Kuwait: Safety Valve Market 2024

Safety Valve Market Size in Kuwait

In 2021, the Kuwaiti safety valve market increased by 28% to $X, rising for the second consecutive year after four years of decline. Overall, consumption continues to indicate a noticeable expansion. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a somewhat lower figure.

Safety Valve Exports

Exports from Kuwait

In 2021, overseas shipments of safety or relief valves for pipes, boiler shells, tanks and vats decreased by -5.5% to X units, falling for the second year in a row after three years of growth. Overall, exports, however, enjoyed a resilient increase. The pace of growth was the most pronounced in 2015 when exports increased by 216% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, safety valve exports declined to $X in 2021. In general, exports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 175%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X units) was the main destination for safety valve exports from Kuwait, accounting for a 68% share of total exports. Moreover, safety valve exports to the United Arab Emirates exceeded the volume sent to the second major destination, Saudi Arabia (X units), fivefold. The third position in this ranking was taken by China (X units), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates stood at +37.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+64.5% per year) and China (+12.5% per year).

In value terms, China ($X), Saudi Arabia ($X) and the United Arab Emirates ($X) constituted the largest markets for safety valve exported from Kuwait worldwide, with a combined 86% share of total exports.

Saudi Arabia, with a CAGR of +77.2%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average safety valve export price amounted to $X per unit, waning by -1.9% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 67%. As a result, the export price attained the peak level of $X per unit. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per unit), while the average price for exports to the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+14.2%), while the prices for the other major destinations experienced more modest paces of growth.

Safety Valve Imports

Imports into Kuwait

In 2021, supplies from abroad of safety or relief valves for pipes, boiler shells, tanks and vats increased by 23% to X units, rising for the second year in a row after four years of decline. Over the period under review, imports recorded perceptible growth. The most prominent rate of growth was recorded in 2015 with an increase of 147% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, safety valve imports surged to $X in 2021. Overall, imports showed buoyant growth. The growth pace was the most rapid in 2015 with an increase of 130%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X units), the United States (X units) and Italy (X units) were the main suppliers of safety valve imports to Kuwait, with a combined 47% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +65.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest safety valve suppliers to Kuwait were the United States ($X), Italy ($X) and France ($X), together comprising 38% of total imports. Singapore, China, Germany, Japan, the UK, Saudi Arabia, South Korea, Qatar, India and the United Arab Emirates lagged somewhat behind, together accounting for a further 26%.

China, with a CAGR of +40.6%, saw the highest growth rate of 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 2021, the average safety valve import price amounted to $X per unit, with a decrease of -4.4% against the previous year. In general, import price indicated temperate growth from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 an increase of 39% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per unit), while the price for the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :