GCC: Ferro-Silicon Market 2024

Ferro-Silicon Market Size in GCC

The GCC ferro-silicon market dropped rapidly to $X in 2023, with a decrease of X% against the previous year. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2023, consumption stood at a somewhat lower figure.

Ferro-Silicon Production in GCC

In value terms, ferro-silicon production declined modestly to $X in 2023 estimated in export price. Overall, production continues to indicate a mild setback. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2023, production remained at a lower figure.

Ferro-Silicon Exports

Exports in GCC

In 2023, the amount of ferro-silicon exported in GCC skyrocketed to X tons, rising by X% against the previous year. Overall, exports, however, saw a mild decline. The pace of growth appeared the most rapid in 2020 with an increase of X%. The volume of export peaked at X tons in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

In value terms, ferro-silicon exports stood at $X in 2023. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of X%. The level of export peaked at $X in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates was the main exporter of ferro-silicon in GCC, with the volume of exports resulting at X tons, which was near X% of total exports in 2023. Kuwait (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Oman (X%).

The United Arab Emirates was also the fastest-growing in terms of the ferro-silicon exports, with a CAGR of X% from 2012 to 2023. At the same time, Oman (X%) displayed positive paces of growth. By contrast, Kuwait (X%) illustrated a downward trend over the same period. The United Arab Emirates (X p.p.) and Oman (X p.p.) significantly strengthened its position in terms of the total exports, while Kuwait saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, the United Arab Emirates ($X) remains the largest ferro-silicon supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Kuwait ($X), with a X% share of total exports.

In the United Arab Emirates, ferro-silicon exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Kuwait (X% per year) and Oman (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, with a decrease of X% against the previous year. Export price indicated mild growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, ferro-silicon export price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2022 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton, and then dropped rapidly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Oman ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Oman (X%), while the other leaders experienced mixed trends in the export price figures.

Ferro-Silicon Imports

Imports in GCC

In 2023, purchases abroad of ferro-silicon was finally on the rise to reach X tons after two years of decline. Over the period under review, imports, however, showed a mild setback. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2023, imports stood at a somewhat lower figure.

In value terms, ferro-silicon imports soared to $X in 2023. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of X%. As a result, imports reached the peak of $X. From 2019 to 2023, the growth of imports remained at a lower figure.

Imports by Country

In 2023, the United Arab Emirates (X tons) was the largest importer of ferro-silicon, comprising X% of total imports. Oman (X tons) ranks second in terms of the total imports with a X% share, followed by Saudi Arabia (X%) and Qatar (X%). The following importers - Bahrain (X tons) and Kuwait (X tons) - together made up X% of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Qatar (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Oman ($X) and Saudi Arabia ($X) were the countries with the highest levels of imports in 2023, together comprising X% of total imports. Qatar, Bahrain and Kuwait lagged somewhat behind, together comprising a further X%.

Qatar, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in GCC amounted to $X per ton, shrinking by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2022, and then reduced slightly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Kuwait (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform