GCC: Aluminum Market 2024

Aluminum Market Size in GCC

The GCC aluminum market surged to $X in 2023, jumping by X% against the previous year. The total consumption indicated a slight increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2023, consumption stood at a somewhat lower figure.

Aluminum Production in GCC

In value terms, aluminum production rose to $X in 2023 estimated in export price. The total production indicated a pronounced increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of X%. The level of production peaked in 2023 and is likely to continue growth in years to come.

Aluminum Exports

Exports in GCC

In 2023, the amount of aluminum and alloys exported in GCC rose sharply to X tons, picking up by X% against 2022 figures. Total exports indicated a buoyant increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2019 indices. The pace of growth was the most pronounced in 2014 with an increase of X%. The volume of export peaked in 2023 and is likely to continue growth in the immediate term.

In value terms, aluminum exports reached $X in 2023. Overall, exports continue to indicate prominent growth. The pace of growth was the most pronounced in 2021 when exports increased by X%. The level of export peaked in 2023 and is expected to retain growth in the near future.

Exports by Country

In 2023, the United Arab Emirates (X tons) represented the key exporter of aluminum and alloys, generating X% of total exports. Bahrain (X tons) ranks second in terms of the total exports with a X% share, followed by Saudi Arabia (X%) and Oman (X%).

From 2012 to 2023, average annual rates of growth with regard to aluminum exports from the United Arab Emirates stood at X%. At the same time, Saudi Arabia (X%) and Bahrain (X%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2023. By contrast, Oman (X%) illustrated a downward trend over the same period. While the share of Bahrain (X p.p.) and Saudi Arabia (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Oman (X p.p.) and the United Arab Emirates (X p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest aluminum supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Bahrain ($X), with a X% share of total exports. It was followed by Saudi Arabia, with a X% share.

In the United Arab Emirates, aluminum exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Bahrain (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

In 2023, the export price in GCC amounted to $X per ton, reducing by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2022, and then dropped in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in the United Arab Emirates ($X per ton) and Bahrain ($X per ton), while Oman ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Bahrain (X%), while the other leaders experienced more modest paces of growth.

Aluminum Imports

Imports in GCC

Aluminum imports surged to X tons in 2023, growing by X% compared with the previous year. Over the period under review, imports recorded buoyant growth. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2023, imports failed to regain momentum.

In value terms, aluminum imports surged to $X in 2023. In general, imports recorded a buoyant increase. The level of import peaked at $X in 2021; however, from 2022 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, Saudi Arabia (X tons) was the main importer of aluminum and alloys, generating X% of total imports. Bahrain (X tons) ranks second in terms of the total imports with a X% share, followed by the United Arab Emirates (X%), Oman (X%) and Kuwait (X%). Qatar (X tons) held a minor share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Bahrain (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported aluminum and alloys in GCC, comprising X% of total imports. The second position in the ranking was taken by Bahrain ($X), with a X% share of total imports. It was followed by the United Arab Emirates, with a X% share.

In Saudi Arabia, aluminum imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Bahrain (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, with a decrease of X% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the import price increased by X%. Over the period under review, import prices reached the maximum at $X per ton in 2022, and then fell in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Kuwait ($X per ton), while Qatar ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Kuwait (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform