GCC: Plastic Furniture Market 2024

Plastic Furniture Market Size in GCC

The GCC plastic furniture market expanded rapidly to $X in 2021, picking up by 14% against the previous year. The total consumption indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Plastic Furniture Production in GCC

In value terms, plastic furniture production amounted to $X in 2021 estimated in export price. Over the period under review, production posted resilient growth. The pace of growth appeared the most rapid in 2016 with an increase of 136% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Plastic Furniture Exports

Exports in GCC

Plastic furniture exports contracted to X units in 2021, waning by -3.5% compared with the previous year. Overall, exports recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2013 when exports increased by 21% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, plastic furniture exports contracted slightly to $X in 2021. Total exports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +2.8% 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 +0.4% against 2018 indices. The growth pace was the most rapid in 2013 with an increase of 68%. The level of export peaked at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates represented the main exporting country with an export of around X units, which finished at 86% of total exports. It was distantly followed by Oman (X units), committing an 11% share of total exports. Saudi Arabia (X units) followed a long way behind the leaders.

Exports from the United Arab Emirates decreased at an average annual rate of -2.6% from 2012 to 2021. Saudi Arabia (-2.1%) and Oman (-9.3%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+7.4 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Oman (-7.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest plastic furniture supplier in GCC, comprising 82% of total exports. The second position in the ranking was taken by Oman ($X), with a 15% share of total exports.

In the United Arab Emirates, plastic furniture exports expanded at an average annual rate of +4.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Oman (-1.7% per year) and Saudi Arabia (+1.7% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per unit, therefore, remained relatively stable against the previous year. Export price indicated a prominent increase from 2012 to 2021: its price increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, plastic furniture export price increased by +9.9% against 2018 indices. The pace of growth was the most pronounced in 2013 when the export price increased by 39%. Over the period under review, the export prices reached the maximum at $X per unit in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Oman ($X per unit), while Saudi Arabia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+8.5%), while the other leaders experienced more modest paces of growth.

Plastic Furniture Imports

Imports in GCC

In 2021, approx. X units of furniture of plastic were imported in GCC; growing by 22% compared with 2020 figures. The total import volume increased at an average annual rate of +4.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, plastic furniture imports rose to $X in 2021. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 20%. Over the period under review, imports attained the peak figure at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the key importing country with an import of about X units, which finished at 44% of total imports. Kuwait (X units) took a 29% share (based on physical terms) of total imports, which put it in second place, followed by Oman (19%) and Bahrain (6.2%). Qatar (X units) held a relatively small share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Kuwait (with a CAGR of +9.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Kuwait ($X) and Qatar ($X) were the countries with the highest levels of imports in 2021, with a combined 65% share of total imports.

Kuwait, with a CAGR of +15.0%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in GCC stood at $X per unit in 2021, waning by -15.3% against the previous year. Overall, the import price saw a perceptible decrease. The growth pace was the most rapid in 2015 an increase of 22%. Over the period under review, import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Qatar ($X per unit), while Oman ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+5.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform