GCC: Copper Wire Market 2024

Copper Wire Market Size in GCC

The GCC copper wire market surged to $X in 2021, with an increase of 52% against the previous year. Overall, consumption recorded a buoyant increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Copper Wire Production in GCC

In value terms, copper wire production reduced to $X in 2021 estimated in export price. Overall, production continues to indicate buoyant growth. The pace of growth was the most pronounced in 2018 when the production volume increased by 43%. As a result, production attained the peak level of $X; afterwards, it flattened through to 2021.

Copper Wire Exports

Exports in GCC

For the third consecutive year, GCC recorded decline in shipments abroad of copper wire, which decreased by -7.9% to X tons in 2021. Over the period under review, exports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 200%. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, copper wire exports surged to $X in 2021. Overall, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 183%. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

The shipments of the one major exporters of copper wire, namely the United Arab Emirates, represented more than two-thirds of total export.

The United Arab Emirates was also the fastest-growing in terms of the copper wire exports, with a CAGR of +20.8% from 2012 to 2021. From 2012 to 2021, the share of the United Arab Emirates increased by +5.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

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

In the United Arab Emirates, copper wire exports expanded at an average annual rate of +23.4% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, rising by 44% against the previous year. Export price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, copper wire export price increased by +57.2% 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 +2.1% per year.

Copper Wire Imports

Imports in GCC

In 2021, overseas purchases of copper wire increased by 6.9% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports recorded a strong expansion. The pace of growth was the most pronounced in 2013 with an increase of 112% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in years to come.

In value terms, copper wire imports skyrocketed to $X in 2021. Overall, imports enjoyed a strong expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 104% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to see steady growth in years to come.

Imports by Country

Saudi Arabia was the main importing country with an import of about X tons, which accounted for 44% of total imports. Kuwait (X tons) ranks second in terms of the total imports with a 21% share, followed by Qatar (17%) and Oman (16%).

Imports into Saudi Arabia increased at an average annual rate of +16.7% from 2012 to 2021. At the same time, Oman (+36.2%), Kuwait (+18.8%) and Qatar (+9.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +36.2% from 2012-2021. From 2012 to 2021, the share of Oman, Kuwait and Saudi Arabia increased by +12, +4.4 and +3.5 percentage points, respectively.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported copper wire in GCC, comprising 45% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 19% share of total imports. It was followed by Qatar, with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Saudi Arabia totaled +18.6%. In the other countries, the average annual rates were as follows: Kuwait (+21.9% per year) and Qatar (+10.4% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, picking up by 44% against the previous year. Import price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.4% 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 wire import price increased by +46.7% 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 noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Qatar ($X per ton) and Saudi Arabia ($X per ton), while Kuwait ($X per ton) and Oman ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform