GCC: Tyre Cord Fabric Market 2024

Tyre Cord Fabric Market Size in GCC

The GCC tyre cord fabric market stood at $X in 2021, with an increase of 10% against the previous year. Over the period under review, consumption continues to indicate a prominent increase. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Tyre Cord Fabric Production in GCC

In value terms, tyre cord fabric production amounted to $X in 2021 estimated in export price. Overall, production continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2015 when the production volume increased by 71% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Tyre Cord Fabric Exports

Exports in GCC

In 2021, tyre cord fabric exports in GCC fell to X tons, reducing by -9.7% against the previous year. In general, exports showed a precipitous setback. The most prominent rate of growth was recorded in 2015 with an increase of 156%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, tyre cord fabric exports skyrocketed to $X in 2021. Overall, exports recorded a dramatic descent. The pace of growth was the most pronounced in 2015 with an increase of 241%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) represented roughly 85% of total exports in 2021. It was distantly followed by Oman (X tons), generating a 13% share of total exports. Kuwait (X tons) took a little share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Kuwait (with a CAGR of +41.0%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the United Arab Emirates ($X) remains the largest tyre cord fabric supplier in GCC, comprising 68% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 20% share of total exports. It was followed by Oman, with a 5.8% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates amounted to -39.0%. In the other countries, the average annual rates were as follows: Saudi Arabia (-14.1% per year) and Oman (+31.6% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, surging by 60% against the previous year. Overall, the export price, however, recorded a deep reduction. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while Oman ($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 (-0.3%), while the other leaders experienced a decline in the export price figures.

Tyre Cord Fabric Imports

Imports in GCC

In 2021, supplies from abroad of tyre cord fabric of high tenacity yarn increased by 15% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports, however, recorded a abrupt setback. The pace of growth appeared the most rapid in 2020 with an increase of 81% 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, tyre cord fabric imports soared to $X in 2021. Overall, imports, however, faced a abrupt slump. The growth pace was the most rapid in 2020 when imports increased by 75% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

The United Arab Emirates was the main importer of tyre cord fabric of high tenacity yarn in GCC, with the volume of imports resulting at X tons, which was near 56% of total imports in 2021. Qatar (X tons) ranks second in terms of the total imports with a 33% share, followed by Oman (9.1%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Oman (with a CAGR of +13.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported tyre cord fabric of high tenacity yarn in GCC, comprising 80% of total imports. The second position in the ranking was held by Qatar ($X), with a 16% share of total imports.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates totaled +6.6%. In the other countries, the average annual rates were as follows: Qatar (+0.8% per year) and Oman (+12.2% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, growing by 12% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 35%. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the import prices remained 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 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 (+0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform