Kuwait: Market for Tube Or Pipe Fittings (Of Iron Or Steel) 2024

Market Size for Tube Or Pipe Fittings (Of Iron Or Steel) in Kuwait

The Kuwaiti market for tube or pipe fittings (of iron or steel) shrank to $X in 2022, waning by -1.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a abrupt decline. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Exports of Tube Or Pipe Fittings (Of Iron Or Steel)

Exports from Kuwait

In 2022, iron or steel tube fitting exports from Kuwait surged to X tons, growing by 28% compared with the previous year. Over the period under review, exports, however, faced a abrupt shrinkage. The pace of growth appeared the most rapid in 2016 with an increase of 308%. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, iron or steel tube fitting exports surged to $X in 2022. In general, exports, however, recorded a drastic downturn. The pace of growth was the most pronounced in 2016 when exports increased by 287% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

India (X tons) was the main destination for iron or steel tube fitting exports from Kuwait, with a 49% share of total exports. Moreover, iron or steel tube fitting exports to India exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), threefold. The third position in this ranking was held by Bahrain (X tons), with a 7.8% share.

From 2012 to 2022, the average annual growth rate of volume to India totaled -3.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-10.6% per year) and Bahrain (-1.1% per year).

In value terms, the largest markets for iron or steel tube fitting exported from Kuwait were India ($X), the United Arab Emirates ($X) and Bahrain ($X), with a combined 46% share of total exports.

Among the main countries of destination, India, with a CAGR of +2.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for tube or pipe fittings (of iron or steel) stood at $X per ton in 2022, with an increase of 29% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average export price increased by 49%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices remained 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 South Korea ($X per ton), while the average price for exports to Pakistan ($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 Australia (+9.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tube Or Pipe Fittings (Of Iron Or Steel)

Imports into Kuwait

In 2022, after four years of decline, there was growth in overseas purchases of tube or pipe fittings (of iron or steel), when their volume increased by 4.1% to X tons. Over the period under review, imports, however, saw a perceptible reduction. The most prominent rate of growth was recorded in 2016 when imports increased by 70%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, iron or steel tube fitting imports fell to $X in 2022. Overall, imports, however, showed a deep contraction. The most prominent rate of growth was recorded in 2016 when imports increased by 69% against the previous year. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

China (X tons), Saudi Arabia (X tons) and Italy (X tons) were the main suppliers of iron or steel tube fitting imports to Kuwait, with a combined 67% share of total imports. South Korea, the United Arab Emirates, India, Thailand, the UK, Poland and France lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +29.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of tube or pipe fittings (of iron or steel) to Kuwait, comprising 28% of total imports. The second position in the ranking was taken by South Korea ($X), with a 13% share of total imports. It was followed by Saudi Arabia, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-15.4% per year) and Saudi Arabia (-2.1% per year).

Import Prices by Country

The average import price for tube or pipe fittings (of iron or steel) stood at $X per ton in 2022, waning by -6.2% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 11% against the previous year. Over the period under review, average import prices reached the maximum 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 UK ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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