GCC: Market for Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles 2024

Market Size for Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles in GCC

The GCC market for glass fibre filaments, rovings, chopped strands, and staple glass fibre articles soared to $X in 2021, with an increase of 52% against the previous year. The total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.2% 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 and is likely to continue growth in the immediate term.

Production of Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles in GCC

In value terms, production of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles shrank to $X in 2021 estimated in export price. Over the period under review, production, however, saw prominent growth. The pace of growth appeared the most rapid in 2016 when the production volume increased by 92% against the previous year. The level of production peaked at $X in 2020, and then contracted slightly in the following year.

Exports of Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles

Exports in GCC

After three years of growth, overseas shipments of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles decreased by -44.5% to X tons in 2021. In general, exports recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by 111%. Over the period under review, the exports of hit record highs at X tons in 2020, and then shrank sharply in the following year.

In value terms, exports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles declined sharply to $X in 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 114%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Bahrain (X tons) was the major exporter of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles, creating 74% of total exports. It was distantly followed by Saudi Arabia (X tons) and the United Arab Emirates (X tons), together committing a 24% share of total exports. Oman (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to glass fibre filament, roving, and staple glass fibre article exports from Bahrain stood at -5.7%. At the same time, Saudi Arabia (+11.7%) and the United Arab Emirates (+3.8%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of +11.7% from 2012-2021. By contrast, Oman (-5.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Saudi Arabia and the United Arab Emirates increased by +13 and +3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Bahrain ($X) remains the largest glass fibre filament, roving, and staple glass fibre article supplier in GCC, comprising 71% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 17% share of total exports. It was followed by the United Arab Emirates, with a 9.7% share.

From 2012 to 2021, the average annual growth rate of value in Bahrain amounted to -1.5%. In the other countries, the average annual rates were as follows: Saudi Arabia (+12.5% per year) and the United Arab Emirates (+2.6% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, surging by 31% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.9%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: 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 Bahrain (+4.4%), while the other leaders experienced mixed trends in the export price figures.

Imports of Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles

Imports in GCC

In 2021, the amount of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles imported in GCC totaled X tons, picking up by 13% compared with 2020 figures. Total imports indicated a mild increase from 2012 to 2021: its volume increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -11.4% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 55% against the previous year. Over the period under review, imports of hit record highs at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, imports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles skyrocketed to $X in 2021. Total imports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) represented roughly 84% of total imports in 2021. It was distantly followed by Qatar (X tons), comprising a 10% share of total imports. Oman (X tons) held a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of +6.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported glass fibre filaments, rovings, chopped strands, and staple glass fibre articles in GCC, comprising 58% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 28% share of total imports. It was followed by Qatar, with a 9.1% share.

From 2012 to 2021, the average annual growth rate of value in Saudi Arabia totaled +3.3%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+6.4% per year) and Qatar (+3.3% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, picking up by 60% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.2%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Saudi Arabia ($X per ton), while Oman ($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 (+3.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform