MENA: Artificial Corundum Market 2024

Artificial Corundum Market Size in MENA

In 2021, the MENA's artificial corundum market increased by 2.1% to $X, rising for the second consecutive year after two years of decline. In general, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Artificial Corundum Production in MENA

In value terms, artificial corundum production contracted modestly to $X in 2021 estimated in export price. In general, production, however, continues to indicate a pronounced descent. The most prominent rate of growth was recorded in 2020 with an increase of 9.7% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Artificial Corundum Exports

Exports in MENA

In 2021, overseas shipments of artificial corundum increased by 36% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports posted significant growth. The growth pace was the most rapid in 2016 when exports increased by 114%. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, artificial corundum exports skyrocketed to $X in 2021. Overall, exports showed a remarkable increase. The growth pace was the most rapid in 2016 with an increase of 80% against the previous year. The level of export peaked in 2021 and is likely to continue growth in years to come.

Exports by Country

Bahrain prevails in exports structure, reaching X tons, which was approx. 89% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), generating an 8.5% share of total exports. Turkey (X tons) held a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to artificial corundum exports from Bahrain stood at +20.0%. At the same time, the United Arab Emirates (+42.0%) and Turkey (+26.0%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in MENA, with a CAGR of +42.0% from 2012-2021. From 2012 to 2021, the share of the United Arab Emirates increased by +6.5 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Bahrain ($X) remains the largest artificial corundum supplier in MENA, comprising 90% of total exports. The second position in the ranking was taken by Turkey ($X), with a 4.8% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Bahrain amounted to +17.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (+26.7% per year) and the United Arab Emirates (+30.2% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2021, picking up by 6.1% against the previous year. In general, the export price, however, recorded a perceptible contraction. The growth pace was the most rapid in 2018 an increase of 21% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+0.6%), while the other leaders experienced a decline in the export price figures.

Artificial Corundum Imports

Imports in MENA

In 2021, the amount of artificial corundum imported in MENA fell to X tons, dropping by -7.3% against the previous year. Total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -12.2% against 2019 indices. The growth pace was the most rapid in 2015 with an increase of 35% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, artificial corundum imports reached $X in 2021. Total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +7.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +53.9% against 2013 indices. The most prominent rate of growth was recorded in 2013 with an increase of 21%. The level of import peaked in 2021 and is likely to see gradual growth in years to come.

Imports by Country

Turkey was the main importer of artificial corundum in MENA, with the volume of imports finishing at X tons, which was approx. 59% of total imports in 2021. The United Arab Emirates (X tons) held a 21% share (based on physical terms) of total imports, which put it in second place, followed by Iran (7.4%) and Israel (5.7%). Morocco (X tons) held a little share of total imports.

Imports into Turkey increased at an average annual rate of +8.4% from 2012 to 2021. At the same time, the United Arab Emirates (+16.7%), Morocco (+8.2%) and Israel (+2.5%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in MENA, with a CAGR of +16.7% from 2012-2021. By contrast, Iran (-6.7%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+12 p.p.) and Turkey (+9.3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Israel (-2.2 p.p.) and Iran (-16.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported artificial corundum in MENA, comprising 60% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 21% share of total imports. It was followed by Iran, with a 6.4% share.

In Turkey, artificial corundum imports increased at an average annual rate of +8.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the United Arab Emirates (+20.0% per year) and Iran (-5.0% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, with an increase of 24% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the import price increased by 28% against the previous year. The level of import peaked in 2021 and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Morocco ($X per ton) and Israel ($X per ton), while Iran ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform