GCC: Market for Copper Bars, Rods and Profiles 2024

Market Size for Copper Bars, Rods and Profiles in GCC

The GCC market for copper bars, rods and profiles dropped sharply to $X in 2022, waning by -24.8% against the previous year. In general, consumption showed a abrupt descent. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Copper Bars, Rods and Profiles in GCC

In value terms, copper bar, rod and profile production shrank markedly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2013 when the production volume increased by 63% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Exports of Copper Bars, Rods and Profiles

Exports in GCC

In 2022, copper bar, rod and profile exports in GCC dropped modestly to X tons, waning by -4% on 2021. In general, exports continue to indicate a abrupt descent. The growth pace was the most rapid in 2013 with an increase of 44%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, copper bar, rod and profile exports reduced to $X in 2022. Over the period under review, exports showed a deep reduction. The pace of growth appeared the most rapid in 2013 with an increase of 38%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United Arab Emirates prevails in exports structure, finishing at X tons, which was near 94% of total exports in 2022. It was distantly followed by Saudi Arabia (X tons), constituting a 6.5% share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -10.9% from 2012 to 2022. Saudi Arabia experienced a relatively flat trend pattern. From 2012 to 2022, the share of Saudi Arabia increased by +4.3 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest copper bar, rod and profile supplier in GCC, comprising 93% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 6.8% share of total exports.

In the United Arab Emirates, copper bar, rod and profile exports decreased by an average annual rate of -12.1% over the period from 2012-2022.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, declining by -5.6% against the previous year. In general, the export price showed a mild contraction. The growth pace was the most rapid in 2017 when the export price increased by 91% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+1.2%).

Imports of Copper Bars, Rods and Profiles

Imports in GCC

In 2022, supplies from abroad of copper bars, rods and profiles increased by 0.3% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports, however, continue to indicate a dramatic decline. The pace of growth appeared the most rapid in 2019 when imports increased by 21% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, copper bar, rod and profile imports dropped to $X in 2022. In general, imports, however, showed a dramatic slump. The most prominent rate of growth was recorded in 2021 with an increase of 35% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) was the largest importer of copper bars, rods and profiles, comprising 47% of total imports. It was distantly followed by Saudi Arabia (X tons), Oman (X tons), Kuwait (X tons) and Qatar (X tons), together making up a 52% share of total imports. Bahrain (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to copper bar, rod and profile imports into the United Arab Emirates stood at -4.7%. At the same time, Qatar (+3.4%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +3.4% from 2012-2022. By contrast, Kuwait (-2.5%), Bahrain (-5.0%), Oman (-26.6%) and Saudi Arabia (-28.8%) illustrated a downward trend over the same period. The United Arab Emirates (+39 p.p.), Kuwait (+8 p.p.) and Qatar (+7.5 p.p.) significantly strengthened its position in terms of the total imports, while Oman and Saudi Arabia saw its share reduced by -13.4% and -42.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported copper bars, rods and profiles in GCC, comprising 48% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 19% share of total imports. It was followed by Oman, with a 12% share.

In the United Arab Emirates, copper bar, rod and profile imports contracted by an average annual rate of -5.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (-30.3% per year) and Oman (-26.1% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, reducing by -13.4% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 38% against the previous year. As a result, import price attained the peak level of $X per ton, and then dropped 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 ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+4.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform