Middle East: Market for Copper Bars, Wire And Plates 2024

Market Size for Copper Bars, Wire And Plates in the Middle East

The Middle Eastern market for copper bars, wire and plates soared to $X in 2021, jumping by 19% against the previous year. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Production of Copper Bars, Wire And Plates in the Middle East

In value terms, copper bars, wire and plates production skyrocketed to $X in 2021 estimated in export price. In general, production posted resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 69%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Exports of Copper Bars, Wire And Plates

Exports in the Middle East

In 2021, shipments abroad of copper bars, wire and plates increased by 4.6% to X tons for the first time since 2018, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +6.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 50%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, copper bars, wire and plates exports soared to $X in 2021. Total exports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +8.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates represented the key exporter of copper bars, wire and plates in the Middle East, with the volume of exports amounting to X tons, which was near 64% of total exports in 2021. It was distantly followed by Turkey (X tons), generating a 31% share of total exports. Iran (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the copper bars, wire and plates exports, with a CAGR of +7.5% from 2012 to 2021. At the same time, Turkey (+6.6%) and Iran (+6.2%) displayed positive paces of growth. The United Arab Emirates (+5.4 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest copper bars, wire and plates supplier in the Middle East, comprising 65% of total exports. The second position in the ranking was held by Turkey ($X), with a 30% share of total exports.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates stood at +9.8%. In the other countries, the average annual rates were as follows: Turkey (+8.4% per year) and Iran (+8.2% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, picking up by 43% against the previous year. Export price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, copper bars, wire and plates export price increased by +52.2% against 2019 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Iran ($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 United Arab Emirates (+2.2%), while the other leaders experienced more modest paces of growth.

Imports of Copper Bars, Wire And Plates

Imports in the Middle East

In 2021, overseas purchases of copper bars, wire and plates were finally on the rise to reach X tons after two years of decline. In general, imports, however, continue to indicate a mild contraction. The pace of growth was the most pronounced in 2013 when imports increased by 17%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, copper bars, wire and plates imports soared to $X in 2021. Over the period under review, imports, however, showed a relatively flat trend pattern. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Saudi Arabia (X tons) and Turkey (X tons) represented the largest importers of copper bars, wire and plates in 2021, amounting to approx. 30% and 27% of total imports, respectively. It was distantly followed by Qatar (X tons), Oman (X tons), Kuwait (X tons) and Israel (X tons), together comprising a 33% share of total imports. The United Arab Emirates (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Qatar (with a CAGR of +9.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), Turkey ($X) and Qatar ($X) were the countries with the highest levels of imports in 2021, together accounting for 70% of total imports.

Among the main importing countries, Qatar, with a CAGR of +10.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, increasing by 43% against the previous year. Import price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, copper bars, wire and plates import price increased by +43.7% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Israel ($X per ton) and Turkey ($X per ton), while Kuwait ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+1.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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