GCC: Wood Fuel Market 2024

Wood Fuel Market Size in GCC

The GCC wood fuel market reduced notably to $X in 2022, with a decrease of -16.5% against the previous year. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2021, and then plummeted in the following year.

Wood Fuel Production in GCC

In value terms, wood fuel production fell to $X in 2022 estimated in export price. The total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +6.5% against 2020 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by 86% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Wood Fuel Exports

Exports in GCC

In 2022, approx. X cubic meters of wood fuel were exported in GCC; declining by -30.2% on the previous year. Over the period under review, exports, however, recorded a perceptible expansion. The most prominent rate of growth was recorded in 2013 with an increase of 122% against the previous year. As a result, the exports attained the peak of X cubic meters. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, wood fuel exports dropped remarkably to $X in 2022. Overall, exports saw a abrupt contraction. The growth pace was the most rapid in 2013 when exports increased by 117% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Oman dominates exports structure, accounting for X cubic meters, which was approx. 93% of total exports in 2022. It was distantly followed by the United Arab Emirates (X cubic meters), constituting a 6% share of total exports.

Oman was also the fastest-growing in terms of the wood fuel exports, with a CAGR of +52.8% from 2012 to 2022. The United Arab Emirates (-19.6%) illustrated a downward trend over the same period. While the share of Oman (+91 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (-63.1 p.p.) displayed negative dynamics.

In value terms, Oman ($X) emerged as the largest wood fuel supplier in GCC, comprising 81% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 15% share of total exports.

In Oman, wood fuel exports expanded at an average annual rate of +36.1% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per cubic meter, with a decrease of -21.7% against the previous year. Overall, the export price saw a abrupt curtailment. The most prominent rate of growth was recorded in 2015 when the export price increased by 12% against the previous year. Over the period under review, the export prices reached the maximum at $X per cubic meter in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 the United Arab Emirates ($X per cubic meter), while Oman amounted to $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-0.5%).

Wood Fuel Imports

Imports in GCC

In 2022, the amount of wood fuel imported in GCC declined remarkably to X cubic meters, dropping by -78.2% compared with the previous year's figure. Over the period under review, imports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 264%. As a result, imports attained the peak of X cubic meters, and then contracted rapidly in the following year.

In value terms, wood fuel imports reduced markedly to $X in 2022. In general, imports saw a abrupt setback. The pace of growth appeared the most rapid in 2021 with an increase of 260% against the previous year. As a result, imports reached the peak of $X, and then reduced sharply in the following year.

Imports by Country

The United Arab Emirates represented the main importing country with an import of about X cubic meters, which amounted to 73% of total imports. It was distantly followed by Kuwait (X cubic meters) and Qatar (X cubic meters), together committing a 21% share of total imports. Oman (X cubic meters) and Bahrain (X cubic meters) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the wood fuel imports, with a CAGR of +7.0% from 2012 to 2022. At the same time, Kuwait (+5.9%) displayed positive paces of growth. Qatar and Oman experienced a relatively flat trend pattern. By contrast, Bahrain (-10.5%) illustrated a downward trend over the same period. The United Arab Emirates (+59 p.p.), Kuwait (+9.3 p.p.), Qatar (+5.5 p.p.) and Oman (+2.4 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported wood fuel in GCC, comprising 76% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 13% share of total imports. It was followed by Qatar, with a 6.8% share.

In the United Arab Emirates, wood fuel imports expanded at an average annual rate of +17.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Kuwait (+12.3% per year) and Qatar (-3.9% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per cubic meter, growing by 44% against the previous year. Import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wood fuel import price increased by +47.4% against 2019 indices. Over the period under review, import prices hit record highs at $X per cubic meter in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per cubic meter), while Oman ($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 the United Arab Emirates (+9.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform