GCC: Pyrites Market 2024

Pyrites Market Size in GCC

The GCC pyrites market totaled $X in 2022, approximately equating the previous year. The market value increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when the market value increased by 6.6%. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the immediate term.

Pyrites Production in GCC

In value terms, pyrites production reached $X in 2022 estimated in export price. Over the period under review, production saw a buoyant expansion. The most prominent rate of growth was recorded in 2014 when the production volume increased by 69% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Pyrites Exports

Exports in GCC

Pyrites exports stood at X tons in 2022, therefore, remained relatively stable against the previous year's figure. In general, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when exports increased by 32%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, pyrites exports totaled $X in 2022. Over the period under review, exports recorded strong growth. The pace of growth was the most pronounced in 2017 when exports increased by 245%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates represented the major exporting country with an export of around X tons, which accounted for 65% of total exports. Kuwait (X tons) ranks second in terms of the total exports with a 21% share, followed by Saudi Arabia (9.2%). Oman (X tons) took a little share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the pyrites exports, with a CAGR of +55.9% from 2012 to 2022. At the same time, Oman (+38.5%) displayed positive paces of growth. By contrast, Kuwait (-9.5%) and Saudi Arabia (-13.8%) illustrated a downward trend over the same period. The United Arab Emirates (+64 p.p.) and Oman (+4.1 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia and Kuwait saw its share reduced by -30.5% and -35.1% from 2012 to 2022, respectively.

In value terms, Kuwait ($X) remains the largest pyrites supplier in GCC, comprising 67% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 26% share of total exports. It was followed by Saudi Arabia, with a 5.8% share.

From 2012 to 2022, the average annual growth rate of value in Kuwait stood at +12.2%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+59.6% per year) and Saudi Arabia (-11.5% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, flattening at the previous year. Overall, the export price recorded a remarkable increase. The pace of growth appeared the most rapid in 2017 an increase of 177%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+24.0%), while the other leaders experienced more modest paces of growth.

Pyrites Imports

Imports in GCC

In 2022, approx. X tons of pyrites were imported in GCC; standing approx. at 2021. Overall, imports, however, recorded a dramatic contraction. The pace of growth was the most pronounced in 2017 when imports increased by 124%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, pyrites imports declined modestly to $X in 2022. In general, imports, however, faced a precipitous curtailment. The growth pace was the most rapid in 2017 when imports increased by 23% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the major importer of pyrites in GCC, with the volume of imports finishing at X tons, which was near 64% of total imports in 2022. It was distantly followed by Saudi Arabia (X tons), constituting a 33% share of total imports. Oman (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the United Arab Emirates (with a CAGR of +14.8%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 95% share of total imports.

In terms of the main importing countries, the United Arab Emirates, with a CAGR of +13.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, waning by -3.8% against the previous year. Over the period under review, the import price continues to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2018 when the import price increased by 132%. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+6.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform