GCC: Oxygen Market 2024

Oxygen Market Size in GCC

The GCC oxygen market reached $X in 2022, approximately mirroring the previous year. In general, consumption, however, recorded buoyant growth. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Oxygen Production in GCC

In value terms, oxygen production rose slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate strong growth. The growth pace was the most rapid in 2015 when the production volume increased by 42%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Oxygen Exports

Exports in GCC

In 2022, oxygen exports in GCC soared to X cubic meters, jumping by 29% on the previous year. Overall, exports recorded buoyant growth. The pace of growth appeared the most rapid in 2014 when exports increased by 68%. The volume of export peaked at X cubic meters in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, oxygen exports surged to $X in 2022. Over the period under review, exports saw a slight expansion. The most prominent rate of growth was recorded in 2014 with an increase of 54% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Kuwait prevails in exports structure, finishing at X cubic meters, which was near 90% of total exports in 2022. It was distantly followed by Saudi Arabia (X cubic meters), creating a 7.6% share of total exports. The United Arab Emirates (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to oxygen exports from Kuwait stood at +8.7%. At the same time, Saudi Arabia (+13.2%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of +13.2% from 2012-2022. By contrast, the United Arab Emirates (-15.8%) illustrated a downward trend over the same period. Kuwait (+14 p.p.) and Saudi Arabia (+3.3 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -17.4% from 2012 to 2022, respectively.

In value terms, Kuwait ($X) remains the largest oxygen supplier in GCC, comprising 76% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 13% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Kuwait amounted to +1.6%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (-5.1% per year) and Saudi Arabia (+15.9% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per cubic meter, picking up by 10% against the previous year. In general, the export price, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2015 an increase of 14% against the previous year. The level of export peaked at $X per cubic meter in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per cubic meter), while Kuwait ($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 the United Arab Emirates (+12.8%), while the other leaders experienced mixed trends in the export price figures.

Oxygen Imports

Imports in GCC

In 2022, oxygen imports in GCC soared to X cubic meters, growing by 25% against the previous year's figure. Overall, imports posted slight growth. The pace of growth appeared the most rapid in 2018 when imports increased by 1,012%. Over the period under review, imports reached the peak figure at X cubic meters in 2020; afterwards, it flattened through to 2022.

In value terms, oxygen imports soared to $X in 2022. Over the period under review, imports, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 when imports increased by 612%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Saudi Arabia (X cubic meters) was the largest importer of oxygen, mixing up 77% of total imports. It was distantly followed by Oman (X cubic meters), generating a 21% share of total imports. The United Arab Emirates (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to oxygen imports into Saudi Arabia stood at +2.6%. At the same time, Oman (+11.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +11.9% from 2012-2022. By contrast, the United Arab Emirates (-5.3%) illustrated a downward trend over the same period. Oman (+13 p.p.) and Saudi Arabia (+5.8 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by -1.8% from 2012 to 2022, respectively.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported oxygen in GCC, comprising 74% of total imports. The second position in the ranking was held by Oman ($X), with a 17% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Saudi Arabia totaled -2.3%. In the other countries, the average annual rates were as follows: Oman (-6.9% per year) and the United Arab Emirates (-14.0% per year).

Import Prices by Country

The import price in GCC stood at $X per cubic meter in 2022, dropping by -6.5% against the previous year. In general, the import price continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2015 an increase of 110% against the previous year. As a result, import price reached the peak level of $X per cubic meter. From 2016 to 2022, the import prices remained at a lower figure.

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 the United Arab Emirates ($X per cubic meter), while Oman ($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 (-4.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform