GCC: Market for Copper Ores And Concentrates 2024

Market Size for Copper Ores And Concentrates in GCC

The GCC copper ores and concentrates market dropped to $X in 2021, waning by -6.8% against the previous year. In general, consumption showed a abrupt descent. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Production of Copper Ores And Concentrates in GCC

In value terms, copper ores and concentrates production soared to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.6% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Exports of Copper Ores And Concentrates

Exports in GCC

Copper ores and concentrates exports surged to X tons in 2021, with an increase of 17% against 2020. In general, exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2015 with an increase of 104% against the previous year. The volume of export peaked in 2021 and is likely to see steady growth in years to come.

In value terms, copper ores and concentrates exports surged to $X in 2021. Over the period under review, exports saw resilient growth. The pace of growth appeared the most rapid in 2015 with an increase of 91% against the previous year. The level of export peaked in 2021 and is likely to continue growth in the immediate term.

Exports by Country

Saudi Arabia dominates exports structure, recording X tons, which was near 85% of total exports in 2021. The United Arab Emirates (X tons) held the second position in the ranking, followed by Oman (X tons). All these countries together took near 15% share of total exports.

Saudi Arabia was also the fastest-growing in terms of the copper ores and concentrates exports, with a CAGR of +31.7% from 2012 to 2021. At the same time, the United Arab Emirates (+17.0%) displayed positive paces of growth. By contrast, Oman (-15.0%) illustrated a downward trend over the same period. Saudi Arabia (+65 p.p.) and the United Arab Emirates (+2.9 p.p.) significantly strengthened its position in terms of the total exports, while Oman saw its share reduced by -68.2% from 2012 to 2021, respectively.

In value terms, Saudi Arabia ($X) remains the largest copper ores and concentrates supplier in GCC, comprising 88% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with an 8.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Saudi Arabia totaled +24.5%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+21.2% per year) and Oman (-16.4% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, surging by 23% against the previous year. Overall, the export price continues to indicate a modest increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+3.6%), while the other leaders experienced a decline in the export price figures.

Imports of Copper Ores And Concentrates

Imports in GCC

In 2021, overseas purchases of copper ores and concentrates increased by 277% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports, however, continue to indicate a abrupt descent. The pace of growth appeared the most rapid in 2013 when imports increased by 530% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, copper ores and concentrates imports shrank notably to $X in 2021. In general, imports, however, continue to indicate a dramatic slump. The growth pace was the most rapid in 2013 with an increase of 483%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Saudi Arabia prevails in imports structure, resulting at X tons, which was near 91% of total imports in 2021. It was distantly followed by Oman (X tons), achieving an 8% share of total imports.

Saudi Arabia was also the fastest-growing in terms of the copper ores and concentrates imports, with a CAGR of +116.2% from 2012 to 2021. Oman (-29.8%) illustrated a downward trend over the same period. Saudi Arabia (+91 p.p.) significantly strengthened its position in terms of the total imports, while Oman saw its share reduced by -89.7% from 2012 to 2021, respectively.

In value terms, Oman ($X) constitutes the largest market for imported copper ores and concentrates in GCC, comprising 66% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 23% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Oman amounted to -25.1%.

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, falling by -79.8% against the previous year. Overall, the import price continues to indicate a deep slump. The pace of growth was the most pronounced in 2018 when the import price increased by 92%. Over the period under review, import prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Oman ($X per ton), while Saudi Arabia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+6.6%).

Source: IndexBox Platform