GCC: Zinc Market 2024

Zinc Market Size in GCC

The GCC zinc market soared to $X in 2021, jumping by 53% against the previous year. In general, consumption showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Zinc Production in GCC

In value terms, zinc production rose modestly to $X in 2021 estimated in export price. Overall, production showed a deep reduction. The pace of growth appeared the most rapid in 2017 with an increase of 714% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Zinc Exports

Exports in GCC

In 2021, exports of zinc in GCC expanded rapidly to X tons, with an increase of 14% compared with the previous year. In general, exports saw a buoyant expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 118%. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the near future.

In value terms, zinc exports skyrocketed to $X in 2021. Over the period under review, exports recorded a remarkable increase. The most prominent rate of growth was recorded in 2020 with an increase of 82%. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

The United Arab Emirates represented the key exporter of zinc in GCC, with the volume of exports accounting for X tons, which was near 85% of total exports in 2021. It was distantly followed by Oman (X tons), committing a 15% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to zinc exports from the United Arab Emirates stood at +6.3%. At the same time, Oman (+69.8%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +69.8% from 2012-2021. While the share of Oman (+15 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-14.3 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest zinc supplier in GCC, comprising 79% of total exports. The second position in the ranking was taken by Oman ($X), with a 20% share of total exports.

In the United Arab Emirates, zinc exports expanded at an average annual rate of +6.4% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, growing by 2.2% against the previous year. Export price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, zinc export price decreased by -28.8% against 2018 indices. The pace of growth was the most pronounced in 2017 when the export price increased by 42% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+19.0%).

Zinc Imports

Imports in GCC

In 2021, supplies from abroad of zinc increased by 25% to X tons, rising for the third consecutive year after two years of decline. The total import volume increased at an average annual rate of +5.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, zinc imports skyrocketed to $X in 2021. Total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +9.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The United Arab Emirates represented the main importing country with an import of about X tons, which reached 57% of total imports. It was distantly followed by Saudi Arabia (X tons) and Oman (X tons), together comprising a 40% share of total imports. Qatar (X tons) held a minor share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the zinc imports, with a CAGR of +16.1% from 2012 to 2021. At the same time, Oman (+15.3%) and Qatar (+11.5%) displayed positive paces of growth. By contrast, Saudi Arabia (-4.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates and Oman increased by +33 and +6.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X) were the countries with the highest levels of imports in 2021, together comprising 97% of total imports.

Among the main importing countries, the United Arab Emirates, with a CAGR of +20.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, with an increase of 23% against the previous year. Import price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 an increase of 39% against the previous year. The level of import peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Saudi Arabia ($X per ton) and Qatar ($X per ton), while Oman ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+4.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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