GCC: Epoxide Resin Market 2024

Epoxide Resin Market Size in GCC

The GCC epoxide resin market skyrocketed to $X in 2023, growing by X% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2022 to 2023, the growth of the market failed to regain momentum.

Epoxide Resin Production in GCC

In value terms, epoxide resin production rose sharply to $X in 2023 estimated in export price. Overall, production, however, showed a pronounced setback. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Epoxide Resin Exports

Exports in GCC

In 2023, overseas shipments of epoxide resins increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. Overall, exports, however, saw a pronounced curtailment. The pace of growth was the most pronounced in 2014 when exports increased by X%. The volume of export peaked at X tons in 2017; however, from 2018 to 2023, the exports remained at a lower figure.

In value terms, epoxide resin exports expanded notably to $X in 2023. In general, exports, however, continue to indicate a slight contraction. The growth pace was the most rapid in 2017 with an increase of X%. The level of export peaked at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) dominates exports structure, together committing X% of total exports. Oman (X tons) held a little share of total exports.

From 2012 to 2023, the biggest increases were recorded for Oman (with a CAGR of X%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X) appeared to be the countries with the highest levels of exports in 2023, with a combined X% share of total exports.

Among the main exporting countries, Oman, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, standing approx. at the previous year. Export price indicated a notable increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, epoxide resin export price increased by X% against 2020 indices. 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 hit record highs at $X per ton in 2022, and then reduced modestly in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($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 export price figures.

Epoxide Resin Imports

Imports in GCC

In 2023, imports of epoxide resins in GCC surged to X tons, jumping by X% against the previous year. Over the period under review, imports saw slight growth. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, epoxide resin imports skyrocketed to $X in 2023. Total imports indicated moderate growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports remained at a lower figure.

Imports by Country

The United Arab Emirates represented the key importing country with an import of about X tons, which amounted to X% of total imports. Saudi Arabia (X tons) ranks second in terms of the total imports with a X% share, followed by Oman (X%), Bahrain (X%) and Qatar (X%). Kuwait (X tons) followed a long way behind the leaders.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of imports of epoxide resins. At the same time, Bahrain (X%), Oman (X%) and Kuwait (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. Saudi Arabia experienced a relatively flat trend pattern. By contrast, Qatar (X%) illustrated a downward trend over the same period. Oman (X p.p.) and Bahrain (X p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates, Qatar and Saudi Arabia saw its share reduced by X%, X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported epoxide resins in GCC, comprising X% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a X% share of total imports. It was followed by Oman, with a X% share.

In the United Arab Emirates, epoxide resin imports increased at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (X% per year) and Oman (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, rising by X% against the previous year. Over the last eleven years, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, import prices attained the maximum in 2023 and is likely to see steady growth in years to come.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Oman (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform