GCC: Spectacle Plastic Frame Market 2024

Spectacle Plastic Frame Market Size in GCC

The GCC spectacle plastic frame market rose significantly to $X in 2021, with an increase of 9.5% against the previous year. In general, consumption showed a remarkable increase. The level of consumption peaked at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Spectacle Plastic Frame Production in GCC

In value terms, spectacle plastic frame production fell slightly to $X in 2021 estimated in export price. In general, production posted a prominent expansion. The most prominent rate of growth was recorded in 2014 with an increase of 121% against the previous year. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Spectacle Plastic Frame Exports

Exports in GCC

In 2021, overseas shipments of plastic frames and mountings for spectacles and goggles were finally on the rise to reach X units after two years of decline. Overall, exports saw buoyant growth. The pace of growth was the most pronounced in 2016 with an increase of 68%. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, spectacle plastic frame exports soared to $X in 2021. In general, exports posted resilient growth. The growth pace was the most rapid in 2013 with an increase of 71%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, the United Arab Emirates (X units) was the main exporter of plastic frames and mountings for spectacles and goggles in GCC, making up 98% of total export.

The United Arab Emirates was also the fastest-growing in terms of the plastic frames and mountings for spectacles and goggles exports, with a CAGR of +25.2% from 2012 to 2021. From 2012 to 2021, the share of the United Arab Emirates increased by +38 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest spectacle plastic frame supplier in GCC.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +17.3%.

Export Prices by Country

The export price in GCC stood at $X per unit in 2021, dropping by -22.6% against the previous year. Over the period under review, the export price saw a abrupt setback. The most prominent rate of growth was recorded in 2018 when the export price increased by 32% against the previous year. The level of export peaked at $X per unit in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to -6.4% per year.

Spectacle Plastic Frame Imports

Imports in GCC

In 2021, approx. X units of plastic frames and mountings for spectacles and goggles were imported in GCC; rising by 145% against 2020. Overall, imports recorded a mild expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, spectacle plastic frame imports soared to $X in 2021. Total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +9.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United Arab Emirates (X units) represented the key importer of plastic frames and mountings for spectacles and goggles, creating 73% of total imports. It was distantly followed by Kuwait (X units), creating an 18% share of total imports. The following importers - Qatar (X units), Oman (X units) and Bahrain (X units) - together made up 8.5% of total imports.

From 2012 to 2021, average annual rates of growth with regard to spectacle plastic frame imports into the United Arab Emirates stood at -1.3%. At the same time, Oman (+19.4%), Kuwait (+14.2%), Qatar (+11.0%) and Bahrain (+3.5%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +19.4% from 2012-2021. Kuwait (+12 p.p.), Qatar (+2.2 p.p.) and Oman (+2 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by -16.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported plastic frames and mountings for spectacles and goggles in GCC, comprising 54% of total imports. The second position in the ranking was held by Kuwait ($X), with an 8.3% share of total imports. It was followed by Qatar, with a 6.4% share.

In the United Arab Emirates, spectacle plastic frame imports expanded at an average annual rate of +12.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Kuwait (+6.9% per year) and Qatar (+12.2% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per unit, falling by -8.7% against the previous year. Over the period under review, the import price, however, posted a resilient increase. The pace of growth was the most pronounced in 2018 an increase of 114% against the previous year. As a result, import price reached the peak level of $X per unit. From 2019 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Qatar ($X per unit), while Kuwait ($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 (+14.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform