Updated Jan 18, 2023 09:44

Market for Welded And Cold-Formed Steel Sections in Kuwait

Market Overview
Please note: Annual data for 2022 are preliminary and subject to revision
In , the Kuwaiti market for welded and cold-formed sections of steel increased by % to $ for the first time since 2018, thus ending a three-year declining trend. In general, consumption recorded a strong expansion. Welded and cold-formed steel sections consumption peaked at $ in 2018; however, from 2019 to , consumption remained at a lower figure.


Consumption
Please note: Annual data for 2022 are preliminary and subject to revision
After three years of decline, consumption of welded and cold-formed sections of steel increased by % to tons in . Overall, consumption enjoyed a remarkable increase. Welded and cold-formed steel sections consumption peaked at tons in 2018; however, from 2019 to , consumption failed to regain momentum.

The value of the market for welded and cold-formed sections of steel in Kuwait surged 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 recorded a remarkable increase. Over the period under review, the market reached the maximum level at $ in 2018; however, from 2019 to , consumption stood at a somewhat lower figure.


Market Forecast
Please note: Annual data for 2022 are preliminary and subject to revision
Driven by increasing demand for welded and cold-formed steel sections in Kuwait, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, 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
Welded and cold-formed steel sections 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 welded and cold-formed steel sections; 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.