Kuwait: Artificial Corundum Market 2024

Artificial Corundum Market Size in Kuwait

In 2021, the Kuwaiti artificial corundum market increased by 8.6% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, the total consumption indicated modest growth from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -36.3% against 2018 indices. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Artificial Corundum Production in Kuwait

In value terms, artificial corundum production expanded sharply to $X in 2021 estimated in export price. Overall, the total production indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -38.6% against 2018 indices. The pace of growth appeared the most rapid in 2017 when the production volume increased by 49%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Artificial Corundum Exports

Exports from Kuwait

In 2020, overseas shipments of artificial corundum decreased by 0% to X tons for the first time since 2016, thus ending a three-year declining trend. Over the period under review, exports posted a slight increase. The most prominent rate of growth was recorded in 2015 when exports increased by 65% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2016; however, from 2017 to 2020, the exports stood at a somewhat lower figure.

In value terms, artificial corundum exports amounted to $X in 2020. Overall, exports recorded a deep downturn. The pace of growth appeared the most rapid in 2015 when exports increased by 18% against the previous year. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2020, the exports remained at a lower figure.

Exports by Country

Egypt (X tons) was the main destination for artificial corundum exports from Kuwait, with a approx. 100% share of total exports.

From 2014 to 2020, the average annual rate of growth in terms of volume to Egypt amounted to -1.7%.

From 2014 to 2020, the average annual growth rate of value to Egypt was relatively modest.

Export Prices by Country

The average artificial corundum export price stood at $X per ton in 2020, remaining constant against the previous year. Overall, the export price saw a deep downturn. The most prominent rate of growth was recorded in 2017 when the average export price increased by 75% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2020, the average export prices failed to regain momentum.

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

From 2014 to 2020, the rate of growth in terms of prices for India amounted to +1.2% per year.

Artificial Corundum Imports

Imports into Kuwait

Artificial corundum imports into Kuwait soared to X tons in 2021, with an increase of 58% against the previous year's figure. Over the period under review, imports enjoyed resilient growth. The most prominent rate of growth was recorded in 2013 with an increase of 303% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, artificial corundum imports surged to $X in 2021. Overall, imports recorded a buoyant increase. The pace of growth appeared the most rapid in 2013 with an increase of 408%. Over the period under review, imports attained the peak figure at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

Brazil (X tons), Italy (X tons) and India (X tons) were the main suppliers of artificial corundum imports to Kuwait, with a combined 74% share of total imports. These countries were followed by Germany, the UK, Spain, France, China and the Netherlands, which together accounted for a further 12%.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +109.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Brazil ($X) and India ($X) constituted the largest artificial corundum suppliers to Kuwait, with a combined 67% share of total imports. The UK, Germany, China, Spain, France and the Netherlands lagged somewhat behind, together accounting for a further 13%.

France, with a CAGR of +108.2%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average artificial corundum import price stood at $X per ton in 2021, rising by 37% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for India ($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 UK (+10.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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