Updated Oct 2, 2022 22:06

Market for Iron and Steel Wire in Kuwait

Market Overview
Please note: Annual data for 2022 are preliminary and subject to revision
In , after two years of decline, there was significant growth in the Kuwaiti iron and steel wire market, when its value increased by % to $. Overall, consumption, however, showed a slight downturn. Over the period under review, the market attained the maximum level at $ in 2008; however, from 2009 to , consumption failed to regain momentum.


Consumption
Please note: Annual data for 2022 are preliminary and subject to revision
In , consumption of iron and steel wire was finally on the rise to reach tons after two years of decline. Overall, consumption, however, recorded a mild decrease. As a result, consumption attained the peak volume of tons. From 2019 to , the growth of the consumption failed to regain momentum.

The value of the iron and steel wire market in Kuwait soared to $ in , jumping 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, however, showed a mild descent. Over the period under review, the market reached the maximum level at $ in 2008; however, from 2009 to , consumption stood at a somewhat lower figure.


Market Forecast
Please note: Annual data for 2022 are preliminary and subject to revision
Depressed by shrinking demand for iron and steel wire in Kuwait, the market is expected to continue its downward consumption trend over the next decade. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to depress the market volume to tons by the end of .

In value terms, the market is forecast to contract 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
Iron and steel wire 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 iron and steel wire; 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.