Saudi Arabia: Crude Glycerol Market 2024

Crude Glycerol Market Size in Saudi Arabia

The Saudi crude glycerol market shrank dramatically to $X in 2021, waning by -18.7% against the previous year. Over the period under review, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Crude Glycerol Production in Saudi Arabia

In value terms, crude glycerol production declined significantly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a modest increase. The most prominent rate of growth was recorded in 2017 when the production volume increased by 153%. Crude glycerol production peaked at $X in 2020, and then fell significantly in the following year.

Crude Glycerol Exports

Exports from Saudi Arabia

In 2021, approx. X tons of crude glycerol, glycerine waters and lyes were exported from Saudi Arabia; dropping by -18.2% compared with the year before. Overall, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2015 when exports increased by 3,742%. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, crude glycerol exports fell notably to $X in 2021. Over the period under review, exports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2015 when exports increased by 3,980%. Over the period under review, the exports attained the maximum at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Jordan (X tons) was the main destination for crude glycerol exports from Saudi Arabia, with a 58% share of total exports. Moreover, crude glycerol exports to Jordan exceeded the volume sent to the second major destination, South Africa (X tons), twofold. India (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Jordan stood at +33.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (+36.6% per year) and India (-25.9% per year).

In value terms, Jordan ($X), South Africa ($X) and the United Arab Emirates ($X) appeared to be the largest markets for crude glycerol exported from Saudi Arabia worldwide, together accounting for 96% of total exports.

Among the main countries of destination, the United Arab Emirates, with a CAGR of +43.2%, saw the highest growth rate of the value of exports, 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 crude glycerol export price amounted to $X per ton, with a decrease of -9.7% against the previous year. In general, the export price, however, showed a pronounced expansion. The most prominent rate of growth was recorded in 2020 an increase of 111% against the previous year. As a result, the export price reached the peak level of $X per ton, and then dropped in the following year.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to India ($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 the United Arab Emirates (+12.8%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Glycerol Imports

Imports into Saudi Arabia

In 2020, overseas purchases of crude glycerol, glycerine waters and lyes decreased by -33.3% to X tons for the first time since 2017, thus ending a two-year rising trend. In general, total imports indicated a mild expansion from 2018 to 2020: its volume increased at an average annual rate of +1.4% over the last two years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, imports increased by +2.9% against 2018 indices. The pace of growth appeared the most rapid in 2019 when imports increased by 54%. As a result, imports reached the peak of X tons, and then fell significantly in the following year.

In value terms, crude glycerol imports fell significantly to $X in 2020. Over the period under review, imports continue to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 22%. As a result, imports attained the peak of $X, and then contracted markedly in the following year.

Imports by Country

In 2020, the United States (X tons) was the main crude glycerol supplier to Saudi Arabia, accounting for a 90% share of total imports. It was followed by Denmark (X tons), with a 2.8% share of total imports.

From 2018 to 2020, the average annual growth rate of volume from the United States totaled -3.6%.

In value terms, the United States ($X) constituted the largest supplier of crude glycerol, glycerine waters and lyes to Saudi Arabia, comprising 79% of total imports. The second position in the ranking was taken by Denmark ($X), with a 16% share of total imports.

From 2018 to 2020, the average annual growth rate of value from the United States totaled -14.9%.

Import Prices by Country

In 2020, the average crude glycerol import price amounted to $X per ton, increasing by 12% against the previous year. Overall, the import price, however, saw a deep reduction. The import price peaked at $X per ton in 2018; however, from 2019 to 2020, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2020, amid the top importers, the country with the highest price was Denmark ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2018 to 2020, the most notable rate of growth in terms of prices was attained by Denmark (+5.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :