GCC: Wood Tool Market 2024

Wood Tool Market Size in GCC

In 2021, the GCC wood tool market increased by 32% to $X, rising for the second year in a row after three years of decline. In general, consumption saw a strong expansion. The level of consumption peaked at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Wood Tool Production in GCC

In value terms, wood tool production soared to $X in 2021 estimated in export price. Over the period under review, production posted a significant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 8,064% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Wood Tool Exports

Exports in GCC

In 2021, shipments abroad of tools of wood decreased by -34.3% to X tons, falling for the third consecutive year after two years of growth. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 228% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, wood tool exports shrank significantly to $X in 2021. In general, exports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2014 when exports increased by 367%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates represented the main exporting country with an export of around X tons, which finished at 49% of total exports. It was distantly followed by Saudi Arabia (X tons), Oman (X tons) and Kuwait (X tons), together making up a 51% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to wood tool exports from the United Arab Emirates stood at -5.2%. At the same time, Oman (+40.0%) and Kuwait (+39.0%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +40.0% from 2012-2021. By contrast, Saudi Arabia (-6.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Saudi Arabia, Oman and Kuwait increased by +23, +18 and +7.9 percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest wood tool supplier in GCC, comprising 76% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 14% share of total exports. It was followed by Kuwait, with a 5% share.

In the United Arab Emirates, wood tool exports expanded at an average annual rate of +9.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (+0.4% per year) and Kuwait (+25.0% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, jumping by 20% against the previous year. Over the period under review, the export price recorded strong growth. The most prominent rate of growth was recorded in 2020 an increase of 185% against the previous year. Over the period under review, the export prices reached the peak figure in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+15.0%), while the other leaders experienced mixed trends in the export price figures.

Wood Tool Imports

Imports in GCC

Wood tool imports dropped to X tons in 2021, which is down by -14.7% compared with 2020. In general, imports recorded a slight shrinkage. The pace of growth appeared the most rapid in 2020 with an increase of 176% against the previous year. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, wood tool imports skyrocketed to $X in 2021. Overall, imports, however, showed prominent growth. The pace of growth was the most pronounced in 2020 with an increase of 140%. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Saudi Arabia was the largest importing country with an import of about X tons, which amounted to 53% of total imports. The United Arab Emirates (X tons) held the second position in the ranking, distantly followed by Oman (X tons). All these countries together took near 37% share of total imports. Bahrain (X tons), Kuwait (X tons) and Qatar (X tons) followed a long way behind the leaders.

Imports into Saudi Arabia decreased at an average annual rate of -4.7% from 2012 to 2021. At the same time, Oman (+21.8%), Qatar (+13.7%), Bahrain (+8.4%), the United Arab Emirates (+2.3%) and Kuwait (+1.7%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +21.8% from 2012-2021. While the share of Oman (+8.5 p.p.), the United Arab Emirates (+7.2 p.p.), Bahrain (+2.2 p.p.) and Qatar (+2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Saudi Arabia (-20.6 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 ($X) constitutes the largest market for imported tools of wood in GCC, comprising 69% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 19% share of total imports. It was followed by Oman, with a 5.5% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates stood at +19.4%. In the other countries, the average annual rates were as follows: Saudi Arabia (-4.6% per year) and Oman (+16.2% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, growing by 55% against the previous year. In general, the import price saw buoyant growth. The most prominent rate of growth was recorded in 2015 an increase of 81%. Over the period under review, import prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+16.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform