GCC: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in GCC

In 2022, after four years of growth, there was decline in the GCC glass fibres and wool market, when its value decreased by -0.4% to $X. The total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +77.8% against 2015 indices. The level of consumption peaked at $X in 2021, and then dropped slightly in the following year.

Production of Glass Fibres And Glass Wool in GCC

In value terms, glass fibres and wool production rose slightly to $X in 2022 estimated in export price. The total production indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.6% against 2020 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 31%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Glass Fibres And Glass Wool

Exports in GCC

After three years of decline, shipments abroad of glass fibres and glass wool increased by 70% to X tons in 2022. Total exports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, glass fibres and wool exports skyrocketed to $X in 2022. Total exports indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +52.3% against 2020 indices. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates represented the main exporting country with an export of about X tons, which finished at 56% of total exports. Saudi Arabia (X tons) held the second position in the ranking, distantly followed by Kuwait (X tons) and Bahrain (X tons). All these countries together held approx. 42% share of total exports. Oman (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the glass fibres and glass wool exports, with a CAGR of +16.9% from 2012 to 2022. At the same time, Oman (+3.4%) displayed positive paces of growth. Bahrain experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-4.2%) and Kuwait (-6.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates increased by +41 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) emerged as the largest glass fibres and wool supplier in GCC, comprising 51% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 20% share of total exports. It was followed by Kuwait, with a 14% share.

In the United Arab Emirates, glass fibres and wool exports increased at an average annual rate of +13.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (-4.1% per year) and Kuwait (-7.8% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, declining by -14.4% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the export price increased by 15% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2021, and then reduced in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, 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 2022, 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 Fibres And Glass Wool

Imports in GCC

In 2022, purchases abroad of glass fibres and glass wool was finally on the rise to reach X tons after three years of decline. In general, imports, however, recorded a noticeable curtailment. The growth pace was the most rapid in 2017 when imports increased by 38% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, glass fibres and wool imports expanded notably to $X in 2022. Over the period under review, imports, however, showed a slight shrinkage. The pace of growth appeared the most rapid in 2013 with an increase of 31%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) represented the major importers of glass fibres and glass wool in 2022, accounting for approx. 41% and 28% of total imports, respectively. Kuwait (X tons) took a 10% share (based on physical terms) of total imports, which put it in second place, followed by Bahrain (10%) and Oman (7.4%). Qatar (X tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the United Arab Emirates (with a CAGR of +11.3%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 80% of total imports.

The United Arab Emirates, with a CAGR of +9.6%, saw 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 a decline in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, falling by -4.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2019 an increase of 26%. Over the period under review, import prices hit record highs at $X per ton in 2021, and then reduced modestly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Qatar ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+8.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform