GCC: Market for Copper Bars, Wire And Plates 2024

Market Size for Copper Bars, Wire And Plates in GCC

In 2021, the GCC market for copper bars, wire and plates was finally on the rise to reach $X after two years of decline. Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Production of Copper Bars, Wire And Plates in GCC

In value terms, copper bars, wire and plates production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +6.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 66%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Exports of Copper Bars, Wire And Plates

Exports in GCC

In 2021, shipments abroad of copper bars, wire and plates decreased by -6.3% to X tons, falling for the second year in a row after two years of growth. Total exports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -18.0% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 81% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, copper bars, wire and plates exports surged to $X in 2021. Total exports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +9.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 70% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

In 2021, the United Arab Emirates (X tons) represented the major exporter of copper bars, wire and plates in GCC, generating 98% of total export.

The United Arab Emirates was also the fastest-growing in terms of the copper bars, wire and plates exports, with a CAGR of +7.5% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest copper bars, wire and plates supplier in GCC.

In the United Arab Emirates, copper bars, wire and plates exports expanded at an average annual rate of +9.8% over the period from 2012-2021.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, increasing by 44% against the previous year. Export price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, copper bars, wire and plates export price increased by +57.7% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to +2.2% per year.

Imports of Copper Bars, Wire And Plates

Imports in GCC

In 2021, the amount of copper bars, wire and plates imported in GCC contracted to X tons, which is down by -8.1% on the year before. In general, imports saw a pronounced setback. The pace of growth was the most pronounced in 2013 when imports increased by 21%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, copper bars, wire and plates imports surged to $X in 2021. Overall, imports showed a mild downturn. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Saudi Arabia represented the key importing country with an import of around X tons, which resulted at 49% of total imports. Qatar (X tons) ranks second in terms of the total imports with a 19% share, followed by Oman (17%), Kuwait (8.5%) and the United Arab Emirates (6.2%).

Imports into Saudi Arabia decreased at an average annual rate of -4.9% from 2012 to 2021. At the same time, Qatar (+9.7%) and Kuwait (+4.0%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +9.7% from 2012-2021. Oman experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-8.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Qatar, Oman and Kuwait increased by +12, +3.8 and +3.6 percentage points, respectively.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported copper bars, wire and plates in GCC, comprising 49% of total imports. The second position in the ranking was taken by Qatar ($X), with a 19% share of total imports. It was followed by Oman, with an 18% share.

In Saudi Arabia, copper bars, wire and plates imports decreased by an average annual rate of -3.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Qatar (+10.2% per year) and Oman (+2.5% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, rising by 42% against the previous year. Import price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, copper bars, wire and plates import price increased by +43.1% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+1.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform