Oman: Nails And Tacks Market 2024

Nails And Tacks Market Size in Oman

For the sixth consecutive year, the Omani nails and tacks market recorded decline in sales value, which decreased by -43.5% to $X in 2022. Overall, consumption faced a deep contraction. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Nails And Tacks Production in Oman

In value terms, nails and tacks production skyrocketed to $X in 2022 estimated in export price. In general, the total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -12.0% against 2020 indices. The growth pace was the most rapid in 2020 with an increase of 93%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Nails And Tacks Exports

Exports from Oman

In 2022, after three years of growth, there was significant decline in shipments abroad of nails, tacks, drawing pins, corrugated nails, staples, when their volume decreased by -24.2% to X tons. In general, exports, however, showed a significant expansion. The growth pace was the most rapid in 2020 with an increase of 43,273% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then dropped notably in the following year.

In value terms, nails and tacks exports declined sharply to $X in 2022. Overall, exports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2020 when exports increased by 31,404% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then declined markedly in the following year.

Exports by Country

The United States (X tons) was the main destination for nails and tacks exports from Oman, with a 100% share of total exports. It was followed by Mexico (X tons), with a 0.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +4,266.5%.

In value terms, the United States ($X) remains the key foreign market for nails, tacks, drawing pins, corrugated nails, staples exports from Oman, comprising 99% of total exports. The second position in the ranking was taken by Mexico ($X), with a 0.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +4,913.8%.

Export Prices by Country

In 2022, the average nails and tacks export price amounted to $X per ton, declining by -5.9% against the previous year. Over the period under review, the export price showed a deep setback. The pace of growth was the most pronounced in 2013 when the average export price increased by 50% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to the United States totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+95.7%), while the prices for the other major destinations experienced more modest paces of growth.

Nails And Tacks Imports

Imports into Oman

In 2022, nails and tacks imports into Oman dropped rapidly to X tons, reducing by -24.5% against the previous year's figure. Over the period under review, total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +45.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 92%. As a result, imports attained the peak of X tons, and then reduced markedly in the following year.

In value terms, nails and tacks imports contracted markedly to $X in 2022. In general, total imports indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +31.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 64% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of nails and tacks to Oman, accounting for a 67% share of total imports. Moreover, nails and tacks imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), fivefold. Germany (X tons) ranked third in terms of total imports with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+17.8% per year) and Germany (+33.8% per year).

In value terms, China ($X) constituted the largest supplier of nails, tacks, drawing pins, corrugated nails, staples to Oman, comprising 39% of total imports. The second position in the ranking was taken by Germany ($X), with a 14% share of total imports. It was followed by India, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +6.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+28.4% per year) and India (+16.5% per year).

Import Prices by Country

The average nails and tacks import price stood at $X per ton in 2022, increasing by 6.7% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 34%. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+33.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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