Oman: Natural Stone Sett Market 2024

Natural Stone Sett Market Size in Oman

In 2022, after two years of growth, there was significant decline in the Omani natural stone sett market, when its value decreased by -15.7% to $X. In general, consumption, however, continues to indicate a remarkable increase. Over the period under review, the market hit record highs at $X in 2021, and then reduced sharply in the following year.

Natural Stone Sett Production in Oman

In value terms, natural stone sett production declined rapidly to $X in 2022 estimated in export price. Overall, production recorded a abrupt decrease. The growth pace was the most rapid in 2016 with an increase of 411% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Natural Stone Sett Exports

Exports from Oman

In 2022, approx. X tons of natural stone setts, kerbstones and flagstones were exported from Oman; dropping by -9% against 2021. Over the period under review, exports faced a significant curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by 1,264%. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, natural stone sett exports fell to $X in 2022. In general, exports saw a precipitous slump. The most prominent rate of growth was recorded in 2016 when exports increased by 1,234% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons) was the main destination for natural stone sett exports from Oman, with a 60% share of total exports. Moreover, natural stone sett exports to the United Arab Emirates exceeded the volume sent to the second major destination, Saudi Arabia (X tons), threefold. Qatar (X tons) ranked third in terms of total exports with a 9.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to -7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-34.2% per year) and Qatar (+19.5% per year).

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Qatar ($X) constituted the largest markets for natural stone sett exported from Oman worldwide, together accounting for 85% of total exports.

Qatar, with a CAGR of +17.3%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average natural stone sett export price amounted to $X per ton, picking up by 2% against the previous year. Overall, the export price, however, recorded a perceptible decline. The most prominent rate of growth was recorded in 2013 an increase of 347% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to Palestine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+6.7%), while the prices for the other major destinations experienced mixed trend patterns.

Natural Stone Sett Imports

Imports into Oman

In 2022, natural stone sett imports into Oman surged to X tons, picking up by 287% against 2021 figures. Over the period under review, imports showed significant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 507%. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, natural stone sett imports skyrocketed to $X in 2022. In general, imports showed a significant increase. The growth pace was the most rapid in 2013 with an increase of 395%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Saudi Arabia (X tons) constituted the largest natural stone sett supplier to Oman, accounting for a 41% share of total imports. Moreover, natural stone sett imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), threefold. Qatar (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Saudi Arabia totaled +19.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+11.3% per year) and Qatar (+57.6% per year).

In value terms, the largest natural stone sett suppliers to Oman were Portugal ($X), Saudi Arabia ($X) and the United Arab Emirates ($X), with a combined 74% share of total imports.

Among the main suppliers, Portugal, with a CAGR of +48.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average natural stone sett import price stood at $X per ton in 2022, declining by -3.2% against the previous year. Over the period under review, import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, natural stone sett import price increased by +93.3% against 2019 indices. The pace of growth was the most pronounced in 2020 an increase of 54% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2021, and then dropped modestly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Portugal ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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