GCC: Rare Earth Metal Market 2024

Rare Earth Metal Market Size in GCC

In 2022, the GCC rare earth metal market decreased by X% to $X, falling for the second consecutive year after four years of growth. In general, consumption, however, continues to indicate strong growth. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Rare Earth Metal Production in GCC

In value terms, rare earth metal production expanded to $X in 2022 estimated in export price. Overall, production enjoyed strong growth. The growth pace was the most rapid in 2017 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Rare Earth Metal Exports

Exports in GCC

In 2022, exports of rare earth metals in GCC fell rapidly to X kg, waning by X% on the previous year. Over the period under review, exports faced a deep contraction. The pace of growth was the most pronounced in 2016 when exports increased by X%. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, rare earth metal exports dropped significantly to $X in 2022. In general, exports, however, posted a buoyant expansion. The pace of growth was the most pronounced in 2016 when exports increased by X,850% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The biggest shipments were from the United Arab Emirates (X kg), together resulting at X% of total export.

The United Arab Emirates was also the fastest-growing in terms of the rare earth metals exports, with a CAGR of X% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest rare earth metal supplier in GCC.

In the United Arab Emirates, rare earth metal exports increased at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the export price recorded a significant expansion. The pace of growth was the most pronounced in 2016 when the export price increased by X%. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to X% per year.

Rare Earth Metal Imports

Imports in GCC

In 2022, rare earth metal imports in GCC declined remarkably to X tons, with a decrease of X% compared with the previous year. In general, imports recorded a slight descent. The pace of growth was the most pronounced in 2018 when imports increased by X%. Over the period under review, imports reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, rare earth metal imports contracted remarkably to $X in 2022. Over the period under review, imports recorded a sharp slump. The pace of growth appeared the most rapid in 2018 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates prevails in imports structure, accounting for X tons, which was near X% of total imports in 2022. The following importers - Bahrain (X kg), Oman (X kg) and Kuwait (X kg) - each resulted at a X% share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of X% from 2012 to 2022. At the same time, Kuwait (X%), Bahrain (X%) and Oman (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. The United Arab Emirates (X p.p.), Bahrain (X p.p.), Kuwait (X p.p.) and Oman (X p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported rare earth metals in GCC, comprising X% of total imports. The second position in the ranking was taken by Kuwait ($X), with a X% share of total imports. It was followed by Oman, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (X% per year) and Oman (X% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, picking up by X% against the previous year. In general, the import price, however, recorded a precipitous decline. The pace of growth appeared the most rapid in 2017 an increase of X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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