Kuwait: Cement Market 2024

Cement Market Size in Kuwait

The Kuwaiti cement market reduced to $X in 2022, shrinking by -7.3% against the previous year. Overall, consumption, however, enjoyed a remarkable increase. Cement consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Cement Production in Kuwait

In value terms, cement production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed resilient growth. The growth pace was the most rapid in 2017 when the production volume increased by 57%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Cement Exports

Exports from Kuwait

In 2022, after two years of decline, there was significant growth in shipments abroad of cement, when their volume increased by 15% to X tons. In general, exports, however, recorded a abrupt decrease. The pace of growth was the most pronounced in 2013 with an increase of 306%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, cement exports soared to $X in 2022. Over the period under review, exports, however, showed a mild curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 214% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Qatar (X tons), Saudi Arabia (X tons) and Iraq (X tons) were the main destinations of cement exports from Kuwait, together accounting for 89% of total exports. Bahrain and the United Arab Emirates lagged somewhat behind, together accounting for a further 10%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of +47.0%), while the other leaders experienced more modest paces of growth.

In value terms, Qatar ($X) emerged as the key foreign market for cement exports from Kuwait, comprising 54% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 16% share of total exports. It was followed by the United Arab Emirates, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Qatar totaled +2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+12.0% per year) and the United Arab Emirates (+42.7% per year).

Export Prices by Country

The average cement export price stood at $X per ton in 2022, rising by 23% against the previous year. In general, the export price enjoyed a measured increase. The most prominent rate of growth was recorded in 2017 an increase of 48%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Iraq (+4.2%), while the prices for the other major destinations experienced a decline.

Cement Imports

Imports into Kuwait

In 2022, approx. X tons of cement were imported into Kuwait; declining by -9.2% compared with 2021. Over the period under review, total imports indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +11.3% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of 76%. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, cement imports shrank modestly to $X in 2022. Overall, imports showed a noticeable decrease. The growth pace was the most rapid in 2013 with an increase of 27%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

Iran (X tons), the United Arab Emirates (X tons) and Saudi Arabia (X tons) were the main suppliers of cement imports to Kuwait, together accounting for 98% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Iran (with a CAGR of +28.2%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the United Arab Emirates ($X), Iran ($X) and Saudi Arabia ($X) were the largest cement suppliers to Kuwait, together comprising 95% of total imports.

Iran, with a CAGR of +24.8%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average cement import price amounted to $X per ton, growing by 5.1% against the previous year. Over the period under review, the import price, however, recorded a deep slump. The most prominent rate of growth was recorded in 2017 an increase of 8.7%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iran (-2.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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