GCC: Metal Wool Market 2025

Metal Wool Exports

Exports in GCC

In 2022, overseas shipments of iron or steel wool increased by 0.2% to X tons, rising for the third consecutive year after three years of decline. In general, exports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2020 with an increase of 18% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, metal wool exports reached $X in 2022. Over the period under review, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 34%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, accounting for X tons, which was approx. 80% of total exports in 2022. It was distantly followed by Oman (X tons), Saudi Arabia (X tons) and Bahrain (X tons), together making up a 20% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to metal wool exports from the United Arab Emirates stood at -11.3%. At the same time, Bahrain (+42.1%) and Oman (+33.9%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +42.1% from 2012-2022. Saudi Arabia experienced a relatively flat trend pattern. While the share of Oman (+7.8 p.p.), Bahrain (+5.2 p.p.) and Saudi Arabia (+4.2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (-17.3 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest metal wool supplier in GCC, comprising 82% of total exports. The second position in the ranking was taken by Bahrain ($X), with a 10% share of total exports. It was followed by Saudi Arabia, with a 4% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates amounted to -1.2%. In the other countries, the average annual rates were as follows: Bahrain (+47.5% per year) and Saudi Arabia (+4.0% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, increasing by 3.9% against the previous year. In general, the export price posted a buoyant increase. The most prominent rate of growth was recorded in 2019 when the export price increased by 48% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

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 Bahrain ($X per ton), while Oman ($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 (+11.5%), while the other leaders experienced more modest paces of growth.

Metal Wool Imports

Imports in GCC

In 2022, overseas purchases of iron or steel wool decreased by -74.7% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports showed a abrupt contraction. The most prominent rate of growth was recorded in 2016 when imports increased by 76%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, metal wool imports declined rapidly to $X in 2022. In general, imports showed a perceptible curtailment. The pace of growth was the most pronounced in 2020 when imports increased by 92% against the previous year. The level of import peaked at $X in 2021, and then reduced sharply in the following year.

Imports by Country

The United Arab Emirates represented the key importer of iron or steel wool in GCC, with the volume of imports reaching X tons, which was approx. 56% of total imports in 2022. It was distantly followed by Oman (X tons), Kuwait (X tons), Qatar (X tons) and Bahrain (X tons), together mixing up a 44% share of total imports.

Imports into the United Arab Emirates decreased at an average annual rate of -6.5% from 2012 to 2022. At the same time, Qatar (+10.2%), Oman (+5.2%), Bahrain (+4.9%) and Kuwait (+1.3%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +10.2% from 2012-2022. Oman (+12 p.p.), Qatar (+8.3 p.p.), Kuwait (+6.5 p.p.), Bahrain (+3.5 p.p.) and the United Arab Emirates (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported iron or steel wool in GCC, comprising 64% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 12% share of total imports. It was followed by Oman, with a 12% share.

In the United Arab Emirates, metal wool imports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Kuwait (+1.7% per year) and Oman (+6.8% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, with an increase of 18% against the previous year. Over the last decade, it increased at an average annual rate of +3.7%. The pace of growth appeared the most rapid in 2014 when the import price increased by 33% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bahrain ($X per ton), while Qatar ($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 (+6.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform