GCC: Carbides Market 2024

Carbides Market Size in GCC

The GCC carbides market shrank to $X in 2022, waning by -6.3% against the previous year. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Carbides Production in GCC

In value terms, carbides production contracted slightly to $X in 2022 estimated in export price. The total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.5% against 2019 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by 87% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Carbides Exports

Exports in GCC

In 2022, shipments abroad of carbides decreased by -53.4% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports saw a abrupt descent. The most prominent rate of growth was recorded in 2017 when exports increased by 219% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, carbides exports reduced markedly to $X in 2022. Over the period under review, exports saw a pronounced descent. The pace of growth appeared the most rapid in 2021 with an increase of 119%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, the United Arab Emirates (X tons) was the largest exporter of carbides, generating 77% of total exports. Kuwait (X tons) ranks second in terms of the total exports with a 13% share, followed by Oman (9.6%).

Exports from the United Arab Emirates decreased at an average annual rate of -4.1% from 2012 to 2022. At the same time, Kuwait (+19.2%) and Oman (+1.0%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of +19.2% from 2012-2022. The United Arab Emirates (+30 p.p.), Kuwait (+12 p.p.) and Oman (+6.1 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest carbides supplier in GCC, comprising 77% of total exports. The second position in the ranking was taken by Kuwait ($X), with a 13% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates was relatively modest. In the other countries, the average annual rates were as follows: Kuwait (+16.9% per year) and Oman (-0.5% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, rising by 18% against the previous year. Over the period under review, the export price showed a strong expansion. The pace of growth was the most pronounced in 2016 when the export price increased by 76% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the export prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Oman ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.4%), while the other leaders experienced a decline in the export price figures.

Carbides Imports

Imports in GCC

Carbides imports fell to X tons in 2022, which is down by -13.1% on the previous year's figure. Overall, imports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2014 with an increase of 23%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, carbides imports contracted dramatically to $X in 2022. In general, imports continue to indicate a perceptible curtailment. The pace of growth appeared the most rapid in 2014 with an increase of 23% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) represented roughly 76% of total imports in 2022. Qatar (X tons) took the next position in the ranking, followed by Oman (X tons). All these countries together took near 20% share of total imports. Bahrain (X tons) held a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Qatar (with a CAGR of +1.3%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, the largest carbides importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Qatar ($X), together comprising 88% of total imports. Oman and Bahrain lagged somewhat behind, together comprising a further 12%.

Bahrain, with a CAGR of +2.0%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, with a decrease of -4.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2017 an increase of 11% against the previous year. The level of import peaked at $X per ton in 2021, and then dropped in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Bahrain ($X per ton), while Qatar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+3.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform