GCC: Illuminated Sign Market 2024

Illuminated Sign Market Size in GCC

The GCC illuminated sign market surged to $X in 2021, growing by 34% against the previous year. The market value increased at an average annual rate of +2.9% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Illuminated Sign Production in GCC

In value terms, illuminated sign production skyrocketed to $X in 2021 estimated in export price. The total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +9.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -11.9% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 87% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Illuminated Sign Exports

Exports in GCC

In 2021, the amount of illuminated signs and illuminated name-plates exported in GCC declined to X tons, with a decrease of -2.6% compared with the previous year. Overall, exports, however, continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 65% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, illuminated sign exports amounted to $X in 2021. Over the period under review, exports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 113% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons) represented roughly 98% of total exports in 2021.

The United Arab Emirates was also the fastest-growing in terms of the illuminated signs and illuminated name-plates exports, with a CAGR of +16.6% from 2012 to 2021. The United Arab Emirates (+11 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest illuminated sign supplier in GCC.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates stood at +29.0%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, with an increase of 3.2% against the previous year. Over the period under review, the export price showed a strong expansion. The pace of growth appeared the most rapid in 2018 when the export price increased by 39% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to +10.6% per year.

Illuminated Sign Imports

Imports in GCC

Illuminated sign imports surged to X tons in 2021, with an increase of 34% compared with the previous year's figure. Total imports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +46.6% against 2018 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, illuminated sign imports surged to $X in 2021. The total import value increased at an average annual rate of +3.1% over the period 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.

Imports by Country

Saudi Arabia represented the largest importer of illuminated signs and illuminated name-plates in GCC, with the volume of imports resulting at X tons, which was approx. 63% of total imports in 2021. It was distantly followed by the United Arab Emirates (X tons), Qatar (X tons) and Kuwait (X tons), together constituting a 31% share of total imports. Oman (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to illuminated sign imports into Saudi Arabia stood at +5.3%. At the same time, Kuwait (+10.8%) and Qatar (+3.9%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of +10.8% from 2012-2021. Oman and the United Arab Emirates experienced a relatively flat trend pattern. From 2012 to 2021, the share of Saudi Arabia and Kuwait increased by +5.5 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Qatar ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 87% of total imports. Oman and Kuwait lagged somewhat behind, together accounting for a further 10%.

In terms of the main importing countries, Kuwait, with a CAGR of +7.7%, saw the highest rates of growth with regard to the value of imports, 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 ton in 2021, remaining constant against the previous year. In general, the import price, however, recorded a mild setback. The growth pace was the most rapid in 2013 when the import price increased by 15%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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 ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+6.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform