GCC: Market for Plastics in Primary Forms 2024

Market Size for Plastics in Primary Forms in GCC

The GCC plastics in primary forms market rose modestly to $X in 2023, picking up by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2022 to 2023, the growth of the market failed to regain momentum.

Production of Plastics in Primary Forms in GCC

In value terms, plastics in primary forms production expanded rapidly to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Exports of Plastics in Primary Forms

Exports in GCC

After three years of decline, shipments abroad of plastics in primary formses increased by X% to X tons in 2023. Total exports indicated a measured expansion from 2012 to 2023: its volume 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, exports decreased by X% against 2019 indices. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, plastics in primary forms exports surged to $X in 2023. Total exports indicated pronounced 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. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Saudi Arabia represented the key exporting country with an export of about X tons, which resulted at X% of total exports. It was distantly followed by the United Arab Emirates (X tons), mixing up a X% share of total exports. The following exporters - Kuwait (X tons) and Oman (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%) and Oman (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, Kuwait (X%) illustrated a downward trend over the same period. The United Arab Emirates (X p.p.) significantly strengthened its position in terms of the total exports, while Kuwait and Saudi Arabia saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) emerged as the largest plastics in primary forms supplier in GCC, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total exports. It was followed by Kuwait, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Saudi Arabia totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Kuwait (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, growing by X% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth appeared 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 2014; afterwards, it flattened through to 2023.

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

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

Imports of Plastics in Primary Forms

Imports in GCC

In 2023, approx. X tons of plastics in primary formses were imported in GCC; picking up by X% on the previous year. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2023, imports failed to regain momentum.

In value terms, plastics in primary forms imports surged to $X in 2023. Overall, imports, however, continue to indicate a relatively flat trend pattern. 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. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the main importing country with an import of around X tons, which finished at 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%), Kuwait (X%) and Qatar (X%).

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of imports of plastics in primary formses. At the same time, Bahrain (X%) and Oman (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. Qatar experienced a relatively flat trend pattern. By contrast, Kuwait (X%) and Saudi Arabia (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of the United Arab Emirates, Oman and Bahrain increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual growth rate of value in the United Arab Emirates totaled X%. 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

In 2023, the import price in GCC amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2022, and then dropped in the following year.

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

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

Source: IndexBox Platform