GCC: Market for Iron or Steel Wire Products 2025

Market Size for Iron or Steel Wire Products in GCC

In 2022, the GCC market for iron or steel wire products increased by X% to $X, rising for the fourth year in a row after four years of decline. The total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2018 indices. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Production of Iron or Steel Wire Products in GCC

In value terms, iron or steel wire product production soared to $X in 2022 estimated in export price. Overall, production, however, recorded a slight slump. The growth pace was the most rapid in 2013 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Exports of Iron or Steel Wire Products

Exports in GCC

In 2022, approx. X tons of iron or steel wire products were exported in GCC; growing by X% against the previous year's figure. In general, exports recorded perceptible growth. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, iron or steel wire product exports soared to $X in 2022. Overall, exports showed a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates dominates exports structure, accounting for X tons, which was near X% of total exports in 2022. Saudi Arabia (X tons) held an X% share (based on physical terms) of total exports, which put it in second place, followed by Oman (X%) and Bahrain (X%).

From 2012 to 2022, average annual rates of growth with regard to iron or steel wire product exports from the United Arab Emirates stood at X%. At the same time, Oman (X%), Saudi Arabia (X%) and Bahrain (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Oman, Saudi Arabia and Bahrain increased by X, X and X percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest iron or steel wire product supplier in GCC, comprising X% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a X% share of total exports. It was followed by Bahrain, with a X% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (X% per year) and Bahrain (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, picking up by X% against the previous year. Export price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron or steel wire product export price increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2014 an increase of X%. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced a decline in the export price figures.

Imports of Iron or Steel Wire Products

Imports in GCC

In 2022, overseas purchases of iron or steel wire products increased by X% to X tons, rising for the fourth consecutive year after two years of decline. Total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2018 indices. The pace of growth was the most pronounced in 2019 with an increase of X%. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, iron or steel wire product imports expanded rapidly to $X in 2022. Total imports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2019 when imports increased by X%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) prevails in imports structure, together creating X% of total imports. It was distantly followed by Qatar (X tons), creating a X% share of total imports. The following importers - Kuwait (X tons), Oman (X tons) and Bahrain (X tons) - together made up X% of total imports.

From 2012 to 2022, the biggest increases were recorded for Bahrain (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest iron or steel wire product importing markets in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Qatar ($X), together comprising X% of total imports. Kuwait, Oman and Bahrain lagged somewhat behind, together comprising a further X%.

Bahrain, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main importing countries 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, falling by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the import price increased by X%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per ton), while Oman ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform