GCC: Explosives Market 2024

Explosives Market Size in GCC

The GCC explosives market contracted significantly to $X in 2021, declining by -17.9% against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Explosives Production in GCC

In value terms, explosives production shrank to $X in 2021 estimated in export price. The total production indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +3.7% 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 +17.6% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 35%. As a result, production attained the peak level of $X, and then declined in the following year.

Explosives Exports

Exports in GCC

In 2021, shipments abroad of prepared explosives increased by 88% to X tons, rising for the third year in a row after five years of decline. Overall, exports saw a perceptible expansion. The growth pace was the most rapid in 2013 with an increase of 203%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, explosives exports surged to $X in 2021. In general, exports posted a noticeable expansion. The pace of growth was the most pronounced in 2013 when exports increased by 190% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Saudi Arabia prevails in exports structure, resulting at X tons, which was approx. 98% of total exports in 2021. The United Arab Emirates (X tons) held a relatively small share of total exports.

Saudi Arabia was also the fastest-growing in terms of the prepared explosives exports, with a CAGR of +5.9% from 2012 to 2021. The United Arab Emirates (-17.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Saudi Arabia increased by +14 percentage points.

In value terms, Saudi Arabia ($X) remains the largest explosives supplier in GCC, comprising 95% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 4.9% share of total exports.

In Saudi Arabia, explosives exports expanded at an average annual rate of +6.3% over the period from 2012-2021.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, reducing by -5.8% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 56% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, 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 the United Arab Emirates ($X per ton), while Saudi Arabia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.8%).

Explosives Imports

Imports in GCC

In 2021, approx. X tons of prepared explosives were imported in GCC; shrinking by -27.1% compared with 2020. In general, imports showed a deep reduction. The most prominent rate of growth was recorded in 2018 when imports increased by 259%. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, explosives imports contracted markedly to $X in 2021. Over the period under review, imports, however, recorded a pronounced increase. The pace of growth was the most pronounced in 2013 when imports increased by 60% against the previous year. The level of import peaked at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

Oman (X tons) and Bahrain (X tons) represented roughly 67% of total imports in 2021. Kuwait (X tons) held a 15% share (based on physical terms) of total imports, which put it in second place, followed by the United Arab Emirates (11%) and Qatar (7.5%).

From 2012 to 2021, the biggest increases were recorded for Bahrain (with a CAGR of +18.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest explosives importing markets in GCC were Kuwait ($X), the United Arab Emirates ($X) and Oman ($X), with a combined 83% share of total imports.

Among the main importing countries, Kuwait, with a CAGR of +11.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, declining by -17.8% against the previous year. Over the period under review, the import price, however, showed a strong expansion. The growth pace was the most rapid in 2019 an increase of 226% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+39.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform