GCC: Market for Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike 2024

Market Size for Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike in GCC

In 2022, the GCC gum or wood oils market decreased by X% to $X, falling for the third consecutive year after two years of growth. In general, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Production of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike in GCC

In value terms, gum or wood oils production declined to $X in 2022 estimated in export price. The total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2019 indices. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike

Exports in GCC

For the third consecutive year, GCC recorded growth in overseas shipments of gum, wood or sulphate turpentine oils, pine oil and other alike, which increased by X% to X tons in 2022. Overall, exports saw significant growth. The pace of growth was the most pronounced in 2020 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

In value terms, gum or wood oils exports soared to $X in 2022. Over the period under review, exports showed a significant increase. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

The United Arab Emirates dominates exports structure, resulting at X tons, which was near X% of total exports in 2022. It was distantly followed by Saudi Arabia (X tons), creating a X% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the gum, wood or sulphate turpentine oils, pine oil and other alike exports, with a CAGR of X% from 2012 to 2022. At the same time, Saudi Arabia (X%) displayed positive paces of growth. The United Arab Emirates (X p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) remains the largest gum or wood oils supplier in GCC, comprising X% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled X%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, waning by X% against the previous year. In general, the export price recorded a mild contraction. The pace of growth was the most pronounced in 2017 an increase of X% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

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 Saudi Arabia ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%).

Imports of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike

Imports in GCC

In 2022, the amount of gum, wood or sulphate turpentine oils, pine oil and other alike imported in GCC contracted to X tons, waning by X% against the previous year. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of X%. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, gum or wood oils imports shrank slightly to $X in 2022. Total imports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2019 indices. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the United Arab Emirates (X tons) was the largest importer of gum, wood or sulphate turpentine oils, pine oil and other alike, mixing up X% of total imports. It was distantly followed by Oman (X tons), Kuwait (X tons) and Bahrain (X tons), together generating a X% share of total imports. The following importers - Saudi Arabia (X tons) and Qatar (X tons) - together made up X% of total imports.

Imports into the United Arab Emirates decreased at an average annual rate of X% from 2012 to 2022. At the same time, Bahrain (X%), Qatar (X%), Oman (X%) and Kuwait (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. By contrast, Saudi Arabia (X%) illustrated a downward trend over the same period. Oman (X p.p.), Bahrain (X p.p.), Kuwait (X p.p.) and Qatar (X p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia and the United Arab Emirates saw its share reduced by X% and X% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported gum, wood or sulphate turpentine oils, pine oil and other alike in GCC, comprising X% of total imports. The second position in the ranking was taken by Oman ($X), with a X% share of total imports. It was followed by Bahrain, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates was relatively modest. In the other countries, the average annual rates were as follows: Oman (X% per year) and Bahrain (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, gum or wood oils import price decreased by X% against 2019 indices. The growth pace was the most rapid in 2018 an increase of X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bahrain ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform