GCC: Mineral Wool Market 2024

Mineral Wool Market Size in GCC

The GCC mineral wool market reduced to $X in 2023, almost unchanged from the previous year. In general, consumption, however, showed prominent growth. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2023, consumption failed to regain momentum.

Mineral Wool Production in GCC

In value terms, mineral wool production shrank to $X in 2023 estimated in export price. Overall, production, however, continues to indicate prominent growth. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2023, production remained at a lower figure.

Mineral Wool Exports

Exports in GCC

After two years of growth, shipments abroad of slag wool, rock wool and similar mineral wools and mixtures decreased by X% to X tons in 2023. Total exports indicated a perceptible expansion from 2012 to 2023: its volume 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, exports increased by X% against 2015 indices. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2023, the growth of the exports failed to regain momentum.

In value terms, mineral wool exports dropped to $X in 2023. In general, exports, however, enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2014 with an increase of X%. As a result, the exports attained the peak of $X. From 2015 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Saudi Arabia was the key exporting country with an export of about X tons, which resulted at X% of total exports. It was distantly followed by the United Arab Emirates (X tons), constituting a X% share of total exports.

Saudi Arabia was also the fastest-growing in terms of the slag wool, rock wool and similar mineral wools and mixtures exports, with a CAGR of X% from 2012 to 2023. The United Arab Emirates (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Saudi Arabia increased by X percentage points.

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

From 2012 to 2023, the average annual growth rate of value in Saudi Arabia amounted to X%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, increasing by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2014 an increase of X%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia totaled $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Mineral Wool Imports

Imports in GCC

In 2023, approx. X tons of slag wool, rock wool and similar mineral wools and mixtures were imported in GCC; growing by X% compared with the year before. In general, imports, however, saw a abrupt downturn. The volume of import peaked at X tons in 2014; however, from 2015 to 2023, imports stood at a somewhat lower figure.

In value terms, mineral wool imports surged to $X in 2023. Overall, imports, however, saw a pronounced curtailment. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2023, imports failed to regain momentum.

Imports by Country

The United Arab Emirates represented the largest importing country with an import of about X tons, which resulted at X% of total imports. It was distantly followed by Kuwait (X tons), Qatar (X tons), Saudi Arabia (X tons), Oman (X tons) and Bahrain (X tons), together committing a X% share of total imports.

Imports into the United Arab Emirates decreased at an average annual rate of X% from 2012 to 2023. At the same time, Kuwait (X%) and Bahrain (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. By contrast, Qatar (X%), Oman (X%) and Saudi Arabia (X%) illustrated a downward trend over the same period. While the share of Kuwait (X p.p.), the United Arab Emirates (X p.p.) and Bahrain (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Qatar (X p.p.), Oman (X p.p.) and Saudi Arabia (X p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported slag wool, rock wool and similar mineral wools and mixtures in GCC, comprising X% of total imports. The second position in the ranking was taken by Kuwait ($X), with a X% share of total imports. It was followed by Qatar, with a X% share.

From 2012 to 2023, the average annual growth rate of value in the United Arab Emirates stood at X%. In the other countries, the average annual rates were as follows: Kuwait (X% per year) and Qatar (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, declining by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2022 when the import price increased by X%. As a result, import price reached the peak level of $X per ton, and then fell dramatically in the following year.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Qatar ($X per ton) and Kuwait ($X per ton), while Saudi Arabia ($X per ton) and Oman ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform