Middle East: Baryte Market 2024

Baryte Market Size in the Middle East

In 2021, the Middle Eastern baryte market increased by 8.9% to $X, rising for the second consecutive year after four years of decline. Overall, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Baryte Production in the Middle East

In value terms, baryte production soared to $X in 2021 estimated in export price. Overall, production, however, recorded a buoyant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 71%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Baryte Exports

Exports in the Middle East

In 2021, overseas shipments of barytes increased by 24% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports enjoyed notable growth. The pace of growth appeared the most rapid in 2017 when exports increased by 52% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, baryte exports skyrocketed to $X in 2021. Total exports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 44%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Turkey was the major exporter of barytes in the Middle East, with the volume of exports finishing at X tons, which was near 65% of total exports in 2021. The United Arab Emirates (X tons) took the second position in the ranking, followed by Iran (X tons). All these countries together took approx. 32% share of total exports. Saudi Arabia (X tons) held a relatively small share of total exports.

Exports from Turkey increased at an average annual rate of +1.8% from 2012 to 2021. At the same time, Saudi Arabia (+15.2%), Iran (+12.9%) and the United Arab Emirates (+10.6%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +15.2% from 2012-2021. The United Arab Emirates (+7.4 p.p.), Iran (+7.1 p.p.) and Saudi Arabia (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while Turkey saw its share reduced by -14.8% from 2012 to 2021, respectively.

In value terms, Turkey ($X) remains the largest baryte supplier in the Middle East, comprising 76% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 14% share of total exports. It was followed by Iran, with a 5.5% share.

In Turkey, baryte exports increased at an average annual rate of +6.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the United Arab Emirates (+4.9% per year) and Iran (+5.2% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, surging by 12% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. The pace of growth was the most pronounced in 2019 when the export price increased by 18% against the previous year. Over the period under review, the export prices attained the peak figure in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Iran ($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 (+4.3%), while the other leaders experienced mixed trends in the export price figures.

Baryte Imports

Imports in the Middle East

For the third year in a row, the Middle East recorded decline in supplies from abroad of barytes, which decreased by -35% to X tons in 2021. Over the period under review, imports recorded a slight slump. The most prominent rate of growth was recorded in 2015 when imports increased by 38%. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, baryte imports shrank dramatically to $X in 2021. Overall, imports saw a abrupt downturn. The pace of growth was the most pronounced in 2015 with an increase of 43% against the previous year. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Saudi Arabia (X tons) represented the major importer of barytes, mixing up 52% of total imports. It was distantly followed by Kuwait (X tons), the United Arab Emirates (X tons) and Oman (X tons), together mixing up a 39% share of total imports. Turkey (X tons), Qatar (X tons) and Bahrain (X tons) followed a long way behind the leaders.

Imports into Saudi Arabia decreased at an average annual rate of -3.2% from 2012 to 2021. At the same time, Qatar (+19.3%), Turkey (+18.1%), Bahrain (+9.0%) and Kuwait (+5.7%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +19.3% from 2012-2021. Oman experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-3.2%) illustrated a downward trend over the same period. Kuwait (+10 p.p.), Qatar (+2.6 p.p.) and Turkey (+2.6 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by -6.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported barytes in the Middle East, comprising 48% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 19% share of total imports. It was followed by the United Arab Emirates, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Saudi Arabia totaled -6.8%. In the other countries, the average annual rates were as follows: Kuwait (+6.0% per year) and the United Arab Emirates (-6.7% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, remaining constant against the previous year. Overall, the import price recorded a perceptible reduction. The pace of growth appeared the most rapid in 2020 an increase of 4.5% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a 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 Bahrain ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+3.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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