Forecast: Metals Consumption in Saudi Arabia

The metals consumption in Saudi Arabia has shown notable fluctuations from 2013 to 2023. Beginning at 3.88 units of Domestic Material Consumption in 2013, it experienced significant year-to-year increases and occasional declines, culminating at 6.51 units in 2023. The period from 2013 to 2018 saw more pronounced year-on-year variations, whereas the subsequent years showed a stabilization with modest growth rates.

Particularly noteworthy is the CAGR, which over the last five years prior to 2024 is 1.95%, indicating steady but slow annual growth. The forecasted data from 2024 to 2028 suggests a continuation of this trend, with an expected CAGR of 1.29%, potentially directing future consumption to 7.07 units by 2028.

Future trends to watch for include:

• Technological advancements in metal recycling and processing.
• Government policies impacting industrial growth and raw material imports.
• Global market shifts that could affect local demand and supply chains for Saudi Arabia.

Monitoring these factors will be crucial for anticipating and navigating future consumption patterns.