Saudi Arabia: Carboxylic Acid Market 2024

Carboxylic Acid Market Size in Saudi Arabia

After two years of decline, the Saudi carboxylic acid market increased by 0.9% to $X in 2021. The market value increased at an average annual rate of +1.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Carboxylic Acid Exports

Exports from Saudi Arabia

In 2021, the amount of carboxylic acid with alcohol, phenol, aldehyde or ketone functions exported from Saudi Arabia skyrocketed to X tons, growing by 162% compared with 2020. Overall, exports showed a significant expansion. The pace of growth was the most pronounced in 2017 when exports increased by 234% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in years to come.

In value terms, carboxylic acid exports soared to $X in 2021. In general, exports saw resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

India (X tons), Bahrain (X tons) and Kuwait (X tons) were the main destinations of carboxylic acid exports from Saudi Arabia, with a combined 60% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kuwait (with a CAGR of +47.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for carboxylic acid exported from Saudi Arabia were India ($X), Bahrain ($X) and Belgium ($X), with a combined 63% share of total exports. Italy, the United Arab Emirates, Kuwait and Sudan lagged somewhat behind, together accounting for a further 28%.

Kuwait, with a CAGR of +56.1%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average carboxylic acid export price amounted to $X per ton, declining by -9.1% against the previous year. In general, the export price showed a perceptible slump. The pace of growth appeared the most rapid in 2020 when the average export price increased by 95% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Bahrain ($X per ton), while the average price for exports to Kuwait ($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 the United Arab Emirates (+9.7%), while the prices for the other major destinations experienced more modest paces of growth.

Carboxylic Acid Imports

Imports into Saudi Arabia

In 2021, overseas purchases of carboxylic acid with alcohol, phenol, aldehyde or ketone functions increased by 13% to X tons, rising for the second consecutive year after two years of decline. In general, total imports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +6.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +18.5% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 78%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, carboxylic acid imports expanded modestly to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 74%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest carboxylic acid supplier to Saudi Arabia, accounting for a 68% share of total imports. Moreover, carboxylic acid imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), fivefold. The third position in this ranking was taken by Switzerland (X tons), with a 9% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +18.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-2.7% per year) and Switzerland (+4.0% per year).

In value terms, the largest carboxylic acid suppliers to Saudi Arabia were China ($X), Taiwan (Chinese) ($X) and Switzerland ($X), together accounting for 78% of total imports. These countries were followed by Singapore, the Netherlands and Germany, which together accounted for a further 7.5%.

The Netherlands, with a CAGR of +13.1%, 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 2021, the average carboxylic acid import price amounted to $X per ton, with a decrease of -8.8% against the previous year. Over the period under review, the import price saw a deep contraction. The pace of growth appeared the most rapid in 2019 when the average import price increased by 16%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was the Netherlands ($X per ton), while the price for China ($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 (-0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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