Oman: Market for Refined or Synthetic Glycerol 2024

Market Size for Refined or Synthetic Glycerol in Oman

The Omani refined or synthetic glycerol market reduced to $X in 2022, declining by -8.2% against the previous year. In general, the total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -19.3% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Refined or Synthetic Glycerol in Oman

In value terms, refined or synthetic glycerol production fell to $X in 2022 estimated in export price. Over the period under review, the total production indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -21.3% against 2019 indices. The growth pace was the most rapid in 2019 with an increase of 53% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Exports of Refined or Synthetic Glycerol

Exports from Oman

In 2022, exports of refined or synthetic glycerol from Oman surged to X tons, jumping by 42% on 2021. Overall, exports, however, continue to indicate a mild setback. The pace of growth appeared the most rapid in 2020 when exports increased by 2,207% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined or synthetic glycerol exports soared to $X in 2022. In general, exports, however, recorded a abrupt decrease. The pace of growth was the most pronounced in 2020 with an increase of 343%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

India (X tons) was the main destination for refined or synthetic glycerol exports from Oman, with a 97% share of total exports. It was followed by Yemen (X tons), with a 3.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to India stood at +240.4%.

In value terms, India ($X) emerged as the key foreign market for refined or synthetic glycerol exports from Oman, comprising 94% of total exports. The second position in the ranking was held by Yemen ($X), with a 6.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to India stood at +59.0%.

Export Prices by Country

In 2022, the average refined or synthetic glycerol export price amounted to $X per ton, dropping by -11.4% against the previous year. Over the period under review, the export price saw a perceptible reduction. The most prominent rate of growth was recorded in 2019 an increase of 339%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a lower figure.

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 Yemen ($X per ton), while the average price for exports to India totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Yemen (+5.8%).

Imports of Refined or Synthetic Glycerol

Imports into Oman

In 2022, after two years of growth, there was significant decline in purchases abroad of refined or synthetic glycerol, when their volume decreased by -11.3% to X tons. Over the period under review, imports, however, showed prominent growth. The most prominent rate of growth was recorded in 2018 with an increase of 177% against the previous year. Imports peaked at X tons in 2021, and then contracted in the following year.

In value terms, refined or synthetic glycerol imports dropped to $X in 2022. In general, imports, however, posted resilient growth. The most prominent rate of growth was recorded in 2018 when imports increased by 216% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest refined or synthetic glycerol supplier to Oman, accounting for a 58% share of total imports. Moreover, refined or synthetic glycerol imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, India (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates stood at +30.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+8.1% per year) and Malaysia (+15.2% per year).

In value terms, the United Arab Emirates ($X), India ($X) and Malaysia ($X) were the largest refined or synthetic glycerol suppliers to Oman, together accounting for 97% of total imports.

Among the main suppliers, the United Arab Emirates, with a CAGR of +27.7%, recorded the highest growth rate of 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

In 2022, the average refined or synthetic glycerol import price amounted to $X per ton, with an increase of 9.1% against the previous year. Overall, the import price, however, saw a slight descent. The pace of growth was the most pronounced in 2017 an increase of 24%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while the price for Malaysia ($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 (+3.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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