GCC Custom Manufacturing Market Size, Share, Growth Analysis, By Product(Precision Parts, Precision Components), By Application(aerospace, semiconductor) - Industry Forecast 2024-2031

GCC Custom Manufacturing Market size was valued at USD 0.89 Trillion in 2022 and is poised to grow from USD 0.93 trillion in 2023 to USD 1.33 Trillion by 2031, at a CAGR of 4.60% during the forecast period (2024-2031).

GCC Custom Manufacturing Market Top Player's Company Profiles 'Emirates Steel Industries PJSC', 'Dubai Cable Company (Private) Limited (Ducab)', 'National Petrochemical Industrial Company (NATPET)', 'Jeddah Cable Company (JCC)', 'Almarai Company', 'SABIC (Saudi Basic Industries Corporation)', 'Arabian Pipes Company (APC)', 'Gulf Extrusions Co. LLC', 'National Industrialization Company (Tasnee)', 'Alujain Corporation (Alujain)', 'Saudi Arabian Amiantit Company (Amiantit)', 'Al Khorayef Group', 'Saline Water Conversion Corporation (SWCC)', 'Advanced Petrochemical Company', 'Al-Muhaidib Group', 'Yanbu National Petrochemical Company (Yansab)', 'Alfanar Group', 'Saudi Aramco', 'Arabian Cement Company (ACC)', 'Saudi Electricity Company (SEC)'

In the GCC nations, the manufacturing sector is being driven by economic diversification. Major investments have been made in the manufacturing sector since it has enormous potential, as countries search for alternatives to the oil and gas sector in terms of revenue creation.

A custom product often costs a bit more than a mass-produced one in most organisations, which is the main factor driving the expansion of the custom manufacturing market. Custom manufacture can, however, result in long-term financial savings. Despite the fact that custom manufacturing costs more per product than mass production, you can purchase in lesser quantities, which reduces your overall expenditures.

On the basis of region, it is segmented Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain. For the purpose of tariff classification, Saudi Arabia employs the Harmonized Commodity Description and Coding System. Saudi Arabia has ratified a number of trade agreements, particularly with the GCC, which completely exclude the member nations from paying customs taxes. As a GCC member, it must impose the common external tariff of the GCC, which is at least 5% on the majority of imports from non-GCC nations. The department in charge of all customs-related tasks, managing the entry and outflow of commodities into and out of the nation, regulating customs procedures, and carrying out all orders issued by the government's ministries is known as the Kuwait General Administration of Customs. Companies must have the appropriate trade licence from the Department of Economic Development (DED) of the emirate in order to import goods into the UAE. To conduct business in the UAE's "mainland," foreign enterprises can either open an office there or hire a UAE native as a sponsor, agent, or distributor (that is, not in the free zones). The GCC has approved exemptions for about 400 items, including imports of diplomatic and consular goods, military and security products, civilian aviation, personal effects and used household items, passenger-accompanied luggage and gifts, goods intended for charitable use, ships and other vessels for the transportation of passengers. In addition to cement, Qatar imposes a 20% duty on iron bars and rods, non-alloy hot-rolled steel, and 12-millimeter steel bars. Imports of urea are subject to a 30% customs duty, while imports of recordings and musical instruments are subject to a 15% duty. With the exception of a few agricultural products, bilateral commerce in industrial and consumer goods is allowed under the U.S.-Bahrain FTA. According to Bahrain's tariff schedule, which is mentioned below, goods produced outside the FTA region may be imported. The GCC Unified Customs Union agreement includes Bahrain as a party. The agreement eliminates tariffs for GCC member states on 426 products (mostly food and medical supplies) and imposes import charges of 5% on the majority of goods coming from outside the GCC, with the exception of alcohol and tobacco, which are subject to 125 and 100% duties, respectively.