Middle East Copper Rod and Busbar Market Size, Analysis: By Type: Copper Rod, Copper Busbar; By End Use: Construction, Industrial Equipment, Transport and Non-Industrial; By Sales Channel: Direct, Distributor; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032

Middle East Copper Rod and Busbar Market Outlook

The Middle East copper rod and busbar market size was around USD 2,930.65 million in 2023. The market is assessed to grow at a CAGR of 7.4% during 2024-2032 to reach a value of USD 5,520.91 million by 2032.

Key Takeaways

• Saudi Arabia’s aim to increase homeownership to 70% by 2030  under Vision 2030 aids the growth of the construction sector.

• Qatar’s goal of obtaining 20% of its electricity from renewable sources by 2030, aids the demand for copper busbars due to their impressive electrical conductivity and corrosion resistance.

• Kuwait’s infrastructure development goals under Vision 2035 drive the market for copper products, such as bars for HVAC systems.

The overall construction sector of the Middle East is expanding, driven by a rise in foreign investment, the expansion of tourism, and the demand for residential and commercial real estate. The growth of the construction industry supports the Middle East copper rod and busbar market development. Saudi Arabia, the United Arab Emirates, Qatar, and Kuwait are the most significant nations in this region in terms of construction. For instance, Saudi Arabia's construction sector is expanding due to major projects like NEOM and major entertainment complexes like Qiddiya near Riyadh.

The main copper markets in Middle East includes the UAE, Saudi Arabia, and Iran. Annually, these countries account for around 5% of global copper consumption.

Figure: Middle East Annual Percentage Growth of the Industry* (Including Construction); 2018-2022

(*Industry (including construction) corresponds to ISIC divisions 05-43 and includes manufacturing (ISIC divisions 10-33). It comprises value added in mining, manufacturing, construction, electricity, water, and gas.)

Key Trends and Developments

Growing construction sector; extensive adoption of copper products in the industrial sector; the presence of recyclable characteristics; and increasing adoption of EVs are the key trends impacting the Middle East copper rod and busbar market growth

Mar 19, 2024

The London Metal Exchange (LME) added Jeddah, a port city in Saudi Arabia as a new delivery point for copper and zinc, pending consultation on a technical change to its warehouse location framework. This move reflects Saudi Arabia's growing significance in the metals market and aims to enhance accessibility and efficiency for market participants.

Nov 21, 2023

Vedanta Limited established a one lakh tonne copper rod plant in Dammam, Saudi Arabia, through its subsidiary Malco Energy, aiming to meet the growing demand for high-quality wire rods supported by Saudi Arabia's vision of industrial diversification.

Oct 18, 2023

The European Bank for Reconstruction and Development (EBRD) provided a USD 50 million loan to United Metals Company (UMC), an Egyptian copper rod manufacturer. This funding will support UMC's working capital needs, particularly for importing copper cathodes crucial for cable production.

Sep 23, 2022

Saudi Geological Survey announced the discovery of new gold and copper ore deposits in the holy city of Madinah, with gold deposits found within the Aba Al-Raha boundaries and copper ore discovered in the Al-Madiq area of Wadi Al-Faraa.

Robust growth of the construction sector

Saudi Arabia is considered the most active player in the Middle East construction sector, with the country’s total value of capital projects estimated to be USD 1.2 trillion. Further, the UAE comes second with about USD 713 billion.

Copper products are vital in the industrial sector

In the GCC countries, the oil sector contributes about one-third to the total GDP. Copper finds application in pump impellers, valve stems, pump shafts, and other industrial equipment. Further, in the aviation sector, copper square bars are used in the engines of rockets, helicopters, and other aircraft.

Copper products are 100% recyclable

The incorporation of copper products greatly improves life-cycle costs and energy efficiency. On average, copper products comprise over 35% of recycled content, which lowers the copper's impact on the environment. Further, copper is fully recyclable making it an ideal material to help end users boost their sustainability.

Rising adoption of EVs aids the demand for copper products such as busbars

Copper is used in motors, batteries, inverters, wiring, and charging stations for electric vehicles. Copper busbars play pivotal roles in EVs to distribute electric current from the batteries to the vehicle’s components and systems.

Middle East Copper Rod and Busbar Market Trends

Solar energy investments in the Middle East are anticipated to triple between 2022 and 2027. Copper busbars are widely employed in solar panels as they enhance panel performance and durability.

Additionally, copper is a vital component in rechargeable batteries and renewable power systems, crucial in producing green energy in the region. The increasing government investment in clean energy projects is expected to aid the Middle East copper rod and busbar market.

Copper rods are employed in the automotive sector in radiators and brake tubing as well as in EV charging stations. Further, copper wire rods are deployed in the automotive sector for wiring harnesses, ignition systems, and connectors. By 2025, Saudi Arabia aims to install 50,000 domestic charging stations to promote the adoption of EVs.

Saudi Arabia’s Vision 2030 programme is supporting the growth of its construction sector by envisioning mega-projects. Renowned mega construction projects in the Kingdom include Jeddah Economic City, the Red Sea Project, and the NEOM housing development project.

Market Segmentation

“Middle East Copper Rod and Busbar Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Copper Rod
  • Breakup by Shape Type
    • Flat
    • Round
    • Others
  • Breakup by Grade
    • C10100
    • C10200
    • C11000
    • Others
• Copper Busbar
  • Breakup by Shape Type
    • Round
    • Rectangle
    • Others
  • Breakup by Power Rating
    • Low
    • Medium
    • High

Market Breakup by End Use

• Construction 

• Industrial Equipment

• Transport and Non-Industrial

Market Breakup by Sales Channel

• Direct

• Distributor

Market Breakup by Country

• Saudi Arabia

• United Arab Emirates

• Iran

• Kuwait

• Qatar

• Oman

• Bahrain

• Others

By end use, the construction sector dominates the Middle East copper rod and busbar market share

Saudi Arabia is the largest economy in the Middle East. The Saudi Arabian construction sector is backed by the Public Investment Fund, Saudi’s sovereign wealth fund. It is financing major giga-projects like Neom, a USD 500 billion futuristic city, and Red Sea Global, a USD 23.6 billion luxury tourism project. The UAE is also a prosperous country, with consumers increasingly investing in mega-construction projects. The ease of financing contributes to the growth of the region’s construction sector, which, in turn, supports the Middle East copper rod and busbar market expansion.

Within the industrial equipment sector of Middle East, the demand for transformers is driven by power generation, petrochemical, and infrastructure projects in countries, such as the UAE, Oman, and Saudi Arabia. The UAE and Saudi Arabia are among the major markets of transformers in the Middle East region.

The transformer is a crucial component in a substation. Power transformers for instance increase the voltage to transmit electric energy to the electricity-consuming area but also lower the voltage to the voltage used at all levels to meet the needs of electricity consumption. The expansion of the industrial sector in the region is expected to drive the growth of the Middle East copper rod and busbar market.

Competitive Landscape

Manufacturers are upgrading their product portfolios and incorporating the latest capabilities to innovate their offerings and meet the evolving demands of consumers

Dubai Cable Company (Private) Limited

Ducab is a leading manufacturing entity in the Emirates, that offers top-tier solutions to the worldwide energy industry. Ducab has a presence in 45 countries spanning the Middle East, Africa, Asia, Australasia, Europe, and the Americas.

Aeris Stream Copper Manufacturing LLC

Headquartered in the UAE, Aeris Stream Copper Manufacturing LLC is an innovative facility specializing in the production of copper rods and wires.

Emirates National Copper Factory LLC

Emirates National Copper Factory LLC also known as Nuhas, a privately-held enterprise, is a pioneering company in the United Arab Emirates. Nuhas manufactures Oxygen Free Copper products to a purity of 99.99% and 101% IACS conductivity.

Union Copper Rod LLC

Union Copper Rod operates as a wholly owned subsidiary of Ittihad International Investment. Headquartered in the UAE, the company boasts the Middle East's largest production line, with a rod capacity surpassing 200,000 metric tons annually.

Other notable players operating in the Middle East copper rod and busbar market are Oriental Copper Co., Ltd., ALIF AIMS Leading Industrial Factory, Vedanta Resources Ltd., and Bahra Advanced Cable Manufacture Co. Ltd., among others.

Middle East Copper Rod and Busbar Market Analysis by Country

Copper wire rods find application in electrical wiring for residential, commercial, and industrial structures. In March 2024, Saudi Arabia attracted an investment of around USD 13 billion in its tourism sector. The investments are expected to add around  150,000 to 200,000 hotel rooms in the next two years.

In May 2023, Qatar announced a USD 630 million investment in two solar plants in Mesaieed and Ras Laffan industrial cities. The rising investments in clean energy projects, such as solar projects are aiding the demand for copper products like busbar, to distribute power efficiently in PV modules.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.