GCC: Sandstone Market 2024

Sandstone Market Size in GCC

In 2022, the GCC sandstone market increased by 54% to $X, rising for the third year in a row after two years of decline. In general, consumption enjoyed a resilient increase. The level of consumption peaked in 2022 and is likely to see steady growth in the near future.

Sandstone Production in GCC

In value terms, sandstone production surged to $X in 2022 estimated in export price. In general, production posted a strong increase. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Sandstone Exports

Exports in GCC

In 2022, overseas shipments of sandstone increased by 207% to X tons, rising for the fourth consecutive year after five years of decline. In general, exports continue to indicate buoyant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, sandstone exports skyrocketed to $X in 2022. Overall, exports showed significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates was the major exporting country with an export of about X tons, which finished at 85% of total exports. It was distantly followed by Oman (X tons), committing a 14% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the sandstone exports, with a CAGR of +41.9% from 2012 to 2022. Oman (-4.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates increased by +75 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest sandstone supplier in GCC, comprising 95% of total exports. The second position in the ranking was taken by Oman ($X), with a 1.6% share of total exports.

In the United Arab Emirates, sandstone exports increased at an average annual rate of +48.7% over the period from 2012-2022.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, rising by 50% against the previous year. Overall, the export price recorded a buoyant increase. The pace of growth was the most pronounced in 2016 when the export price increased by 85% against the previous year. Over the period under review, the export prices reached the peak figure in 2022 and is likely to continue growth in years to come.

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 Oman stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.8%).

Sandstone Imports

Imports in GCC

In 2022, approx. X tons of sandstone were imported in GCC; shrinking by -5.9% on 2021. In general, imports, however, enjoyed mild growth. The pace of growth appeared the most rapid in 2013 with an increase of 43%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, sandstone imports declined to $X in 2022. Total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +75.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 94% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

The United Arab Emirates was the major importing country with an import of about X tons, which recorded 53% of total imports. Oman (X tons) took a 15% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (13%), Saudi Arabia (11%) and Qatar (7.6%).

From 2012 to 2022, average annual rates of growth with regard to sandstone imports into the United Arab Emirates stood at +3.8%. At the same time, Kuwait (+11.7%), Saudi Arabia (+8.0%) and Oman (+5.9%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of +11.7% from 2012-2022. By contrast, Qatar (-14.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Saudi Arabia, the United Arab Emirates, Kuwait and Oman increased by +11, +10, +8 and +5.1 percentage points, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported sandstone in GCC, comprising 56% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 14% share of total imports. It was followed by Kuwait, with a 12% share.

In the United Arab Emirates, sandstone imports expanded at an average annual rate of +5.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (+6.7% per year) and Kuwait (+13.3% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, waning by -4% against the previous year. In general, the import price, however, showed tangible growth. The growth pace was the most rapid in 2019 an increase of 44%. The level of import peaked at $X per ton in 2021, and then reduced modestly in the following year.

Prices varied noticeably by country of destination: 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 Qatar (+8.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform