GCC: Cyclic Hydrocarbons Market 2024

Cyclic Hydrocarbons Market Size in GCC

The GCC cyclic hydrocarbons market dropped dramatically to $X in 2023, reducing by X% against the previous year. Over the period under review, consumption recorded a pronounced setback. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2023, consumption failed to regain momentum.

Cyclic Hydrocarbons Production in GCC

In value terms, cyclic hydrocarbons production expanded to $X in 2023 estimated in export price. In general, production continues to indicate a perceptible contraction. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2023, production stood at a somewhat lower figure.

Cyclic Hydrocarbons Exports

Exports in GCC

In 2023, shipments abroad of cyclic hydrocarbons was finally on the rise to reach X tons after three years of decline. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2020 to 2023, the growth of the exports remained at a lower figure.

In value terms, cyclic hydrocarbons exports reduced to $X in 2023. Overall, exports, however, recorded a perceptible setback. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2023, the exports remained at a lower figure.

Exports by Country

In 2023, Saudi Arabia (X tons) represented the major exporter of cyclic hydrocarbons, creating X% of total exports. It was distantly followed by Oman (X tons), achieving a X% share of total exports. The following exporters - the United Arab Emirates (X tons) and Kuwait (X tons) - together made up X% of total exports.

Exports from Saudi Arabia increased at an average annual rate of X% from 2012 to 2023. At the same time, the United Arab Emirates (X%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2023. By contrast, Oman (X%) and Kuwait (X%) illustrated a downward trend over the same period. While the share of Saudi Arabia (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Oman (X p.p.) and Kuwait (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest cyclic hydrocarbons supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Oman ($X), with an X% share of total exports. It was followed by the United Arab Emirates, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Saudi Arabia amounted to X%. In the other countries, the average annual rates were as follows: Oman (X% per year) and the United Arab Emirates (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, shrinking by X% against the previous year. Overall, the export price continues to indicate a pronounced curtailment. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2023, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in the United Arab Emirates ($X per ton) and Saudi Arabia ($X per ton), while Oman ($X per ton) and Kuwait ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the other leaders experienced a decline in the export price figures.

Cyclic Hydrocarbons Imports

Imports in GCC

In 2023, after four years of decline, there was significant growth in supplies from abroad of cyclic hydrocarbons, when their volume increased by X% to X tons. Over the period under review, imports, however, recorded a noticeable curtailment. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2023, imports stood at a somewhat lower figure.

In value terms, cyclic hydrocarbons imports skyrocketed to $X in 2023. Overall, imports, however, recorded a abrupt curtailment. The level of import peaked at $X in 2018; however, from 2019 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, Saudi Arabia (X tons) represented the key importer of cyclic hydrocarbons, generating X% of total imports. Kuwait (X tons) took the second position in the ranking, followed by the United Arab Emirates (X tons). All these countries together took near X% share of total imports.

Imports into Saudi Arabia decreased at an average annual rate of X% from 2012 to 2023. At the same time, Kuwait (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. By contrast, the United Arab Emirates (X%) illustrated a downward trend over the same period. Kuwait (X p.p.) and the United Arab Emirates (X p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, the largest cyclic hydrocarbons importing markets in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X), with a combined X% share of total imports.

Among the main importing countries, Kuwait, with a CAGR of X%, 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 a decline in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, shrinking by X% against the previous year. Over the period under review, the import price saw a mild decrease. The pace of growth appeared the most rapid in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2023, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform