Updated Oct 22, 2022 11:53

Pig Iron Articles Market in Kuwait

Market Overview
Please note: Annual data for 2022 are preliminary and subject to revision
In , after four years of decline, there was significant growth in the Kuwaiti pig iron articles market, when its value increased by % to $. In general, consumption showed a pronounced expansion. Over the period under review, the market reached the maximum level at $ in 2016; however, from 2017 to , consumption failed to regain momentum.


Consumption
Please note: Annual data for 2022 are preliminary and subject to revision
In , consumption of granules and powders of pig iron increased by % to tons, rising for the second year in a row after two years of decline. Overall, consumption posted a buoyant expansion. Over the period under review, consumption hit record highs at tons in 2018; however, from 2019 to , consumption failed to regain momentum.

The revenue of the pig iron articles market in Kuwait expanded notably to $ in , with an increase of % 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). In general, consumption enjoyed a strong increase. Over the period under review, the market hit record highs at $ in 2016; however, from 2017 to , consumption remained at a lower figure.


Market Forecast
Please note: Annual data for 2022 are preliminary and subject to revision
Driven by increasing demand for pig iron articles in Kuwait, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .

In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Please note: Annual data for 2022 are preliminary and subject to revision
Pig iron articles market in Kuwait consists almost entirely of imported products. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
Please note: Annual data for 2022 are preliminary and subject to revision
Kuwait remains a net importer of pig iron articles; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.