GCC: Mica Market 2024

Mica Market Size in GCC

The GCC mica market surged to $X in 2023, jumping by X% against the previous year. Overall, consumption showed modest growth. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2023, consumption remained at a lower figure.

Mica Production in GCC

In value terms, mica production expanded markedly to $X in 2023 estimated in export price. In general, production enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Mica Exports

Exports in GCC

In 2023, shipments abroad of mica increased by X% to X tons for the first time since 2018, thus ending a four-year declining trend. Overall, exports, however, showed a significant decrease. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

In value terms, mica exports soared to $X in 2023. In general, exports, however, saw a abrupt decline. The growth pace was the most rapid in 2017 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates was the major exporting country with an export of about X tons, which recorded X% of total exports. It was distantly followed by Oman (X tons), achieving a X% share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of X% from 2012 to 2023. Oman (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Oman increased by X percentage points.

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

From 2012 to 2023, the average annual growth rate of value in the United Arab Emirates stood at X%.

Export Prices by Country

In 2023, the export price in GCC amounted to $X per ton, approximately mirroring the previous year. Overall, the export price, however, showed significant growth. The most prominent rate of growth was recorded in 2021 an increase of X%. The level of export peaked at $X per ton in 2022, and then dropped slightly 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 the United Arab Emirates ($X per ton), while Oman totaled $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Mica Imports

Imports in GCC

In 2023, the amount of mica imported in GCC soared to X tons, growing by X% compared with 2022 figures. Over the period under review, imports, however, faced a abrupt decline. The pace of growth was the most pronounced in 2013 when imports increased by X%. The volume of import peaked at X tons in 2014; however, from 2015 to 2023, imports remained at a lower figure.

In value terms, mica imports soared to $X in 2023. In general, imports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, imports attained the peak of $X. From 2014 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

Kuwait dominates imports structure, accounting for X tons, which was near X% of total imports in 2023. The following importers - the United Arab Emirates (X tons) and Oman (X tons) - together made up X% of total imports.

Kuwait was also the fastest-growing in terms of the mica imports, with a CAGR of X% from 2012 to 2023. At the same time, the United Arab Emirates (X%) displayed positive paces of growth. By contrast, Oman (X%) illustrated a downward trend over the same period. While the share of Kuwait (X p.p.) and the United Arab Emirates (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Kuwait ($X) constitutes the largest market for imported mica in GCC, comprising X% of total imports. The second position in the ranking was taken by Oman ($X), with a X% share of total imports.

In Kuwait, mica imports increased at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Oman (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

In 2023, the import price in GCC amounted to $X per ton, dropping by X% against the previous year. Import price indicated temperate growth from 2012 to 2023: its price 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, mica import price increased by X% against 2021 indices. The pace of growth appeared the most rapid in 2015 an increase of X%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($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 a decline in the import price figures.

Source: IndexBox Platform