GCC: Polishes For Coachwork Market 2024

Polishes For Coachwork Exports

Exports in GCC

In 2022, polishes for coachwork exports in GCC shrank dramatically to X tons, with a decrease of -23.7% compared with the year before. Overall, exports, however, continue to indicate tangible growth. The pace of growth appeared the most rapid in 2017 with an increase of 131% against the previous year. The volume of export peaked at X tons in 2021, and then contracted dramatically in the following year.

In value terms, polishes for coachwork exports declined remarkably to $X in 2022. Over the period under review, exports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 313% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then contracted sharply in the following year.

Exports by Country

In 2022, the United Arab Emirates (X tons) represented the main exporter of polishes for coachwork, making up 57% of total exports. Saudi Arabia (X tons) ranks second in terms of the total exports with a 27% share, followed by Bahrain (11%). Oman (X tons) and Kuwait (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to polishes for coachwork exports from the United Arab Emirates stood at +1.4%. At the same time, Oman (+20.4%), Kuwait (+12.9%), Bahrain (+9.2%) and Saudi Arabia (+7.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +20.4% from 2012-2022. From 2012 to 2022, the share of Saudi Arabia, Bahrain and Oman increased by +8.2, +4.1 and +3.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest polishes for coachwork supplier in GCC, comprising 73% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 12% share of total exports. It was followed by Bahrain, with a 9.2% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates amounted to +10.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+9.2% per year) and Bahrain (+15.4% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, declining by -3.3% against the previous year. In general, the export price, however, saw strong growth. The most prominent rate of growth was recorded in 2017 an increase of 79%. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while Saudi Arabia ($X per ton) 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 (+8.7%), while the other leaders experienced more modest paces of growth.

Polishes For Coachwork Imports

Imports in GCC

In 2022, approx. X tons of polishes for coachwork were imported in GCC; declining by -47.8% compared with the year before. In general, imports recorded a drastic downturn. The growth pace was the most rapid in 2019 with an increase of 45%. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, polishes for coachwork imports reduced remarkably to $X in 2022. Over the period under review, imports recorded a noticeable reduction. The most prominent rate of growth was recorded in 2019 with an increase of 46% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates dominates imports structure, recording X tons, which was approx. 75% of total imports in 2022. Oman (X tons) held the second position in the ranking, followed by Kuwait (X tons) and Bahrain (X tons). All these countries together held approx. 23% share of total imports. Qatar (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the polishes for coachwork imports, with a CAGR of +4.0% from 2012 to 2022. At the same time, Oman (+1.5%) displayed positive paces of growth. Bahrain, Kuwait and Qatar experienced a relatively flat trend pattern. From 2012 to 2022, the share of the United Arab Emirates, Oman, Kuwait and Bahrain increased by +48, +5.2, +3.6 and +3 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported polishes for coachwork in GCC, comprising 75% of total imports. The second position in the ranking was held by Oman ($X), with an 8.2% share of total imports. It was followed by Kuwait, with a 7.1% share.

In the United Arab Emirates, polishes for coachwork imports increased at an average annual rate of +3.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Oman (+2.2% per year) and Kuwait (+0.5% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, with an increase of 13% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.2%. The most prominent rate of growth was recorded in 2018 an increase of 15% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

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 Qatar ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+12.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform