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.