GCC: Retreaded Pneumatic Tyre Market 2024

Retreaded Pneumatic Tyre Market Size in GCC

The GCC retreaded pneumatic tyre market was estimated at $X in 2022, remaining stable against the previous year. The total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.2% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Retreaded Pneumatic Tyre Production in GCC

In value terms, retreaded pneumatic tyre production reached $X in 2022 estimated in export price. In general, production continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of 39%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Retreaded Pneumatic Tyre Exports

Exports in GCC

In 2022, shipments abroad of retreaded pneumatic tyres decreased by -8.8% to X units, falling for the second consecutive year after two years of growth. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 460%. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, retreaded pneumatic tyre exports rose markedly to $X in 2022. Overall, exports, however, posted a resilient expansion. The growth pace was the most rapid in 2014 when exports increased by 549% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United Arab Emirates was the largest exporter of retreaded pneumatic tyres in GCC, with the volume of exports recording X units, which was approx. 70% of total exports in 2022. It was distantly followed by Oman (X units), constituting a 25% share of total exports. Saudi Arabia (X units) and Bahrain (X units) followed a long way behind the leaders.

Exports from the United Arab Emirates decreased at an average annual rate of -2.5% from 2012 to 2022. At the same time, Oman (+38.1%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +38.1% from 2012-2022. By contrast, Bahrain (-10.9%) and Saudi Arabia (-50.0%) illustrated a downward trend over the same period. While the share of Oman (+24 p.p.) and Saudi Arabia (+3.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Bahrain (-3.6 p.p.) and the United Arab Emirates (-16.7 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X), Oman ($X) and Saudi Arabia ($X) were the countries with the highest levels of exports in 2022, together comprising 99% of total exports.

Saudi Arabia, with a CAGR of +121.1%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, rising by 22% against the previous year. Over the period under review, the export price continues to indicate strong growth. The pace of growth was the most pronounced in 2018 when the export price increased by 58% against the previous year. Over the period under review, the export prices attained the peak figure in 2022 and is likely to continue growth in years to come.

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 Oman ($X per unit), while Bahrain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+341.8%), while the other leaders experienced more modest paces of growth.

Retreaded Pneumatic Tyre Imports

Imports in GCC

After two years of decline, purchases abroad of retreaded pneumatic tyres increased by 30% to X units in 2022. Overall, imports, however, showed a abrupt curtailment. The pace of growth appeared the most rapid in 2014 with an increase of 58%. As a result, imports reached the peak of X units. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, retreaded pneumatic tyre imports rose significantly to $X in 2022. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by 84% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

The United Arab Emirates dominates imports structure, reaching X units, which was approx. 83% of total imports in 2022. It was distantly followed by Kuwait (X units), comprising a 9.6% share of total imports. Saudi Arabia (X units) and Oman (X units) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to retreaded pneumatic tyre imports into the United Arab Emirates stood at -13.3%. Saudi Arabia experienced a relatively flat trend pattern. Kuwait (-8.6%) and Oman (-9.2%) illustrated a downward trend over the same period. Saudi Arabia (+3.5 p.p.) and Kuwait (+3.4 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by -8.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported retreaded pneumatic tyres in GCC, comprising 83% of total imports. The second position in the ranking was held by Kuwait ($X), with an 8.3% share of total imports. It was followed by Oman, with a 4.3% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (-0.3% per year) and Oman (-1.2% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2022, declining by -18.6% against the previous year. Overall, the import price, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2016 when the import price increased by 112% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2021, and then fell remarkably in the following year.

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 Oman ($X per unit), while Kuwait ($X per unit) 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 (+15.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform