GCC: Magnetic Media Market 2024

Magnetic Media Market Size in GCC

In 2021, the GCC magnetic media market increased by 5.5% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, recorded a mild downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Magnetic Media Production in GCC

In value terms, magnetic media production fell modestly to $X in 2021 estimated in export price. The total production indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +2.6% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 45%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Magnetic Media Exports

Exports in GCC

In 2021, overseas shipments of magnetic media, not recorded, except cards with a magnetic stripe decreased by -46.2% to X units, falling for the fourth year in a row after two years of growth. Over the period under review, exports saw a sharp decrease. The most prominent rate of growth was recorded in 2017 with an increase of 228%. As a result, the exports reached the peak of X units. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, magnetic media exports contracted remarkably to $X in 2021. Overall, exports faced a abrupt contraction. The growth pace was the most rapid in 2017 when exports increased by 278%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, recording X units, which was approx. 74% of total exports in 2021. It was distantly followed by Bahrain (X units), Kuwait (X units) and Saudi Arabia (X units), together constituting a 25% share of total exports. Oman (X units) followed a long way behind the leaders.

Exports from the United Arab Emirates decreased at an average annual rate of -38.4% from 2012 to 2021. At the same time, Oman (+2.5%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +2.5% from 2012-2021. Bahrain and Kuwait experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-9.5%) illustrated a downward trend over the same period. While the share of Bahrain (+9.6 p.p.), Kuwait (+9.1 p.p.), Saudi Arabia (+5.5 p.p.) and Oman (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-25.8 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest magnetic media supplier in GCC, comprising 59% of total exports. The second position in the ranking was taken by Bahrain ($X), with a 22% share of total exports. It was followed by Saudi Arabia, with a 17% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates amounted to -18.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Bahrain (+11.6% per year) and Saudi Arabia (+7.4% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per unit, surging by 54% against the previous year. In general, the export price saw significant growth. The pace of growth appeared the most rapid in 2019 when the export price increased by 195% against the previous year. The level of export peaked in 2021 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per unit), while Kuwait ($X per unit) 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 (+33.0%), while the other leaders experienced more modest paces of growth.

Magnetic Media Imports

Imports in GCC

For the seventh consecutive year, GCC recorded decline in purchases abroad of magnetic media, not recorded, except cards with a magnetic stripe, which decreased by -35.2% to X units in 2021. Overall, imports saw a dramatic decline. The pace of growth was the most pronounced in 2014 when imports increased by 15% against the previous year. Over the period under review, imports reached the maximum at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, magnetic media imports contracted slightly to $X in 2021. Over the period under review, imports continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2019 with an increase of 13%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United Arab Emirates (X units) was the largest importer of magnetic media, not recorded, except cards with a magnetic stripe, comprising 81% of total imports. It was distantly followed by Kuwait (X units), creating a 15% share of total imports. Oman (X units) held a relatively small share of total imports.

Imports into the United Arab Emirates decreased at an average annual rate of -31.7% from 2012 to 2021. Kuwait (-5.8%) and Oman (-23.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Kuwait and Oman increased by +14 and +1.7 percentage points, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported magnetic media, not recorded, except cards with a magnetic stripe in GCC, comprising 51% of total imports. The second position in the ranking was held by Kuwait ($X), with a 16% share of total imports.

In the United Arab Emirates, magnetic media imports decreased by an average annual rate of -14.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Kuwait (+12.7% per year) and Oman (-2.1% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per unit, growing by 54% against the previous year. Overall, the import price enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 when the import price increased by 74% against the previous year. Over the period under review, import prices attained the peak figure in 2021 and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+28.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform