Middle East: Veneer Sheets Market 2024

Veneer Sheets Market Size in the Middle East

In 2022, the Middle Eastern veneer sheets market was finally on the rise to reach $X after six years of decline. Overall, consumption recorded a perceptible curtailment. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Veneer Sheets Production in the Middle East

In value terms, veneer sheets production fell to $X in 2022 estimated in export price. Overall, production saw a abrupt contraction. The pace of growth appeared the most rapid in 2021 with an increase of 11% against the previous year. The level of production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Veneer Sheets Exports

Exports in the Middle East

In 2022, overseas shipments of veneer sheets increased by 33% to X cubic meters, rising for the fifth year in a row after three years of decline. In general, exports continue to indicate a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, veneer sheets exports soared to $X in 2022. Total exports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +76.8% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 36% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Turkey dominates exports structure, accounting for X cubic meters, which was near 84% of total exports in 2022. It was distantly followed by the United Arab Emirates (X cubic meters) and Israel (X cubic meters), together mixing up a 13% share of total exports.

Turkey was also the fastest-growing in terms of the veneer sheets exports, with a CAGR of +13.6% from 2012 to 2022. At the same time, the United Arab Emirates (+8.5%) displayed positive paces of growth. By contrast, Israel (-7.3%) illustrated a downward trend over the same period. While the share of Turkey (+38 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Israel (-19.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest veneer sheets supplier in the Middle East, comprising 86% of total exports. The second position in the ranking was taken by Israel ($X), with a 6.8% share of total exports.

In Turkey, veneer sheets exports expanded at an average annual rate of +8.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Israel (-8.2% per year) and the United Arab Emirates (+8.3% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per cubic meter, falling by -2.4% against the previous year. In general, the export price saw a noticeable contraction. The pace of growth was the most pronounced in 2017 an increase of 18%. 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 Israel ($X per cubic meter), while the United Arab Emirates ($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 the United Arab Emirates (-0.2%), while the other leaders experienced a decline in the export price figures.

Veneer Sheets Imports

Imports in the Middle East

In 2022, purchases abroad of veneer sheets increased by 11% to X cubic meters, rising for the third year in a row after three years of decline. Over the period under review, imports, however, saw a pronounced decline. The pace of growth appeared the most rapid in 2016 with an increase of 15%. As a result, imports attained the peak of X cubic meters. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, veneer sheets imports surged to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey prevails in imports structure, amounting to X cubic meters, which was near 76% of total imports in 2022. The United Arab Emirates (X cubic meters) took the second position in the ranking, followed by Iran (X cubic meters). All these countries together held near 11% share of total imports. The following importers - Israel (X cubic meters), Palestine (X cubic meters) and Yemen (X cubic meters) - each resulted at a 9.1% share of total imports.

Imports into Turkey increased at an average annual rate of +6.9% from 2012 to 2022. At the same time, Iran (+9.4%) and Israel (+1.9%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +9.4% from 2012-2022. The United Arab Emirates experienced a relatively flat trend pattern. By contrast, Yemen (-4.5%) and Palestine (-8.2%) illustrated a downward trend over the same period. While the share of Turkey (+46 p.p.) and Iran (+3.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Palestine (-2.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported veneer sheets in the Middle East, comprising 47% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 19% share of total imports. It was followed by Israel, with a 9.1% share.

In Turkey, veneer sheets imports increased at an average annual rate of +6.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+4.8% per year) and Israel (+4.8% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per cubic meter, surging by 7.5% against the previous year. Over the last decade, it increased at an average annual rate of +3.0%. The most prominent rate of growth was recorded in 2019 when the import price increased by 27% against the previous year. As a result, import price reached the peak level of $X per cubic meter; afterwards, it flattened through to 2022.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per cubic meter), while Turkey ($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 (+5.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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