Kuwait: Plastic Reservoir Market 2024

Plastic Reservoir Market Size in Kuwait

In 2022, the Kuwaiti plastic reservoir market decreased by -5.2% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +3.5% against 2018 indices. Plastic reservoir consumption peaked at $X in 2021, and then contracted in the following year.

Plastic Reservoir Production in Kuwait

In value terms, plastic reservoir production rose to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 22% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Plastic Reservoir Exports

Exports from Kuwait

In 2022, exports of plastic reservoirs, tanks and vats from Kuwait contracted dramatically to X tons, waning by -41.3% against the previous year. In general, exports showed a pronounced decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 7,737% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, plastic reservoir exports shrank rapidly to $X in 2022. Over the period under review, exports continue to indicate a deep slump. The growth pace was the most rapid in 2014 when exports increased by 6,947% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons), Iraq (X tons) and Saudi Arabia (X tons) were the main destinations of plastic reservoir exports from Kuwait, together comprising 92% of total exports. These countries were followed by Oman, which accounted for a further 4%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Oman (with a CAGR of +22.4%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) remains the key foreign market for plastic reservoirs, tanks and vats exports from Kuwait, comprising 76% of total exports. The second position in the ranking was held by Iraq ($X), with a 17% share of total exports. It was followed by Saudi Arabia, with a 4% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates amounted to +15.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (-19.5% per year) and Saudi Arabia (-0.8% per year).

Export Prices by Country

In 2022, the average plastic reservoir export price amounted to $X per ton, declining by -4.7% against the previous year. Overall, the export price recorded a pronounced decline. The most prominent rate of growth was recorded in 2021 an increase of 46%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Oman ($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 the United Arab Emirates (+0.4%), while the prices for the other major destinations experienced a decline.

Plastic Reservoir Imports

Imports into Kuwait

In 2022, approx. X tons of plastic reservoirs, tanks and vats were imported into Kuwait; falling by -7.7% on the previous year. In general, total imports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +3.9% 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 +21.3% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of 92%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic reservoir imports declined to $X in 2022. Over the period under review, total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 +19.3% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 52%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, South Korea (X tons) constituted the largest plastic reservoir supplier to Kuwait, accounting for a 36% share of total imports. Moreover, plastic reservoir imports from South Korea exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), twofold. Malaysia (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+9.0% per year) and Malaysia (+20.1% per year).

In value terms, the largest plastic reservoir suppliers to Kuwait were South Korea ($X), Austria ($X) and Saudi Arabia ($X), together comprising 60% of total imports.

Austria, with a CAGR of +62.2%, 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

In 2022, the average plastic reservoir import price amounted to $X per ton, dropping by -4.8% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average import price increased by 19% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Austria ($X per ton), while the price for Taiwan (Chinese) ($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 (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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