GCC: Artificial Staple Fibre Market 2024

Artificial Staple Fibre Market Size in GCC

The GCC artificial staple fibre market shrank dramatically to $X in 2021, falling by -27.8% against the previous year. Overall, consumption showed a abrupt curtailment. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Artificial Staple Fibre Production in GCC

In value terms, artificial staple fibre production contracted notably to $X in 2021 estimated in export price. In general, production recorded a pronounced descent. The growth pace was the most rapid in 2020 with an increase of 78% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Artificial Staple Fibre Exports

Exports in GCC

For the third year in a row, GCC recorded growth in shipments abroad of artificial staple fibres, which increased by 7.8% to X tons in 2021. Over the period under review, exports showed a prominent expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 292%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, artificial staple fibre exports soared to $X in 2021. In general, exports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 274% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates was the key exporter of artificial staple fibres in GCC, with the volume of exports finishing at X tons, which was near 70% of total exports in 2021. It was distantly followed by Saudi Arabia (X tons), making up a 30% share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +5.0% from 2012 to 2021. At the same time, Saudi Arabia (+39.0%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of +39.0% from 2012-2021. While the share of Saudi Arabia (+27 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-26.7 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) and Saudi Arabia ($X) appeared to be the countries with the highest levels of exports in 2021.

Saudi Arabia, with a CAGR of +29.7%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, jumping by 18% against the previous year. Export price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the export price increased by 54%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2021, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+3.8%).

Artificial Staple Fibre Imports

Imports in GCC

Artificial staple fibre imports dropped significantly to X tons in 2021, reducing by -63.9% against the year before. Over the period under review, imports saw a sharp decrease. The growth pace was the most rapid in 2013 when imports increased by 309%. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, artificial staple fibre imports declined notably to $X in 2021. In general, imports recorded a sharp reduction. The most prominent rate of growth was recorded in 2013 with an increase of 221% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Kuwait was the largest importer of artificial staple fibres in GCC, with the volume of imports recording X tons, which was approx. 62% of total imports in 2021. The United Arab Emirates (X kg) held the second position in the ranking, distantly followed by Bahrain (X kg) and Oman (X kg). All these countries together held approx. 38% share of total imports.

Imports into Kuwait decreased at an average annual rate of -9.0% from 2012 to 2021. Bahrain (-4.9%), the United Arab Emirates (-18.4%) and Oman (-32.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Kuwait, the United Arab Emirates, Bahrain and Oman increased by +61, +21, +10 and +3.3 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X), Kuwait ($X) and Bahrain ($X) constituted the countries with the highest levels of imports in 2021, with a combined 87% share of total imports.

In terms of the main importing countries, Bahrain, with a CAGR of -4.7%, saw the highest growth rate of 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

In 2021, the import price in GCC amounted to $X per ton, falling by -75% against the previous year. Overall, the import price, however, showed a strong increase. The most prominent rate of growth was recorded in 2019 an increase of 278%. The level of import peaked at $X per ton in 2020, and then contracted dramatically in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform