United Arab Emirates: Polyethylene Glycol Wax Market 2022

Polyethylene Glycol Wax Market Size in the United Arab Emirates

In 2021, the polyethylene glycol wax market in the United Arab Emirates increased by 15% to $X, rising for the third consecutive year after two years of decline. In general, consumption continues to indicate strong growth. Over the period under review, the market hit record highs in 2021 and is likely to see gradual growth in years to come.

Polyethylene Glycol Wax Exports

Exports from the United Arab Emirates

In 2021, shipments abroad of artificial and prepared waxes of polyethylene glycol decreased by -89.5% to X tons for the first time since 2017, thus ending a three-year rising trend. Over the period under review, exports recorded a perceptible setback. The pace of growth appeared the most rapid in 2014 with an increase of 269% against the previous year. The exports peaked at X tons in 2020, and then shrank significantly in the following year.

In value terms, polyethylene glycol wax exports dropped markedly to $X in 2021. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 165% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Pakistan (X tons) was the main destination for polyethylene glycol wax exports from the United Arab Emirates, accounting for a 68% share of total exports. Moreover, polyethylene glycol wax exports to Pakistan exceeded the volume sent to the second major destination, Oman (X tons), eightfold. Nigeria (X tons) ranked third in terms of total exports with a 7.4% share.

From 2012 to 2021, the average annual growth rate of volume to Pakistan stood at +113.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Oman (-19.9% per year) and Nigeria (-20.7% per year).

In value terms, Pakistan ($X) remains the key foreign market for polyethylene glycol wax exports from the United Arab Emirates, comprising 45% of total exports. The second position in the ranking was taken by Mexico ($X), with a 12% share of total exports. It was followed by Saudi Arabia, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Pakistan amounted to +89.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (0.0% per year) and Saudi Arabia (0.0% per year).

Export Prices by Country

The average polyethylene glycol wax export price stood at $X per ton in 2021, growing by 147% against the previous year. Over the period under review, the export price saw a noticeable expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Oman ($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 Iran (+42.6%), while the prices for the other major destinations experienced mixed trend patterns.

Polyethylene Glycol Wax Imports

Imports into the United Arab Emirates

For the fifth year in a row, the United Arab Emirates recorded growth in purchases abroad of artificial and prepared waxes of polyethylene glycol, which increased by 0.6% to X tons in 2021. In general, imports continue to indicate a significant increase. The pace of growth was the most pronounced in 2019 with an increase of 371% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the near future.

In value terms, polyethylene glycol wax imports surged to $X in 2021. Overall, imports saw a significant increase. The pace of growth appeared the most rapid in 2018 with an increase of 321% against the previous year. Imports peaked in 2021 and are likely to continue growth in the immediate term.

Imports by Country

In 2021, South Korea (X tons) constituted the largest polyethylene glycol wax supplier to the United Arab Emirates, accounting for a 84% share of total imports. Moreover, polyethylene glycol wax imports from South Korea exceeded the figures recorded by the second-largest supplier, Russia (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea stood at +102.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+163.5% per year) and Democratic People's Republic of Korea (0.0% per year).

In value terms, South Korea ($X) constituted the largest supplier of polyethylene glycol wax to the United Arab Emirates, comprising 81% of total imports. The second position in the ranking was held by Russia ($X), with a 4.1% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from South Korea totaled +94.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+139.4% per year) and Democratic People's Republic of Korea (0.0% per year).

Import Prices by Country

In 2021, the average polyethylene glycol wax import price amounted to $X per ton, picking up by 32% against the previous year. In general, the import price, however, showed a abrupt shrinkage. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was South Korea ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (-4.0%).

Source: IndexBox Market Intelligence Platform

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