GCC: Carbonate Market 2024

Carbonate Market Size in GCC

In 2021, the GCC carbonate market decreased by -5.4% to $X, falling for the second consecutive year after two years of growth. The market value increased at an average annual rate of +2.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market failed to regain momentum.

Carbonate Production in GCC

In value terms, carbonate production declined notably to $X in 2021 estimated in export price. Over the period under review, production, however, showed a significant increase. The pace of growth appeared the most rapid in 2019 with an increase of 189%. The level of production peaked at $X in 2020, and then dropped sharply in the following year.

Carbonate Exports

Exports in GCC

In 2021, overseas shipments of carbonates and peroxocarbonates decreased by -6.3% to X tons for the first time since 2015, thus ending a five-year rising trend. In general, exports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of 67% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020, and then dropped in the following year.

In value terms, carbonate exports contracted modestly to $X in 2021. Over the period under review, exports, however, recorded a resilient increase. The pace of growth was the most pronounced in 2014 when exports increased by 111%. The level of export peaked at $X in 2020, and then shrank modestly in the following year.

Exports by Country

The United Arab Emirates represented the major exporting country with an export of around X tons, which amounted to 73% of total exports. Saudi Arabia (X tons) took a 14% share (based on physical terms) of total exports, which put it in second place, followed by Oman (13%).

From 2012 to 2021, average annual rates of growth with regard to carbonate exports from the United Arab Emirates stood at +26.1%. At the same time, Oman (+28.5%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +28.5% from 2012-2021. Saudi Arabia experienced a relatively flat trend pattern. From 2012 to 2021, the share of the United Arab Emirates and Oman increased by +38 and +7.7 percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest carbonate supplier in GCC, comprising 82% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 10% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates totaled +22.2%. In the other countries, the average annual rates were as follows: Saudi Arabia (+1.7% per year) and Oman (+23.8% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, surging by 6.4% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of 26% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 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 the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+2.5%), while the other leaders experienced a decline in the export price figures.

Carbonate Imports

Imports in GCC

Carbonate imports shrank slightly to X tons in 2021, stabilizing at the previous year. The total import volume increased at an average annual rate of +1.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when imports increased by 20% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, carbonate imports reduced slightly to $X in 2021. The total import value increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2015 with an increase of 13%. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Saudi Arabia was the key importing country with an import of about X tons, which reached 56% of total imports. It was distantly followed by the United Arab Emirates (X tons), Kuwait (X tons) and Oman (X tons), together achieving a 38% share of total imports. The following importers - Qatar (X tons) and Bahrain (X tons) - together made up 6% of total imports.

From 2012 to 2021, average annual rates of growth with regard to carbonate imports into Saudi Arabia stood at -1.4%. At the same time, Kuwait (+18.2%), Oman (+14.4%), Qatar (+14.3%) and the United Arab Emirates (+5.4%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of +18.2% from 2012-2021. By contrast, Bahrain (-6.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Kuwait, the United Arab Emirates, Oman and Qatar increased by +8.3, +5.2, +4.5 and +2.8 percentage points, respectively.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported carbonates and peroxocarbonates in GCC, comprising 56% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 21% share of total imports. It was followed by Kuwait, with a 9.2% share.

In Saudi Arabia, carbonate imports contracted by an average annual rate of -2.0% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+4.4% per year) and Kuwait (+12.0% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, almost unchanged from the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 9.1% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Oman ($X per ton) and the United Arab Emirates ($X per ton), while Kuwait ($X per ton) and Qatar ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+4.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform