GCC: Sulphur Market 2024

Sulphur Market Size in GCC

The GCC sulphur market contracted to $X in 2021, dropping by -5.6% against the previous year. Overall, consumption, however, enjoyed perceptible growth. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Sulphur Production in GCC

In value terms, sulphur production dropped to $X in 2021 estimated in export price. The total production indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +3.3% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 77% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Sulphur Exports

Exports in GCC

In 2021, shipments abroad of sulphur (sublimed or precipitated) and colloidal sulphur increased by 9.1% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports showed a measured increase. The pace of growth appeared the most rapid in 2014 when exports increased by 309% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the immediate term.

In value terms, sulphur exports rose notably to $X in 2021. Overall, exports, however, saw a noticeable descent. The most prominent rate of growth was recorded in 2014 with an increase of 190%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates was the major exporting country with an export of about X tons, which recorded 67% of total exports. It was distantly followed by Bahrain (X tons), creating a 27% share of total exports. Saudi Arabia (X tons) and Oman (X tons) held a relatively small share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +1.2% from 2012 to 2021. At the same time, Oman (+47.2%) and Bahrain (+20.8%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +47.2% from 2012-2021. By contrast, Saudi Arabia (-4.5%) illustrated a downward trend over the same period. While the share of Bahrain (+20 p.p.) and Oman (+2.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Saudi Arabia (-4 p.p.) and the United Arab Emirates (-18.5 p.p.) displayed negative dynamics.

In value terms, Bahrain ($X) remains the largest sulphur supplier in GCC, comprising 54% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 25% share of total exports. It was followed by Saudi Arabia, with an 18% share.

In Bahrain, sulphur exports increased at an average annual rate of +12.7% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (-12.3% per year) and Saudi Arabia (-9.4% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, rising by 5.3% against the previous year. In general, the export price, however, continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2013 an increase of 79%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-5.1%), while the other leaders experienced a decline in the export price figures.

Sulphur Imports

Imports in GCC

In 2021, approx. X tons of sulphur (sublimed or precipitated) and colloidal sulphur were imported in GCC; picking up by 7.5% on the year before. Over the period under review, imports showed resilient growth. The most prominent rate of growth was recorded in 2017 when imports increased by 226%. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, sulphur imports contracted notably to $X in 2021. Overall, imports, however, continue to indicate a noticeable contraction. The pace of growth was the most pronounced in 2017 when imports increased by 270% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates dominates imports structure, accounting for X tons, which was near 94% of total imports in 2021. It was distantly followed by Saudi Arabia (X tons), committing a 5.4% share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the sulphur (sublimed or precipitated) and colloidal sulphur imports, with a CAGR of +19.8% from 2012 to 2021. Saudi Arabia (-11.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates increased by +41 percentage points.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported sulphur (sublimed or precipitated) and colloidal sulphur in GCC, comprising 90% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with an 8.8% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates stood at -3.4%.

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, which is down by -41.9% against the previous year. In general, the import price saw a deep downturn. The most prominent rate of growth was recorded in 2019 an increase of 90% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+2.8%).

Source: IndexBox Platform