Oman: Other Chemical Products Market 2024

Other Chemical Products Market Size in Oman

The Omani other chemical products market soared to $X in 2022, with an increase of 17% against the previous year. Over the period under review, consumption saw a strong expansion. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Other Chemical Products Production in Oman

In value terms, other chemical products production soared to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of 150%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Other Chemical Products Exports

Exports from Oman

Other chemical products exports from Oman fell remarkably to X tons in 2022, declining by -43.7% on 2021. Over the period under review, exports, however, continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2021 with an increase of 834%. As a result, the exports reached the peak of X tons, and then declined significantly in the following year.

In value terms, other chemical products exports dropped rapidly to $X in 2022. In general, exports, however, posted a resilient increase. The pace of growth was the most pronounced in 2021 when exports increased by 472%. As a result, the exports reached the peak of $X, and then reduced dramatically in the following year.

Exports by Country

Saudi Arabia (X tons) was the main destination for other chemical products exports from Oman, accounting for a 52% share of total exports. Moreover, other chemical products exports to Saudi Arabia exceeded the volume sent to the second major destination, China (X tons), threefold. Singapore (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Saudi Arabia amounted to +55.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+5.3% per year) and Singapore (+38.2% per year).

In value terms, China ($X) remains the key foreign market for other chemical products exports from Oman, comprising 73% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with an 18% share of total exports. It was followed by Singapore, with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at +37.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+29.2% per year) and Singapore (+17.8% per year).

Export Prices by Country

The average other chemical products export price stood at $X per ton in 2022, with an increase of 4.3% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average export price increased by 52%. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Qatar ($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 China (+30.1%), while the prices for the other major destinations experienced a decline.

Other Chemical Products Imports

Imports into Oman

In 2022, overseas purchases of other chemical products decreased by -5.4% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports, however, saw a remarkable increase. The growth pace was the most rapid in 2017 when imports increased by 57% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then contracted in the following year.

In value terms, other chemical products imports contracted slightly to $X in 2022. Overall, total imports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +43.6% against 2014 indices. The growth pace was the most rapid in 2014 with an increase of 34%. Imports peaked at $X in 2021, and then declined modestly in the following year.

Imports by Country

The United Arab Emirates (X tons), the United States (X tons) and India (X tons) were the main suppliers of other chemical products imports to Oman, together accounting for 67% of total imports. Italy, China, Vietnam, Germany, the UK and Belgium lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +78.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Italy ($X) and India ($X) appeared to be the largest other chemical products suppliers to Oman, together accounting for 53% of total imports. The United Arab Emirates, China, Belgium, Germany, the UK and Vietnam lagged somewhat behind, together accounting for a further 37%.

China, with a CAGR of +46.9%, recorded the highest growth rate of the value of imports, in terms of the main suppliers 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 other chemical products import price amounted to $X per ton, almost unchanged from the previous year. Overall, the import price, however, saw a perceptible curtailment. The most prominent rate of growth was recorded in 2018 when the average import price increased by 52%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+8.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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