GCC: Zinc Oxide Market 2024

Zinc Oxide Market Size in GCC

The GCC zinc oxide market expanded slightly to $X in 2023, with an increase of X% against the previous year. In general, consumption continues to indicate a strong increase. The level of consumption peaked at $X in 2019; however, from 2020 to 2023, consumption stood at a somewhat lower figure.

Zinc Oxide Production in GCC

In value terms, zinc oxide production expanded modestly to $X in 2023 estimated in export price. Overall, production continues to indicate prominent growth. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Zinc Oxide Exports

Exports in GCC

In 2023, overseas shipments of zinc oxide and zinc peroxide decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. In general, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, zinc oxide exports declined markedly to $X in 2023. Overall, exports, however, enjoyed perceptible growth. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2022, and then declined rapidly in the following year.

Exports by Country

Saudi Arabia prevails in exports structure, finishing at X tons, which was near X% of total exports in 2023. The United Arab Emirates (X tons) ranks second in terms of the total exports with an X% share, followed by Oman (X%). Kuwait (X tons) followed a long way behind the leaders.

Saudi Arabia experienced a relatively flat trend pattern with regard to volume of exports of zinc oxide and zinc peroxide. At the same time, Kuwait (X%), Oman (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2023. While the share of the United Arab Emirates (X p.p.), Oman (X p.p.) and Kuwait (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Saudi Arabia (X p.p.) displayed negative dynamics.

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

In Saudi Arabia, zinc oxide exports increased 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: the United Arab Emirates (X% per year) and Oman (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, waning 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 2022 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then fell 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 Saudi Arabia ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

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

Zinc Oxide Imports

Imports in GCC

In 2023, zinc oxide imports in GCC expanded rapidly to X tons, increasing by X% against 2022. Total imports indicated tangible growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2021 when imports increased by X%. As a result, imports reached the peak of X tons. From 2022 to 2023, the growth of imports remained at a lower figure.

In value terms, zinc oxide imports surged to $X in 2023. Over the period under review, imports, however, continue to indicate a precipitous shrinkage. The growth pace was the most rapid in 2014 with an increase of X%. The level of import peaked at $X in 2012; however, from 2013 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 recorded X% of total imports. It was distantly followed by Saudi Arabia (X tons) and Qatar (X tons), together generating a X% share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the zinc oxide and zinc peroxide imports, with a CAGR of X% from 2012 to 2023. Saudi Arabia (X%) and Qatar (X%) illustrated a downward trend over the same period. The United Arab Emirates (X p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia and Qatar saw its share reduced by X% and X% from 2012 to 2023, respectively.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Qatar ($X) appeared to be the countries with the highest levels of imports in 2023, with a combined X% share of total imports.

The United Arab Emirates, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2023, the import price in GCC amounted to $X per ton, jumping by X% against the previous year. Over the period under review, the import price, however, recorded a dramatic decline. The pace of growth appeared the most rapid in 2018 when the import price increased by X% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Qatar (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform