GCC: Veneer Sheets Market 2025

Veneer Sheets Market Size in GCC

In 2022, after two years of decline, there was significant growth in the GCC veneer sheets market, when its value increased by 22% to $X. In general, consumption, however, recorded a deep slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Veneer Sheets Production in GCC

In value terms, veneer sheets production reduced to $X in 2022 estimated in export price. In general, production saw a pronounced contraction. The most prominent rate of growth was recorded in 2017 with an increase of 47% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Veneer Sheets Exports

Exports in GCC

In 2022, overseas shipments of veneer sheets decreased by -55.1% to X cubic meters for the first time since 2019, thus ending a two-year rising trend. In general, exports saw a deep slump. The pace of growth was the most pronounced in 2018 when exports increased by 83% against the previous year. The volume of export peaked at X cubic meters in 2021, and then dropped markedly in the following year.

In value terms, veneer sheets exports reduced remarkably to $X in 2022. Overall, exports saw a pronounced decline. The pace of growth appeared the most rapid in 2017 when exports increased by 150%. Over the period under review, the exports hit record highs at $X in 2021, and then plummeted in the following year.

Exports by Country

The United Arab Emirates dominates exports structure, accounting for X cubic meters, which was near 93% of total exports in 2022. It was distantly followed by Oman (X cubic meters), achieving a 5% share of total exports. Saudi Arabia (X cubic meters) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the veneer sheets exports, with a CAGR of +8.5% from 2012 to 2022. At the same time, Oman (+2.1%) displayed positive paces of growth. By contrast, Saudi Arabia (-32.5%) illustrated a downward trend over the same period. The United Arab Emirates (+69 p.p.) and Oman (+2.7 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by -43.2% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) remains the largest veneer sheets supplier in GCC, comprising 89% of total exports. The second position in the ranking was taken by Oman ($X), with a 5.2% share of total exports.

In the United Arab Emirates, veneer sheets exports expanded at an average annual rate of +8.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (+8.5% per year) and Saudi Arabia (-26.3% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per cubic meter, with an increase of 36% against the previous year. Overall, the export price enjoyed a modest increase. The pace of growth appeared the most rapid in 2017 when the export price increased by 72%. As a result, the export price reached the peak level of $X per cubic meter. From 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per cubic meter), while the United Arab Emirates ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+9.2%), while the other leaders experienced mixed trends in the export price figures.

Veneer Sheets Imports

Imports in GCC

In 2022, purchases abroad of veneer sheets was finally on the rise to reach X cubic meters after two years of decline. Overall, imports, however, showed a deep slump. The growth pace was the most rapid in 2019 when imports increased by 21% against the previous year. The volume of import peaked at X cubic meters in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, veneer sheets imports fell slightly to $X in 2022. In general, imports, however, showed a pronounced descent. The most prominent rate of growth was recorded in 2016 with an increase of 16%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates represented the main importer of veneer sheets in GCC, with the volume of imports recording X cubic meters, which was near 69% of total imports in 2022. It was distantly followed by Qatar (X cubic meters), Oman (X cubic meters) and Kuwait (X cubic meters), together achieving a 27% share of total imports. Bahrain (X cubic meters) followed a long way behind the leaders.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of imports of veneer sheets. Kuwait (-1.7%), Qatar (-5.5%), Oman (-10.1%) and Bahrain (-20.4%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+60 p.p.), Qatar (+10 p.p.), Oman (+6.1 p.p.) and Kuwait (+3.9 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported veneer sheets in GCC, comprising 75% of total imports. The second position in the ranking was taken by Qatar ($X), with a 12% share of total imports. It was followed by Bahrain, with a 6.2% share.

In the United Arab Emirates, veneer sheets imports increased at an average annual rate of +4.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (+8.9% per year) and Bahrain (-4.9% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per cubic meter, shrinking by -2.8% against the previous year. Over the period under review, the import price, however, recorded a buoyant expansion. The pace of growth appeared the most rapid in 2017 an increase of 57% against the previous year. Over the period under review, import prices attained the maximum at $X per cubic meter in 2021, and then shrank modestly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bahrain ($X per cubic meter), while Kuwait ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+19.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform