GCC: Wood-Based Panels Market 2024

Wood-Based Panels Market Size in GCC

After two years of growth, the GCC wood-based panels market decreased by X% to $X in 2023. The total consumption indicated mild growth from 2012 to 2023: its value 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. As a result, consumption reached the peak level of $X. From 2020 to 2023, the growth of the market failed to regain momentum.

Wood-Based Panels Production in GCC

In value terms, wood-based panels production soared to $X in 2023 estimated in export price. Over the period under review, production saw a buoyant increase. The pace of growth was the most pronounced in 2019 with an increase of X%. As a result, production reached the peak level of $X. From 2020 to 2023, production growth remained at a somewhat lower figure.

Wood-Based Panels Exports

Exports in GCC

In 2023, exports of wood-based panels in GCC skyrocketed to X cubic meters, growing by X% on the previous year's figure. Over the period under review, exports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X cubic meters in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

In value terms, wood-based panels exports dropped to $X in 2023. Overall, exports, however, faced a deep reduction. The pace of growth appeared the most rapid in 2013 with an increase of X%. As a result, the exports reached the peak of $X. From 2014 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

In 2023, Saudi Arabia (X cubic meters) and the United Arab Emirates (X cubic meters) were the key exporters of wood-based panels in GCC, together constituting X% of total exports. Oman (X cubic meters) ranks next in terms of the total exports with a X% share, followed by Kuwait (X%). Bahrain (X cubic meters) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Oman (with a CAGR of X%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest wood-based panels supplying countries in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X), together accounting for X% of total exports.

Oman, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in GCC stood at $X per cubic meter in 2023, waning by X% against the previous year. In general, the export price saw a slight contraction. The pace of growth appeared the most rapid in 2022 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per cubic meter, and then fell remarkably in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in the United Arab Emirates ($X per cubic meter) and Oman ($X per cubic meter), while Kuwait ($X per cubic meter) and Saudi Arabia ($X per cubic meter) were amongst the lowest.

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

Wood-Based Panels Imports

Imports in GCC

In 2023, approx. X cubic meters of wood-based panels were imported in GCC; picking up by X% compared with the previous year. Overall, imports, however, showed a mild shrinkage. The most prominent rate of growth was recorded in 2015 when imports increased by X%. As a result, imports attained the peak of X cubic meters. From 2016 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, wood-based panels imports expanded significantly to $X in 2023. In general, imports, however, recorded a pronounced slump. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2023, imports failed to regain momentum.

Imports by Country

Saudi Arabia (X cubic meters) and the United Arab Emirates (X cubic meters) prevails in imports structure, together constituting X% of total imports. It was distantly followed by Kuwait (X cubic meters), Qatar (X cubic meters) and Oman (X cubic meters), together creating a X% share of total imports. Bahrain (X cubic meters) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Kuwait (with a CAGR of X%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest wood-based panels importing markets in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X), with a combined X% share of total imports.

Kuwait, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of 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 cubic meter, with an increase of X% against the previous year. Over the period under review, the import price, however, saw a mild curtailment. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, import prices hit record highs at $X per cubic meter in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

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

From 2012 to 2023, 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