GCC: Insulating Fittings Market 2024

Insulating Fittings Exports

Exports in GCC

After two years of growth, overseas shipments of insulating fittings for electrical purposes decreased by -16.8% to X tons in 2021. Overall, exports, however, posted noticeable growth. The pace of growth was the most pronounced in 2019 when exports increased by 76% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2020, and then fell rapidly in the following year.

In value terms, insulating fittings exports surged to $X in 2021. In general, exports, however, posted a noticeable increase. The pace of growth appeared the most rapid in 2019 with an increase of 90% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, reaching X tons, which was approx. 85% of total exports in 2021. Saudi Arabia (X tons) took the second position in the ranking, followed by Oman (X tons). All these countries together held approx. 15% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to insulating fittings exports from the United Arab Emirates stood at +2.7%. At the same time, Oman (+64.2%) and Saudi Arabia (+3.2%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +64.2% from 2012-2021. From 2012 to 2021, the share of Oman increased by +6 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest insulating fittings supplier in GCC, comprising 90% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 5.5% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +3.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-6.2% per year) and Oman (+50.4% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, rising by 44% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. Over the period under review, the export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2021, 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 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 the United Arab Emirates (+0.6%), while the other leaders experienced a decline in the export price figures.

Insulating Fittings Imports

Imports in GCC

In 2021, purchases abroad of insulating fittings for electrical purposes decreased by -22.6% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, imports, however, recorded notable growth. The growth pace was the most rapid in 2015 with an increase of 88% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, insulating fittings imports expanded significantly to $X in 2021. In general, imports showed a slight shrinkage. The most prominent rate of growth was recorded in 2015 with an increase of 103%. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Saudi Arabia (X tons) represented the main importer of insulating fittings for electrical purposes, mixing up 83% of total imports. It was distantly followed by the United Arab Emirates (X tons), mixing up a 10% share of total imports. The following importers - Qatar (X tons) and Kuwait (X tons) - together made up 4.4% of total imports.

Saudi Arabia was also the fastest-growing in terms of the insulating fittings for electrical purposes imports, with a CAGR of +7.3% from 2012 to 2021. At the same time, Qatar (+4.7%) displayed positive paces of growth. The United Arab Emirates experienced a relatively flat trend pattern. By contrast, Kuwait (-6.6%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+18 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Kuwait (-2.8 p.p.) and the United Arab Emirates (-4.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported insulating fittings for electrical purposes in GCC, comprising 68% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 20% share of total imports. It was followed by Kuwait, with a 3.1% share.

In Saudi Arabia, insulating fittings imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: the United Arab Emirates (+2.1% per year) and Kuwait (-10.4% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, surging by 41% against the previous year. In general, the import price, however, showed a deep slump. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat 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 ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform