the following year.

In value terms, imports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) fell notably to $X in 2021. Over the period under review, imports, however, saw perceptible growth. The most prominent rate of growth was recorded in 2019 when imports increased by 46%. Imports peaked at $X in 2020, and then plummeted in the following year.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest acrylic polymers, in primary forms (excluding polymethyl methacrylate) supplier to Oman, with a 69% share of total imports. Moreover, imports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, China (X tons), ninefold. India (X tons) ranked third in terms of total imports with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates stood at +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+42.7% per year) and India (-15.0% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of acrylic polymers, in primary forms (excluding polymethyl methacrylate) to Oman, comprising 58% of total imports. The second position in the ranking was taken by China ($X), with a 7.8% share of total imports. It was followed by South Korea, with a 6.8% share.

From 2012 to 2021, the average annual growth rate of value from the United Arab Emirates stood at +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+34.8% per year) and South Korea (+9.2% per year).

Import Prices by Country

In 2021, the average import price for acrylic polymers, in primary forms (excluding polymethyl methacrylate) amounted to $X per ton, picking up by 9.2% against the previous year. Overall, the import price, however, showed a pronounced decrease. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a 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 South Korea ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+10.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform