GCC: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in GCC

The GCC steel and iron articles market stood at $X in 2022, picking up by 11% against the previous year. The market value increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2015; afterwards, it flattened through to 2022.

Production of Articles Of Iron Or Steel in GCC

In value terms, steel and iron articles production rose markedly to $X in 2022 estimated in export price. The total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -6.1% against 2020 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by 34% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Articles Of Iron Or Steel

Exports in GCC

For the third consecutive year, GCC recorded decline in overseas shipments of articles of iron or steel, which decreased by -10.4% to X tons in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when exports increased by 27% against the previous year. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, steel and iron articles exports fell modestly to $X in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when exports increased by 34% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates was the major exporting country with an export of around X tons, which accounted for 64% of total exports. Saudi Arabia (X tons) took a 25% share (based on physical terms) of total exports, which put it in second place, followed by Oman (8.5%). Kuwait (X tons) held a minor share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +6.0% from 2012 to 2022. At the same time, Oman (+37.9%) and Kuwait (+5.6%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +37.9% from 2012-2022. By contrast, Saudi Arabia (-7.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates and Oman increased by +25 and +8.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest steel and iron articles supplier in GCC, comprising 67% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 23% share of total exports. It was followed by Oman, with a 6.4% share.

In the United Arab Emirates, steel and iron articles exports increased at an average annual rate of +2.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (-5.1% per year) and Oman (+27.9% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, surging by 9.6% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the export price increased by 15% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in the United Arab Emirates ($X per ton) and Saudi Arabia ($X per ton), while Oman ($X per ton) and Kuwait ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+2.6%), while the other leaders experienced a decline in the export price figures.

Imports of Articles Of Iron Or Steel

Imports in GCC

In 2022, imports of articles of iron or steel in GCC fell modestly to X tons, leveling off at the previous year's figure. Over the period under review, imports recorded a mild downturn. The growth pace was the most rapid in 2014 with an increase of 12%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, steel and iron articles imports rose slightly to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 22% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) dominates imports structure, together committing 74% of total imports. Oman (X tons) took an 8.7% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (6.5%), Qatar (5.8%) and Bahrain (4.7%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the United Arab Emirates (with a CAGR of +0.9%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest steel and iron articles importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X), with a combined 84% share of total imports.

Among the main importing countries, the United Arab Emirates, with a CAGR of +2.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, surging by 5.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2018 an increase of 14% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+5.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform