GCC: Fromwork Market 2024

Fromwork Market Size in GCC

The GCC fromwork market soared to $X in 2022, surging by 17% against the previous year. In general, consumption enjoyed strong growth. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Fromwork Production in GCC

In value terms, fromwork production rose modestly to $X in 2022 estimated in export price. In general, production enjoyed a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 197% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Fromwork Exports

Exports in GCC

In 2022, approx. X tons of shuttering for concrete constructional work, shingles and shakes, of wood were exported in GCC; with an increase of 37% compared with the previous year's figure. Over the period under review, exports saw a strong expansion. The growth pace was the most rapid in 2017 when exports increased by 102%. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, fromwork exports skyrocketed to $X in 2022. In general, exports saw prominent growth. The most prominent rate of growth was recorded in 2021 when exports increased by 97% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

The United Arab Emirates represented the major exporting country with an export of about X tons, which finished at 70% of total exports. Oman (X tons) held the second position in the ranking, followed by Kuwait (X tons). All these countries together held near 28% share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +11.0% from 2012 to 2022. At the same time, Oman (+26.5%) and Kuwait (+25.0%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +26.5% from 2012-2022. Oman (+11 p.p.) and Kuwait (+7.9 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -13.6% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) remains the largest fromwork supplier in GCC, comprising 86% of total exports. The second position in the ranking was held by Oman ($X), with a 9% share of total exports.

In the United Arab Emirates, fromwork exports expanded at an average annual rate of +15.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Oman (+23.1% per year) and Kuwait (+20.3% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, reducing by -8.7% against the previous year. Export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fromwork export price increased by +49.2% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 63% against the previous year. As a result, the export price reached the peak level of $X per ton, and then declined in the following year.

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 the United Arab Emirates ($X per ton), while Kuwait ($X per ton) 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 (+3.7%), while the other leaders experienced a decline in the export price figures.

Fromwork Imports

Imports in GCC

In 2022, supplies from abroad of shuttering for concrete constructional work, shingles and shakes, of wood was finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. In general, imports, however, continue to indicate a deep contraction. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, fromwork imports skyrocketed to $X in 2022. Overall, imports, however, showed a deep reduction. The level of import peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United Arab Emirates (X tons) was the main importer of shuttering for concrete constructional work, shingles and shakes, of wood, achieving 53% of total imports. Saudi Arabia (X tons) ranks second in terms of the total imports with a 26% share, followed by Qatar (10%) and Oman (5.9%). Kuwait (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the shuttering for concrete constructional work, shingles and shakes, of wood imports, with a CAGR of -1.8% from 2012 to 2022. Qatar (-5.5%), Oman (-6.1%), Saudi Arabia (-7.5%) and Kuwait (-19.3%) illustrated a downward trend over the same period. The United Arab Emirates (+19 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia and Kuwait saw its share reduced by -4.2% and -14.8% 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 ($X) constitutes the largest market for imported shuttering for concrete constructional work, shingles and shakes, of wood in GCC, comprising 63% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 15% share of total imports. It was followed by Qatar, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates amounted to -1.8%. In the other countries, the average annual rates were as follows: Saudi Arabia (-13.3% per year) and Qatar (-1.1% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, declining by -8.5% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 41% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 Qatar ($X per ton), while Saudi Arabia ($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 (+4.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform