GCC: Steel Spring Market 2025

Steel Spring Market Size in GCC

In 2021, the GCC steel spring market increased by 7.5% to $X, rising for the fourth consecutive year after two years of decline. Overall, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Steel Spring Production in GCC

In value terms, steel spring production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 when the production volume increased by 14% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Steel Spring Exports

Exports in GCC

In 2021, shipments abroad of steel springs and leaves for springs decreased by -13.8% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, exports showed a noticeable setback. The pace of growth was the most pronounced in 2019 with an increase of 28% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, steel spring exports expanded to $X in 2021. Over the period under review, exports saw a pronounced curtailment. The growth pace was the most rapid in 2017 when exports increased by 38%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, resulting at X tons, which was approx. 95% of total exports in 2021. Saudi Arabia (X tons) took a minor share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the steel springs and leaves for springs exports, with a CAGR of -3.9% from 2012 to 2021. Saudi Arabia (-5.6%) illustrated a downward trend over the same period. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest steel spring supplier in GCC, comprising 92% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 4.4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates totaled -2.8%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, increasing by 18% against the previous year. Over the period under review, the export price continues to indicate a mild increase. The most prominent rate of growth was recorded in 2017 when the export price increased by 52%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.1%).

Steel Spring Imports

Imports in GCC

In 2021, supplies from abroad of steel springs and leaves for springs increased by 12% to X tons, rising for the third consecutive year after three years of decline. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 39%. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, steel spring imports soared to $X in 2021. Total imports indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +63.3% against 2017 indices. The pace of growth appeared the most rapid in 2019 when imports increased by 19% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) dominates imports structure, together constituting 89% of total imports. It was distantly followed by Oman (X tons), generating a 5.4% share of total imports. The following importers - Kuwait (X tons) and Qatar (X tons) - each reached a 4.2% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Oman (with a CAGR of +8.2%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest steel spring importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X), with a combined 91% share of total imports.

In terms of the main importing countries, the United Arab Emirates, with a CAGR of +7.5%, saw 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 2021, picking up by 4% against the previous year. Import price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, steel spring import price decreased by -15.6% against 2018 indices. The most prominent rate of growth was recorded in 2018 an increase of 38% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+8.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform