GCC: Wire And Cable Market 2024

Wire And Cable Market Size in GCC

The GCC wire and cable market rose to $X in 2021, surging by 3.4% against the previous year. Overall, consumption saw a mild decline. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Wire And Cable Production in GCC

In value terms, wire and cable production amounted to $X in 2021 estimated in export price. The total production indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -1.8% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 55%. The level of production peaked at $X in 2019; afterwards, it flattened through to 2021.

Wire And Cable Exports

Exports in GCC

Wire and cable exports declined to X tons in 2021, dropping by -12.3% compared with the previous year. Total exports indicated a perceptible expansion from 2012 to 2021: its volume increased at an average annual rate of +4.6% 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 -16.4% against 2017 indices. The pace of growth was the most pronounced in 2013 with an increase of 66%. The volume of export peaked at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, wire and cable exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +4.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 62% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Saudi Arabia was the largest exporting country with an export of around X tons, which resulted at 45% of total exports. The United Arab Emirates (X tons) took a 28% share (based on physical terms) of total exports, which put it in second place, followed by Oman (26%).

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of +7.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest wire and cable supplying countries in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X), with a combined 98% share of total exports.

Oman, with a CAGR of +6.6%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, picking up by 34% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($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 (+2.4%), while the other leaders experienced a decline in the export price figures.

Wire And Cable Imports

Imports in GCC

In 2021, overseas purchases of insulated wire and cable decreased by -9.3% to X tons, falling for the sixth year in a row after four years of growth. Overall, imports saw a noticeable decrease. The pace of growth appeared the most rapid in 2013 when imports increased by 12%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, wire and cable imports expanded remarkably to $X in 2021. Over the period under review, imports recorded a noticeable curtailment. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the main importer of insulated wire and cable in GCC, with the volume of imports resulting at X tons, which was approx. 50% of total imports in 2021. Saudi Arabia (X tons) ranks second in terms of the total imports with a 16% share, followed by Kuwait (11%), Bahrain (9.2%), Qatar (8.2%) and Oman (6.5%).

From 2012 to 2021, average annual rates of growth with regard to wire and cable imports into the United Arab Emirates stood at -2.9%. Bahrain and Kuwait experienced a relatively flat trend pattern. Oman (-2.5%), Saudi Arabia (-7.7%) and Qatar (-9.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates, Bahrain and Kuwait increased by +5.4, +3.2 and +2.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported insulated wire and cable in GCC, comprising 52% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 17% share of total imports. It was followed by Kuwait, with a 10% share.

In the United Arab Emirates, wire and cable imports decreased by an average annual rate of -2.3% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (-8.1% per year) and Kuwait (-2.0% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, surging by 18% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+1.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform