GCC: Tap And Valve Market 2024

Tap And Valve Exports

Exports in GCC

For the third year in a row, GCC recorded growth in shipments abroad of taps, cocks, valves and similar appliances, which increased by 1.5% to X tons in 2022. Total exports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +8.8% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 48%. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, tap and valve exports expanded sharply to $X in 2022. In general, exports saw a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of 68%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, amounting to X tons, which was approx. 81% of total exports in 2022. Saudi Arabia (X tons) held an 8.9% share (based on physical terms) of total exports, which put it in second place, followed by Oman (5.6%). Bahrain (X tons) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to tap and valve exports from the United Arab Emirates stood at +2.5%. At the same time, Oman (+28.1%), Bahrain (+16.6%) and Saudi Arabia (+2.5%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +28.1% from 2012-2022. From 2012 to 2022, the share of Oman and Bahrain increased by +5 and +2.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest tap and valve supplier in GCC, comprising 85% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 6.6% share of total exports. It was followed by Oman, with a 4.3% share.

In the United Arab Emirates, tap and valve exports expanded at an average annual rate of +9.8% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+4.0% per year) and Oman (+20.6% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, rising by 4.1% against the previous year. Export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tap and valve export price decreased by -11.3% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the export price increased by 20%. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in the United Arab Emirates ($X per ton) and Bahrain ($X per ton), while Saudi Arabia ($X per ton) and Oman ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+7.1%), while the other leaders experienced more modest paces of growth.

Tap And Valve Imports

Imports in GCC

In 2022, supplies from abroad of taps, cocks, valves and similar appliances decreased by -39% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports saw a deep contraction. The pace of growth was the most pronounced in 2015 when imports increased by 13% against the previous year. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, tap and valve imports contracted significantly to $X in 2022. In general, imports saw a perceptible downturn. The pace of growth was the most pronounced in 2021 when imports increased by 10%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

The United Arab Emirates represented the main importer of taps, cocks, valves and similar appliances in GCC, with the volume of imports finishing at X tons, which was near 64% of total imports in 2022. Oman (X tons) took the second position in the ranking, followed by Kuwait (X tons) and Bahrain (X tons). All these countries together took near 30% share of total imports. Saudi Arabia (X tons) and Qatar (X tons) held a relatively small share of total imports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of imports of taps, cocks, valves and similar appliances. At the same time, Oman (+5.5%) and Bahrain (+4.2%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +5.5% from 2012-2022. By contrast, Kuwait (-4.7%), Qatar (-14.5%) and Saudi Arabia (-24.7%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+28 p.p.), Oman (+9 p.p.) and Bahrain (+3.2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Qatar (-4.6 p.p.) and Saudi Arabia (-35.7 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 ($X) constitutes the largest market for imported taps, cocks, valves and similar appliances in GCC, comprising 63% of total imports. The second position in the ranking was taken by Oman ($X), with a 14% share of total imports. It was followed by Kuwait, with a 9.4% share.

In the United Arab Emirates, tap and valve imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Oman (+6.4% per year) and Kuwait (-4.6% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, rising by 2.4% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 21%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices remained at a lower figure.

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 ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform