GCC: Cushion Cover Market 2024

Cushion Cover Market Size in GCC

In 2021, after three years of growth, there was significant decline in the GCC cushion cover market, when its value decreased by -5.4% to $X. The total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +46.4% against 2017 indices. The level of consumption peaked at $X in 2020, and then shrank in the following year.

Cushion Cover Production in GCC

In value terms, cushion cover production contracted significantly to $X in 2021 estimated in export price. Over the period under review, production, however, posted prominent growth. The pace of growth appeared the most rapid in 2015 with an increase of 245%. Over the period under review, production attained the peak level at $X in 2020, and then shrank significantly in the following year.

Cushion Cover Exports

Exports in GCC

In 2021, approx. X tons of furnishing articles for car seats were exported in GCC; falling by -15.3% against the previous year. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 38%. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, cushion cover exports rose slightly to $X in 2021. Total exports indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -47.7% against 2016 indices. The pace of growth appeared the most rapid in 2013 when exports increased by 55%. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, finishing at X tons, which was approx. 79% of total exports in 2021. Oman (X tons) took a 7.5% share (based on physical terms) of total exports, which put it in second place, followed by Bahrain (7.3%) and Saudi Arabia (5.8%).

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of exports of furnishing articles for car seats. At the same time, Oman (+40.2%) and Saudi Arabia (+10.4%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +40.2% from 2012-2021. By contrast, Bahrain (-11.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Oman, the United Arab Emirates and Saudi Arabia increased by +7.2, +4.2 and +3.5 percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest cushion cover supplier in GCC, comprising 77% of total exports. The second position in the ranking was held by Bahrain ($X), with a 14% share of total exports. It was followed by Saudi Arabia, with a 4.7% share.

In the United Arab Emirates, cushion cover exports increased at an average annual rate of +3.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Bahrain (-7.4% per year) and Saudi Arabia (+16.3% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, surging by 23% against the previous year. Over the last nine years, it increased at an average annual rate of +2.0%. The growth pace was the most rapid in 2018 an increase of 71%. Over the period under review, the export prices attained the peak figure in 2021 and is likely to see steady growth in the near future.

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 Bahrain ($X per ton), while Oman ($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 (+5.4%), while the other leaders experienced more modest paces of growth.

Cushion Cover Imports

Imports in GCC

Cushion cover imports skyrocketed to X tons in 2021, growing by 37% on the year before. Over the period under review, imports, however, recorded a noticeable setback. The most prominent rate of growth was recorded in 2018 with an increase of 48%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, cushion cover imports surged to $X in 2021. Overall, imports, however, continue to indicate a mild contraction. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates was the key importing country with an import of around X tons, which reached 63% of total imports. Saudi Arabia (X tons) ranks second in terms of the total imports with a 15% share, followed by Kuwait (8.1%) and Oman (7%). The following importers - Qatar (X tons) and Bahrain (X tons) - each accounted for a 6.4% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to cushion cover imports into the United Arab Emirates stood at -1.0%. At the same time, Bahrain (+11.4%) and Kuwait (+6.2%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +11.4% from 2012-2021. Qatar and Oman experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-14.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates, Kuwait, Bahrain and Oman increased by +16, +4.9, +2.3 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported furnishing articles for car seats in GCC, comprising 72% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 12% share of total imports. It was followed by Kuwait, with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates amounted to -1.0%. In the other countries, the average annual rates were as follows: Saudi Arabia (-6.4% per year) and Kuwait (+4.5% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, rising by 4.9% against the previous year. Import price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cushion cover import price increased by +68.2% against 2018 indices. The most prominent rate of growth was recorded in 2020 when the import price increased by 43% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, 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 (+8.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform