GCC: Worked Slate Market 2024

Worked Slate Market Size in GCC

The GCC worked slate market surged to $X in 2022, jumping by 23% against the previous year. Overall, consumption continues to indicate resilient growth. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in the immediate term.

Worked Slate Production in GCC

In value terms, worked slate production soared to $X in 2022 estimated in export price. In general, production showed a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of 105%. Over the period under review, production hit record highs in 2022 and is expected to retain growth in the immediate term.

Worked Slate Exports

Exports in GCC

In 2022, shipments abroad of worked slate increased by 64% to X tons for the first time since 2017, thus ending a four-year declining trend. In general, exports, however, saw a dramatic decrease. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, worked slate exports surged to $X in 2022. Overall, exports, however, saw a sharp reduction. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Oman represented the major exporting country with an export of around X tons, which accounted for 69% of total exports. The United Arab Emirates (X tons) took the second position in the ranking, distantly followed by Saudi Arabia (X tons). All these countries together took near 29% share of total exports.

Oman was also the fastest-growing in terms of the worked slate exports, with a CAGR of -16.1% from 2012 to 2022. Saudi Arabia (-22.4%) and the United Arab Emirates (-36.6%) illustrated a downward trend over the same period. While the share of Oman (+54 p.p.) and Saudi Arabia (+4.3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (-55.7 p.p.) displayed negative dynamics.

In value terms, the largest worked slate supplying countries in GCC were the United Arab Emirates ($X), Oman ($X) and Saudi Arabia ($X), with a combined 96% share of total exports.

In terms of the main exporting countries, Saudi Arabia, with a CAGR of -18.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, surging by 20% against the previous year. Export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, worked slate export price increased by +33.7% against 2017 indices. The pace of growth was the most pronounced in 2020 an increase of 31%. Over the period under review, the export prices attained the maximum in 2022 and is likely to continue growth in the immediate term.

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 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+16.2%), while the other leaders experienced mixed trends in the export price figures.

Worked Slate Imports

Imports in GCC

In 2022, after four years of decline, there was significant growth in overseas purchases of worked slate, when their volume increased by 55% to X tons. Overall, imports, however, recorded a deep reduction. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, worked slate imports totaled $X in 2022. In general, imports, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2017 with an increase of 62% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) was the largest importer of worked slate, mixing up 43% of total imports. Qatar (X tons) took a 24% share (based on physical terms) of total imports, which put it in second place, followed by Oman (17%) and Kuwait (13%). Bahrain (X tons) held a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Kuwait (with a CAGR of -5.3%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported worked slate in GCC, comprising 69% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 15% share of total imports. It was followed by Oman, with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates amounted to -5.7%. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (-2.8% per year) and Oman (-11.4% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, reducing by -32.8% against the previous year. Overall, the import price, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2021 an increase of 50% against the previous year. As a result, import price attained the peak level of $X per ton, and then reduced sharply in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Qatar ($X per ton) 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 (+8.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform