GCC: Market for Iron Or Steel Solid Fuel Domestic Appliances 2024

Market Size for Iron Or Steel Solid Fuel Domestic Appliances in GCC

The GCC metal solid fuel appliances market rose remarkably to $X in 2022, with an increase of 5.9% against the previous year. In general, consumption, however, continues to indicate a perceptible downturn. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Iron Or Steel Solid Fuel Domestic Appliances in GCC

In value terms, metal solid fuel appliances production rose sharply to $X in 2022 estimated in export price. Over the period under review, production, however, saw a pronounced downturn. The pace of growth appeared the most rapid in 2020 with an increase of 47%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Iron Or Steel Solid Fuel Domestic Appliances

Exports in GCC

After four years of growth, overseas shipments of iron or steel solid fuel domestic appliances decreased by -15.5% to X units in 2022. Overall, exports showed a pronounced setback. The pace of growth was the most pronounced in 2014 when exports increased by 77%. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, metal solid fuel appliances exports amounted to $X in 2022. In general, exports, however, continue to indicate a modest increase. The growth pace was the most rapid in 2020 with an increase of 137% against the previous year. The level of export peaked in 2022 and is likely to continue growth in years to come.

Exports by Country

The United Arab Emirates prevails in exports structure, recording X units, which was approx. 96% of total exports in 2022. Oman (X units) followed a long way behind the leaders.

Exports from the United Arab Emirates decreased at an average annual rate of -2.9% from 2012 to 2022. At the same time, Oman (+33.1%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +33.1% from 2012-2022. Oman (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -3.1% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) remains the largest metal solid fuel appliances supplier in GCC, comprising 83% of total exports. The second position in the ranking was taken by Oman ($X), with a 9.2% share of total exports.

In the United Arab Emirates, metal solid fuel appliances exports remained relatively stable over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per unit, increasing by 19% against the previous year. Over the period under review, the export price recorded measured growth. The growth pace was the most rapid in 2015 an increase of 93% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Oman ($X per unit), while the United Arab Emirates amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+40.4%).

Imports of Iron Or Steel Solid Fuel Domestic Appliances

Imports in GCC

In 2022, imports of iron or steel solid fuel domestic appliances in GCC fell dramatically to X units, with a decrease of -30.9% compared with the previous year. Overall, imports, however, enjoyed noticeable growth. The growth pace was the most rapid in 2021 with an increase of 178% against the previous year. As a result, imports attained the peak of X units, and then shrank markedly in the following year.

In value terms, metal solid fuel appliances imports shrank rapidly to $X in 2022. Over the period under review, imports, however, continue to indicate a notable increase. The growth pace was the most rapid in 2019 with an increase of 156%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Kuwait was the major importer of iron or steel solid fuel domestic appliances in GCC, with the volume of imports recording X units, which was approx. 53% of total imports in 2022. It was distantly followed by the United Arab Emirates (X units), Qatar (X units) and Bahrain (X units), together generating a 46% 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 Qatar (with a CAGR of +59.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported iron or steel solid fuel domestic appliances in GCC, comprising 74% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 15% share of total imports. It was followed by Qatar, with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled +10.5%. In the other countries, the average annual rates were as follows: Kuwait (-2.2% per year) and Qatar (+17.2% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2022, picking up by 6.4% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the import price increased by 105% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per unit), while Bahrain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform