GCC: Sulphates Market 2024

Sulphates Market Size in GCC

In 2023, after two years of decline, there was significant growth in the GCC sulphates market, when its value increased by X% to $X. Over the period under review, consumption, however, saw a deep downturn. The level of consumption peaked at $X in 2020; however, from 2021 to 2023, consumption remained at a lower figure.

Sulphates Production in GCC

In value terms, sulphates production expanded rapidly to $X in 2023 estimated in export price. Over the period under review, production saw buoyant growth. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, production hit record highs at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Sulphates Exports

Exports in GCC

In 2023, the amount of sulphates (excluding those of aluminium and barium) exported in GCC skyrocketed to X tons, increasing by X% against the year before. Overall, exports continue to indicate a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, sulphates exports skyrocketed to $X in 2023. In general, exports continue to indicate a significant expansion. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2023, the exports remained at a lower figure.

Exports by Country

Saudi Arabia represented the major exporter of sulphates (excluding those of aluminium and barium) in GCC, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2023. It was distantly followed by the United Arab Emirates (X tons), creating a X% share of total exports. Oman (X tons) took a little share of total exports.

Saudi Arabia was also the fastest-growing in terms of the sulphates (excluding those of aluminium and barium) exports, with a CAGR of X% from 2012 to 2023. At the same time, Oman (X%) and the United Arab Emirates (X%) displayed positive paces of growth. While the share of Saudi Arabia (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of the United Arab Emirates (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

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

In 2023, the export price in GCC amounted to $X per ton, waning by X% against the previous year. Overall, the export price showed a perceptible decrease. The most prominent rate of growth was recorded in 2019 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2023, the export prices remained at a lower figure.

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 ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

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

Sulphates Imports

Imports in GCC

In 2023, supplies from abroad of sulphates (excluding those of aluminium and barium) was finally on the rise to reach X tons for the first time since 2019, thus ending a three-year declining trend. In general, imports, however, continue to indicate a pronounced shrinkage. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2023, imports failed to regain momentum.

In value terms, sulphates imports surged to $X in 2023. Overall, imports, however, continue to indicate a noticeable reduction. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2023, imports remained at a lower figure.

Imports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) represented roughly X% of total imports in 2023. Oman (X tons) ranks next in terms of the total imports with an X% share, followed by Qatar (X%).

From 2012 to 2023, the biggest increases were recorded for Qatar (with a CAGR of X%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X) constituted the countries with the highest levels of imports in 2023, with a combined X% share of total imports. Qatar lagged somewhat behind, accounting for a further X%.

Qatar, with a CAGR of X%, 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 more modest paces of growth.

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, waning by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by X%. Over the period under review, import prices hit record highs at $X per ton in 2022, and then dropped in the following year.

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 the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform