GCC: Market for Chromium Ores and Concentrates 2024

Market Size for Chromium Ores and Concentrates in GCC

The GCC chromium ore and concentrate market fell notably to $X in 2022, which is down by -21.5% against the previous year. Overall, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Chromium Ores and Concentrates in GCC

In value terms, chromium ore and concentrate production contracted to $X in 2022 estimated in export price. In general, production recorded a noticeable setback. The pace of growth was the most pronounced in 2017 with an increase of 61%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Chromium Ores and Concentrates

Exports in GCC

After two years of decline, overseas shipments of chromium ores and concentrates increased by 35% to X tons in 2022. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 165% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, chromium ore and concentrate exports surged to $X in 2022. In general, exports, however, continue to indicate a mild slump. The growth pace was the most rapid in 2017 with an increase of 189% against the previous year. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Oman was the main exporter of chromium ores and concentrates in GCC, with the volume of exports accounting for X tons, which was near 86% of total exports in 2022. It was distantly followed by the United Arab Emirates (X tons), comprising a 14% share of total exports.

Oman experienced a relatively flat trend pattern with regard to volume of exports of chromium ores and concentrates. At the same time, the United Arab Emirates (+4.3%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in GCC, with a CAGR of +4.3% from 2012-2022. The United Arab Emirates (+4.2 p.p.) significantly strengthened its position in terms of the total exports, while Oman saw its share reduced by -4.2% from 2012 to 2022, respectively.

In value terms, Oman ($X) remains the largest chromium ore and concentrate supplier in GCC, comprising 82% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with an 18% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Oman stood at -2.6%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, which is down by -9% against the previous year. In general, the export price recorded a perceptible downturn. The most prominent rate of growth was recorded in 2017 an increase of 24%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-1.9%).

Imports of Chromium Ores and Concentrates

Imports in GCC

In 2022, the amount of chromium ores and concentrates imported in GCC was estimated at X tons, surging by 4.9% on the previous year's figure. Overall, imports recorded a remarkable increase. The growth pace was the most rapid in 2013 with an increase of 170%. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, chromium ore and concentrate imports totaled $X in 2022. In general, imports enjoyed a strong increase. The most prominent rate of growth was recorded in 2013 when imports increased by 168%. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

The United Arab Emirates prevails in imports structure, resulting at X tons, which was near 94% of total imports in 2022. It was distantly followed by Oman (X tons), making up a 6.4% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to chromium ore and concentrate imports into the United Arab Emirates stood at +12.5%. At the same time, Oman (+32.0%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +32.0% from 2012-2022. From 2012 to 2022, the share of Oman increased by +5 percentage points.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported chromium ores and concentrates in GCC, comprising 92% of total imports. The second position in the ranking was held by Oman ($X), with an 8.1% share of total imports.

In the United Arab Emirates, chromium ore and concentrate imports expanded at an average annual rate of +13.2% over the period from 2012-2022.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, reducing by -4.5% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the import price increased by 26%. Over the period under review, import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+3.4%).

Source: IndexBox Platform