Updated Jan 12, 2023 00:24

Non-Alloy Steel U-Section Market in Kuwait

Market Overview
Please note: Annual data for 2022 are preliminary and subject to revision
The Kuwaiti non-alloy steel u-section market reduced dramatically to $ in , waning by -% 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 showed a deep slump. Non-alloy steel u-section consumption peaked at $ in 2017; however, from 2018 to , consumption stood at a somewhat lower figure.


Consumption
Please note: Annual data for 2022 are preliminary and subject to revision
In , approx. tons of u-sections of non-alloy steel were consumed in Kuwait; with a decrease of -% compared with the previous year. Overall, consumption recorded a abrupt descent. Non-alloy steel u-section consumption peaked at tons in 2017; however, from 2018 to , consumption stood at a somewhat lower figure.

The revenue of the non-alloy steel u-section market in Kuwait contracted dramatically to $ in , which is down by -% 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 showed a abrupt downturn. Over the period under review, the market hit record highs at $ in 2017; however, from 2018 to , consumption failed to regain momentum.


Market Forecast
Please note: Annual data for 2022 are preliminary and subject to revision
Driven by rising demand for non-alloy steel u-section in Kuwait, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, 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
Non-alloy steel u-section 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 remained relatively constant over the period under review. 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 non-alloy steel u-section; 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.