GCC: Safety Valve Market 2024

Safety Valve Market Size in GCC

The GCC safety valve market shrank dramatically to $X in 2021, waning by -44.9% against the previous year. Overall, consumption, however, recorded moderate growth. As a result, consumption attained the peak level of $X, and then reduced rapidly in the following year.

Safety Valve Production in GCC

In value terms, safety valve production shrank rapidly to $X in 2021 estimated in export price. Overall, production, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2020 when the production volume increased by 309% against the previous year. As a result, production reached the peak level of $X, and then contracted markedly in the following year.

Safety Valve Exports

Exports in GCC

In 2021, overseas shipments of safety or relief valves for pipes, boiler shells, tanks and vats increased by 78% to X units, rising for the fifth consecutive year after two years of decline. Over the period under review, exports enjoyed strong growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, safety valve exports soared to $X in 2021. Overall, exports recorded a prominent increase. The pace of growth appeared the most rapid in 2017 with an increase of 111% against the previous year. The level of export peaked in 2021 and is likely to see steady growth in the near future.

Exports by Country

The United Arab Emirates prevails in exports structure, accounting for X units, which was approx. 91% of total exports in 2021. The following exporters - Oman (X units), Kuwait (X units) and Saudi Arabia (X units) - each resulted at an 8.1% share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +24.1% from 2012 to 2021. At the same time, Oman (+52.9%), Kuwait (+15.0%) and Saudi Arabia (+3.1%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +52.9% from 2012-2021. While the share of the United Arab Emirates (+24 p.p.) and Oman (+2.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Saudi Arabia (-7.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest safety valve supplier in GCC, comprising 88% of total exports. The second position in the ranking was taken by Oman ($X), with a 4.4% share of total exports. It was followed by Saudi Arabia, with a 3.2% share.

In the United Arab Emirates, safety valve exports expanded at an average annual rate of +21.2% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (+42.5% per year) and Saudi Arabia (-5.3% per year).

Export Prices by Country

The export price in GCC stood at $X per unit in 2021, shrinking by -14% against the previous year. In general, the export price recorded a abrupt decline. The most prominent rate of growth was recorded in 2017 when the export price increased by 34% against the previous year. The level of export peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (-0.1%), while the other leaders experienced a decline in the export price figures.

Safety Valve Imports

Imports in GCC

In 2021, purchases abroad of safety or relief valves for pipes, boiler shells, tanks and vats increased by 42% to X units for the first time since 2015, thus ending a five-year declining trend. Total imports indicated a notable expansion from 2012 to 2021: its volume increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The volume of import peaked at X units in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, safety valve imports reduced to $X in 2021. In general, imports, however, continue to indicate a pronounced slump. The most prominent rate of growth was recorded in 2013 when imports increased by 19%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

The United Arab Emirates represented the key importer of safety or relief valves for pipes, boiler shells, tanks and vats in GCC, with the volume of imports accounting for X units, which was near 57% of total imports in 2021. Bahrain (X units) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by Oman (12%) and Kuwait (12%).

Imports into the United Arab Emirates increased at an average annual rate of +3.1% from 2012 to 2021. At the same time, Bahrain (+9.0%), Kuwait (+3.8%) and Oman (+2.4%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +9.0% from 2012-2021. From 2012 to 2021, the share of Bahrain and the United Arab Emirates increased by +6.7 and +1.7 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported safety or relief valves for pipes, boiler shells, tanks and vats in GCC, comprising 29% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 6.4% share of total imports. It was followed by Oman, with a 5.1% share.

In the United Arab Emirates, safety valve imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Kuwait (+6.1% per year) and Oman (+6.5% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per unit, reducing by -39.4% against the previous year. Over the period under review, the import price continues to indicate a drastic downturn. The pace of growth was the most pronounced in 2019 when the import price increased by 36%. The level of import peaked at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Kuwait ($X per unit), while Bahrain ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+4.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform