GCC: Market for Wood Pellets And Other Agglomerates 2023

Market Size for Wood Pellets And Other Agglomerates in GCC

In 2022, the GCC market for wood pellets and other agglomerates decreased by -0.5% to $X, falling for the sixth year in a row after three years of growth. The total consumption indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -41.4% against 2016 indices. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Production of Wood Pellets And Other Agglomerates in GCC

In value terms, wood pellets and other agglomerates production stood at $X in 2022 estimated in export price. Over the period under review, production continues to indicate a perceptible expansion. The growth pace was the most rapid in 2019 with an increase of 121% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Wood Pellets And Other Agglomerates

Exports in GCC

In 2022, shipments abroad of wood pellets and other agglomerates decreased by -8.6% to X tons, falling for the second year in a row after two years of growth. Overall, exports showed a noticeable descent. The growth pace was the most rapid in 2019 when exports increased by 621% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, wood pellets and other agglomerates exports soared to $X in 2022. In general, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 622%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Bahrain prevails in exports structure, finishing at X tons, which was near 93% of total exports in 2022. The following exporters - Oman (X tons) and the United Arab Emirates (X tons) - together made up 5.2% of total exports.

Bahrain was also the fastest-growing in terms of the wood pellets and other agglomerates exports, with a CAGR of +127.5% from 2012 to 2022. At the same time, Oman (+2.4%) displayed positive paces of growth. By contrast, the United Arab Emirates (-21.8%) illustrated a downward trend over the same period. While the share of Bahrain (+93 p.p.) and Oman (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (-13.2 p.p.) displayed negative dynamics.

In value terms, Bahrain ($X) remains the largest wood pellets and other agglomerates supplier in GCC, comprising 93% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 3.7% share of total exports.

In Bahrain, wood pellets and other agglomerates exports increased at an average annual rate of +138.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (-20.2% per year) and Oman (+2.6% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, picking up by 41% against the previous year. Export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wood pellets and other agglomerates export price increased by +47.2% against 2020 indices. The pace of growth was the most pronounced in 2017 when the export price increased by 79% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+4.8%), while the other leaders experienced more modest paces of growth.

Imports of Wood Pellets And Other Agglomerates

Imports in GCC

Wood pellets and other agglomerates imports contracted modestly to X tons in 2022, declining by -4.8% against the year before. Over the period under review, imports showed a pronounced decrease. The pace of growth appeared the most rapid in 2016 with an increase of 37%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, wood pellets and other agglomerates imports reached $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 48%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons), distantly followed by Kuwait (X tons), Qatar (X tons), Bahrain (X tons) and Oman (X tons) were the key importers of wood pellets and other agglomerates, together committing 99% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Kuwait (with a CAGR of +41.7%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest wood pellets and other agglomerates importing markets in GCC were the United Arab Emirates ($X), Qatar ($X) and Kuwait ($X), together accounting for 85% of total imports.

Kuwait, with a CAGR of +32.7%, saw 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 mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, with an increase of 11% against the previous year. Over the last decade, it increased at an average annual rate of +3.2%. The growth pace was the most rapid in 2021 when the import price increased by 14% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+4.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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