Kuwait: Tyre Cord Fabric Market 2023

Tyre Cord Fabric Market Size in Kuwait

The Kuwaiti tyre cord fabric market dropped slightly to $X in 2021, therefore, remained relatively stable against the previous year. Over the period under review, consumption posted a buoyant increase. Tyre cord fabric consumption peaked at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Tyre Cord Fabric Production in Kuwait

In value terms, tyre cord fabric production fell to $X in 2021 estimated in export price. Overall, production saw a strong expansion. The pace of growth appeared the most rapid in 2014 with an increase of 36% against the previous year. Tyre cord fabric production peaked at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Tyre Cord Fabric Exports

Exports from Kuwait

For the third consecutive year, Kuwait recorded growth in shipments abroad of tyre cord fabric of high tenacity yarn, which increased by 100% to X tons in 2021. Overall, exports saw a significant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 203%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, tyre cord fabric exports skyrocketed to $X in 2021. Over the period under review, exports saw a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates (X tons) was the main destination for tyre cord fabric exports from Kuwait, with a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to +141.1%.

In value terms, the United Arab Emirates ($X) also remains the key foreign market for tyre cord fabric of high tenacity yarn exports from Kuwait.

From 2012 to 2021, the average annual growth rate of value to the United Arab Emirates stood at +177.0%.

Export Prices by Country

The average tyre cord fabric export price stood at $X per ton in 2021, with an increase of 128% against the previous year. In general, the export price, however, continues to indicate a noticeable downturn. Over the period under review, the average export prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to +6.6% per year.

Tyre Cord Fabric Imports

Imports into Kuwait

In 2021, overseas purchases of tyre cord fabric of high tenacity yarn decreased by -46.7% to X tons, falling for the second consecutive year after three years of growth. Overall, imports saw a dramatic downturn. The most prominent rate of growth was recorded in 2014 with an increase of 616% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, tyre cord fabric imports dropped remarkably to $X in 2021. Over the period under review, imports showed a dramatic shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 625% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Taiwan (Chinese) (X kg), Poland (X kg) and Saudi Arabia (X kg) were the main suppliers of tyre cord fabric imports to Kuwait, with a combined 67% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Poland (with a CAGR of +36.7%), while purchases for the other leaders experienced a decline.

In value terms, the largest tyre cord fabric suppliers to Kuwait were Taiwan (Chinese) ($X), Poland ($X) and Saudi Arabia ($X), together accounting for 54% of total imports.

Poland, with a CAGR of +13.0%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average tyre cord fabric import price stood at $X per ton in 2021, with an increase of 9.8% against the previous year. In general, import price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +7.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, tyre cord fabric import price increased by +9.6% against 2018 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 35% against the previous year. Over the period under review, average import prices reached the maximum in 2021 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+19.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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