GCC: Hardboard Market 2024

Hardboard Exports

Exports in GCC

In 2022, overseas shipments of hardboard increased by 6.8% to X cubic meters, rising for the second year in a row after four years of decline. Overall, exports, however, saw a deep setback. The pace of growth appeared the most rapid in 2016 when exports increased by 65% against the previous year. As a result, the exports reached the peak of X cubic meters. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, hardboard exports declined to $X in 2022. In general, exports, however, recorded a perceptible curtailment. The growth pace was the most rapid in 2016 when exports increased by 59% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates was the major exporting country with an export of around X cubic meters, which recorded 66% of total exports. Saudi Arabia (X cubic meters) held the second position in the ranking, distantly followed by Oman (X cubic meters). All these countries together took near 31% share of total exports. Kuwait (X cubic meters) took a little share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -1.8% from 2012 to 2022. At the same time, Kuwait (+34.9%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of +34.9% from 2012-2022. By contrast, Oman (-12.2%) and Saudi Arabia (-13.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates and Kuwait increased by +28 and +3.3 percentage points, respectively.

In value terms, the largest hardboard supplying countries in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X), together comprising 95% of total exports.

Among the main exporting countries, Kuwait, with a CAGR of +35.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in GCC stood at $X per cubic meter in 2022, which is down by -18.5% against the previous year. In general, the export price, however, enjoyed notable growth. The pace of growth appeared the most rapid in 2020 when the export price increased by 82%. As a result, the export price attained the peak level of $X per cubic meter. From 2021 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per cubic meter), while Oman ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+10.6%), while the other leaders experienced mixed trends in the export price figures.

Hardboard Imports

Imports in GCC

Hardboard imports shrank to X cubic meters in 2022, reducing by -7.7% on the year before. Total imports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -36.9% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 37% against the previous year. The volume of import peaked at X cubic meters in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, hardboard imports fell to $X in 2022. Total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +19.9% against 2020 indices. The pace of growth appeared the most rapid in 2014 when imports increased by 50%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Saudi Arabia represented the largest importer of hardboard in GCC, with the volume of imports recording X cubic meters, which was approx. 41% of total imports in 2022. The United Arab Emirates (X cubic meters) held the second position in the ranking, distantly followed by Kuwait (X cubic meters), Qatar (X cubic meters) and Bahrain (X cubic meters). All these countries together held approx. 57% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Qatar (with a CAGR of +16.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported hardboard in GCC, comprising 43% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 19% share of total imports. It was followed by Kuwait, with a 17% share.

From 2012 to 2022, the average annual growth rate of value in Saudi Arabia stood at +3.8%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (-2.5% per year) and Kuwait (+6.5% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per cubic meter, waning by -6.3% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by 36%. As a result, import price attained the peak level of $X per cubic meter, and then shrank in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Qatar ($X per cubic meter), while Bahrain ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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