GCC: Baryte Market 2024

Baryte Market Size in GCC

The GCC baryte market shrank markedly to $X in 2021, waning by -40% against the previous year. Over the period under review, consumption continues to indicate a pronounced contraction. The level of consumption peaked at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Baryte Production in GCC

In value terms, baryte production dropped to $X in 2021 estimated in export price. The total production indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -12.0% against 2018 indices. The growth pace was the most rapid in 2015 when the production volume increased by 42%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Baryte Exports

Exports in GCC

In 2021, shipments abroad of barytes increased by 72% to X tons, rising for the second year in a row after two years of decline. In general, exports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 87% against the previous year. The volume of export peaked in 2021 and is likely to see steady growth in years to come.

In value terms, baryte exports soared to $X in 2021. Overall, exports recorded a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, the United Arab Emirates (X tons) represented the key exporter of barytes, achieving 84% of total exports. It was distantly followed by Saudi Arabia (X tons), achieving a 14% share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +10.6% from 2012 to 2021. At the same time, Saudi Arabia (+15.2%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of +15.2% from 2012-2021. From 2012 to 2021, the share of the United Arab Emirates and Saudi Arabia increased by +5.8 and +4.9 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest baryte supplier in GCC, comprising 74% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 23% share of total exports.

In the United Arab Emirates, baryte exports expanded at an average annual rate of +4.9% over the period from 2012-2021.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, rising by 4.4% against the previous year. Overall, the export price, however, showed a noticeable contraction. The most prominent rate of growth was recorded in 2018 an increase of 21% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+0.2%).

Baryte Imports

Imports in GCC

For the third year in a row, GCC recorded decline in purchases abroad of barytes, which decreased by -36.9% to X tons in 2021. Over the period under review, imports recorded a mild slump. The pace of growth appeared the most rapid in 2015 with an increase of 41%. The volume of import peaked at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, baryte imports dropped significantly to $X in 2021. In general, imports recorded a perceptible slump. The most prominent rate of growth was recorded in 2015 with an increase of 47% against the previous year. Over the period under review, imports attained the peak figure at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

Saudi Arabia was the key importing country with an import of around X tons, which finished at 54% of total imports. Kuwait (X tons) ranks second in terms of the total imports with a 22% share, followed by the United Arab Emirates (9.8%) and Oman (9%). The following importers - Qatar (X tons) and Bahrain (X tons) - together made up 4.9% of total imports.

Imports into Saudi Arabia decreased at an average annual rate of -3.2% from 2012 to 2021. At the same time, Qatar (+19.3%), Bahrain (+9.0%) and Kuwait (+5.7%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +19.3% from 2012-2021. Oman experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-3.2%) illustrated a downward trend over the same period. While the share of Kuwait (+9.9 p.p.) and Qatar (+2.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of the United Arab Emirates (-2.2 p.p.) and Saudi Arabia (-11.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported barytes in GCC, comprising 52% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 20% share of total imports. It was followed by the United Arab Emirates, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Saudi Arabia stood at -6.8%. In the other countries, the average annual rates were as follows: Kuwait (+6.0% per year) and the United Arab Emirates (-6.7% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, waning by -1.7% against the previous year. In general, the import price showed a noticeable downturn. The pace of growth was the most pronounced in 2020 when the import price increased by 5% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bahrain ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+3.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform