GCC: Insulating Board Market 2024

Insulating Board Market Size in GCC

The GCC insulating board market declined to $X in 2022, dropping by -6.8% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Insulating Board Production in GCC

In value terms, insulating board production soared to $X in 2022 estimated in export price. Over the period under review, production saw resilient growth. The pace of growth was the most pronounced in 2019 when the production volume increased by 171%. The level of production peaked in 2022 and is likely to see gradual growth in years to come.

Insulating Board Exports

Exports in GCC

In 2022, the amount of insulating board exported in GCC dropped to X cubic meters, waning by -5.8% on the previous year's figure. Overall, exports showed a abrupt descent. The growth pace was the most rapid in 2017 when exports increased by 203% against the previous year. As a result, the exports reached the peak of X cubic meters. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, insulating board exports declined modestly to $X in 2022. In general, exports showed a abrupt contraction. The pace of growth appeared the most rapid in 2017 when exports increased by 156%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Saudi Arabia (X cubic meters) and the United Arab Emirates (X cubic meters) were the major exporters of insulating board in 2022, recording approx. 44% and 36% of total exports, respectively. It was distantly followed by Kuwait (X cubic meters), creating a 17% share of total exports. Oman (X cubic meters) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +54.6%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest insulating board supplying countries in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X), with a combined 99% share of total exports.

In terms of the main exporting countries, Kuwait, with a CAGR of +51.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per cubic meter, rising by 4.5% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 56% against the previous year. As a result, the export price reached the peak level of $X per cubic meter. From 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per cubic meter), while Oman ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+0.3%), while the other leaders experienced a decline in the export price figures.

Insulating Board Imports

Imports in GCC

In 2022, approx. X cubic meters of insulating board were imported in GCC; waning by -3.7% compared with the previous year. Total imports indicated modest growth from 2012 to 2022: its volume increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +33.2% against 2020 indices. The pace of growth appeared the most rapid in 2018 with an increase of 60%. As a result, imports reached the peak of X cubic meters. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, insulating board imports contracted to $X in 2022. In general, imports saw a perceptible reduction. The growth pace was the most rapid in 2021 when imports increased by 45%. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

The United Arab Emirates dominates imports structure, recording X cubic meters, which was near 91% of total imports in 2022. Oman (X cubic meters), Qatar (X cubic meters) and Kuwait (X cubic meters) took a little share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the insulating board imports, with a CAGR of +7.5% from 2012 to 2022. Qatar (-1.9%), Oman (-11.6%) and Kuwait (-19.5%) illustrated a downward trend over the same period. The United Arab Emirates (+38 p.p.) significantly strengthened its position in terms of the total imports, while Oman and Kuwait saw its share reduced by -9.6% and -14.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported insulating board in GCC, comprising 84% of total imports. The second position in the ranking was held by Oman ($X), with a 5.3% share of total imports. It was followed by Qatar, with a 5.3% share.

In the United Arab Emirates, insulating board imports expanded at an average annual rate of +2.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Oman (-11.6% per year) and Qatar (+0.5% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per cubic meter, shrinking by -5% against the previous year. In general, the import price showed a pronounced slump. The most prominent rate of growth was recorded in 2019 when the import price increased by 8.9% against the previous year. Over the period under review, import prices attained the maximum at $X per cubic meter in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 ($X per cubic meter), while the United Arab Emirates ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+2.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform