GCC: Refined Copper Market 2025

Refined Copper Market Size in GCC

In 2022, the GCC refined copper market decreased by -16.2% to $X, falling for the fifth year in a row after two years of growth. Overall, consumption continues to indicate a pronounced setback. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Refined Copper Production in GCC

In value terms, refined copper production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 287% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Refined Copper Exports

Exports in GCC

For the third year in a row, GCC recorded decline in overseas shipments of refined copper (unwrought, not alloyed), which decreased by -22.5% to X tons in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 when exports increased by 91% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, refined copper exports fell markedly to $X in 2022. In general, exports, however, enjoyed measured growth. The pace of growth was the most pronounced in 2019 when exports increased by 79% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, recording X tons, which was near 88% of total exports in 2022. It was distantly followed by Kuwait (X tons), generating a 7.3% share of total exports. Saudi Arabia (X tons) held a little share of total exports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of exports of refined copper (unwrought, not alloyed). At the same time, Kuwait (+44.3%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of +44.3% from 2012-2022. Saudi Arabia experienced a relatively flat trend pattern. From 2012 to 2022, the share of Kuwait increased by +7.1 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest refined copper supplier in GCC, comprising 94% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 3% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates stood at +2.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-1.0% per year) and Kuwait (+39.1% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, declining by -6.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2017 when the export price increased by 23%. Over the period under review, the export prices reached the peak figure at $X per ton in 2021, and then fell in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2.6%), while the other leaders experienced a decline in the export price figures.

Refined Copper Imports

Imports in GCC

In 2022, purchases abroad of refined copper (unwrought, not alloyed) decreased by -11.3% to X tons, falling for the fifth year in a row after four years of growth. Overall, imports showed a noticeable downturn. The most prominent rate of growth was recorded in 2016 with an increase of 37% against the previous year. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, refined copper imports reduced sharply to $X in 2022. In general, imports recorded a pronounced descent. The pace of growth appeared the most rapid in 2017 with an increase of 50%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Saudi Arabia (X tons) was the largest importer of refined copper (unwrought, not alloyed), making up 61% of total imports. The United Arab Emirates (X tons) held the second position in the ranking, distantly followed by Bahrain (X tons) and Oman (X tons). All these countries together took approx. 35% share of total imports. Kuwait (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to refined copper imports into Saudi Arabia stood at -5.8%. At the same time, Bahrain (+44.4%) and Kuwait (+4.2%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +44.4% from 2012-2022. Oman experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-4.2%) illustrated a downward trend over the same period. Bahrain (+8 p.p.), Oman (+2.8 p.p.) and Kuwait (+2.2 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by -11.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported refined copper (unwrought, not alloyed) in GCC, comprising 56% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 22% share of total imports. It was followed by Bahrain, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Saudi Arabia amounted to -6.4%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (-2.6% per year) and Bahrain (+54.8% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, waning by -8.3% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 41%. As a result, import price reached the peak level of $X per ton, and then contracted in the following year.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Bahrain ($X per ton) and the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) and Oman ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+7.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform