GCC: Mineral Wool Market 2024

Mineral Wool Market Size in GCC

In 2021, the GCC mineral wool market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption enjoyed a resilient expansion. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Mineral Wool Production in GCC

In value terms, mineral wool production rose sharply to $X in 2021 estimated in export price. Over the period under review, production enjoyed a buoyant increase. The pace of growth was the most pronounced in 2014 when the production volume increased by 111% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Mineral Wool Exports

Exports in GCC

In 2021, the amount of slag wool, rock wool and similar mineral wools and mixtures exported in GCC rose markedly to X tons, increasing by 14% against the previous year. Total exports indicated moderate growth from 2012 to 2021: its volume increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +64.6% against 2015 indices. The pace of growth appeared the most rapid in 2014 when exports increased by 30%. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, mineral wool exports rose rapidly to $X in 2021. In general, exports posted notable growth. The pace of growth appeared the most rapid in 2014 when exports increased by 96% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Saudi Arabia was the largest exporter of slag wool, rock wool and similar mineral wools and mixtures in GCC, with the volume of exports accounting for X tons, which was near 77% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), constituting a 22% share of total exports.

Saudi Arabia was also the fastest-growing in terms of the slag wool, rock wool and similar mineral wools and mixtures exports, with a CAGR of +12.4% from 2012 to 2021. The United Arab Emirates (-9.7%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+45 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-43.9 p.p.) displayed negative dynamics.

In value terms, Saudi Arabia ($X) remains the largest mineral wool supplier in GCC, comprising 71% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 29% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Saudi Arabia amounted to +13.4%.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, which is down by -3.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. The most prominent rate of growth was recorded in 2014 an increase of 50%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.3%).

Mineral Wool Imports

Imports in GCC

In 2021, purchases abroad of slag wool, rock wool and similar mineral wools and mixtures was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports, however, showed a mild contraction. The pace of growth was the most pronounced in 2014 when imports increased by 28% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, mineral wool imports dropped slightly to $X in 2021. Over the period under review, imports, however, recorded a mild curtailment. The pace of growth was the most pronounced in 2017 with an increase of 33% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the largest importer of slag wool, rock wool and similar mineral wools and mixtures in GCC, with the volume of imports resulting at X tons, which was approx. 48% of total imports in 2021. Saudi Arabia (X tons) held the second position in the ranking, followed by Qatar (X tons), Kuwait (X tons) and Oman (X tons). All these countries together took approx. 48% share of total imports. Bahrain (X tons) held a little share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +3.3% from 2012 to 2021. At the same time, Kuwait (+16.3%) and Bahrain (+9.9%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of +16.3% from 2012-2021. By contrast, Qatar (-2.0%), Saudi Arabia (-9.7%) and Oman (-10.7%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+18 p.p.), Kuwait (+7.7 p.p.) and Bahrain (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Oman (-9.5 p.p.) and Saudi Arabia (-17.8 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 ($X) constitutes the largest market for imported slag wool, rock wool and similar mineral wools and mixtures in GCC, comprising 47% of total imports. The second position in the ranking was held by Qatar ($X), with a 16% share of total imports. It was followed by Saudi Arabia, with a 14% share.

In the United Arab Emirates, mineral wool imports increased at an average annual rate of +7.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Qatar (-1.6% per year) and Saudi Arabia (-12.1% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, reducing by -10.5% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of 20%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Oman ($X per ton) and Kuwait ($X per ton), while Saudi Arabia ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform