Oman: Carboxylic Acid Market 2024

Carboxylic Acid Market Size in Oman

In 2021, the Omani carboxylic acid market increased by 3.2% to $X, rising for the fifth consecutive year after two years of decline. In general, consumption recorded prominent growth. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in the near future.

Carboxylic Acid Production in Oman

In value terms, carboxylic acid production contracted to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a strong increase. The pace of growth appeared the most rapid in 2017 when the production volume increased by 466%. Over the period under review, production reached the maximum level at $X in 2020, and then declined in the following year.

Carboxylic Acid Exports

Exports from Oman

In 2021, exports of carboxylic acid with alcohol, phenol, aldehyde or ketone functions from Oman surged to X tons, growing by 158% compared with the previous year. Over the period under review, exports recorded a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, carboxylic acid exports soared to $X in 2021. In general, exports posted a strong increase. The growth pace was the most rapid in 2018 with an increase of 49% against the previous year. The exports peaked in 2021 and are likely to continue growth in years to come.

Exports by Country

Iran (X tons) was the main destination for carboxylic acid exports from Oman, with a 56% share of total exports. Moreover, carboxylic acid exports to Iran exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), fivefold. The third position in this ranking was taken by Saudi Arabia (X tons), with a 9.8% share.

From 2012 to 2021, the average annual growth rate of volume to Iran stood at +105.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+50.8% per year) and Saudi Arabia (+27.9% per year).

In value terms, Yemen ($X) remains the key foreign market for carboxylic acid with alcohol, phenol, aldehyde or ketone functions exports from Oman, comprising 43% of total exports. The second position in the ranking was held by Iran ($X), with a 20% share of total exports. It was followed by Saudi Arabia, with a 16% share.

From 2012 to 2021, the average annual growth rate of value to Yemen totaled +18.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (+112.0% per year) and Saudi Arabia (+26.3% per year).

Export Prices by Country

In 2021, the average carboxylic acid export price amounted to $X per ton, declining by -44.2% against the previous year. In general, the export price continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2020 an increase of 73%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Egypt ($X per ton), while the average price for exports to India ($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 China (+44.6%), while the prices for the other major destinations experienced more modest paces of growth.

Carboxylic Acid Imports

Imports into Oman

In 2021, approx. X tons of carboxylic acid with alcohol, phenol, aldehyde or ketone functions were imported into Oman; rising by 53% compared with 2020 figures. In general, imports continue to indicate strong growth. The most prominent rate of growth was recorded in 2014 when imports increased by 294% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, carboxylic acid imports soared to $X in 2021. Overall, imports posted a buoyant increase. The pace of growth was the most pronounced in 2014 with an increase of 360% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

China (X tons), the United Arab Emirates (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of carboxylic acid imports to Oman, with a combined 76% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +151.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Taiwan (Chinese) ($X) and the United Arab Emirates ($X) appeared to be the largest carboxylic acid suppliers to Oman, with a combined 52% share of total imports.

In terms of the main suppliers, Taiwan (Chinese), with a CAGR of +116.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average carboxylic acid import price stood at $X per ton in 2021, growing by 10% against the previous year. In general, the import price, however, continues to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2020 an increase of 49%. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was the Netherlands ($X per ton), while the price for Singapore ($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 (+11.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :