Oman: Insulating Fittings Market 2024

Insulating Fittings Market Size in Oman

The Omani insulating fittings market declined sharply to $X in 2021, with a decrease of -45.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a drastic downturn. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Insulating Fittings Exports

Exports from Oman

In 2021, approx. X tons of insulating fittings for electrical purposes were exported from Oman; with an increase of 66% compared with the year before. Over the period under review, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 399%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, insulating fittings exports surged to $X in 2021. In general, exports continue to indicate significant growth. The growth pace was the most rapid in 2013 when exports increased by 498%. The exports peaked in 2021 and are likely to continue growth in the near future.

Exports by Country

Yemen (X tons) was the main destination for insulating fittings exports from Oman, with a 73% share of total exports. Moreover, insulating fittings exports to Yemen exceeded the volume sent to the second major destination, Qatar (X tons), sixfold. The United Arab Emirates (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Yemen totaled +91.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+65.1% per year) and the United Arab Emirates (+45.7% per year).

In value terms, the largest markets for insulating fittings exported from Oman were Qatar ($X), Yemen ($X) and the United Arab Emirates ($X), with a combined 97% share of total exports.

In terms of the main countries of destination, Qatar, with a CAGR of +75.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average insulating fittings export price stood at $X per ton in 2021, dropping by -27.3% against the previous year. In general, the export price continues to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2014 when the average export price increased by 52% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to Yemen ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+12.6%), while the prices for the other major destinations experienced mixed trend patterns.

Insulating Fittings Imports

Imports into Oman

In 2021, the amount of insulating fittings for electrical purposes imported into Oman shrank dramatically to X tons, with a decrease of -43.3% on the previous year. In general, imports recorded a abrupt curtailment. The pace of growth was the most pronounced in 2017 with an increase of 156%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, insulating fittings imports shrank modestly to $X in 2021. Overall, imports continue to indicate a abrupt setback. The growth pace was the most rapid in 2017 when imports increased by 102% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest supplier of insulating fittings to Oman, accounting for a 48% share of total imports. Moreover, insulating fittings imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. The third position in this ranking was taken by Saudi Arabia (X tons), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to -10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-18.5% per year) and Saudi Arabia (+16.3% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of insulating fittings for electrical purposes to Oman, comprising 44% of total imports. The second position in the ranking was held by India ($X), with a 9.4% share of total imports. It was followed by Qatar, with an 8% share.

From 2012 to 2021, the average annual growth rate of value from the United Arab Emirates stood at -3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-8.8% per year) and Qatar (+9.3% per year).

Import Prices by Country

The average insulating fittings import price stood at $X per ton in 2021, jumping by 73% against the previous year. Overall, import price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, insulating fittings import price increased by +97.7% against 2018 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+47.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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