Iraq: Market for Iron or Steel Hot-Worked Helical Springs 2024

Market Size for Iron or Steel Hot-Worked Helical Springs in Iraq

The Iraqi metal hot-worked helical spring market surged to $X in 2021, rising by 44% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Exports of Iron or Steel Hot-Worked Helical Springs

Exports from Iraq

In 2021, the amount of iron or steel hot-worked helical springs exported from Iraq fell sharply to X kg, with a decrease of -87.7% on 2020 figures. In general, exports, however, enjoyed a significant expansion. The growth pace was the most rapid in 2016 with an increase of 1,320%. The exports peaked at X kg in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, metal hot-worked helical spring exports reduced sharply to $X in 2021. Over the period under review, exports, however, saw a significant increase. The pace of growth was the most pronounced in 2016 when exports increased by 2,740%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Turkey (X kg) was the main destination for metal hot-worked helical spring exports from Iraq, with a 95% share of total exports. Moreover, metal hot-worked helical spring exports to Turkey exceeded the volume sent to the second major destination, Colombia (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Turkey totaled +37.6%.

In value terms, Turkey ($X) remains the key foreign market for iron or steel hot-worked helical springs exports from Iraq, comprising 73% of total exports. The second position in the ranking was taken by Colombia ($X), with a 26% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Turkey totaled +20.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (0.0% per year) and China (+22.0% per year).

Export Prices by Country

In 2021, the average metal hot-worked helical spring export price amounted to $X per ton, picking up by 6.9% against the previous year. In general, the export price, however, saw a deep contraction. The pace of growth appeared the most rapid in 2020 when the average export price increased by 168%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+137.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Hot-Worked Helical Springs

Imports into Iraq

In 2021, the amount of iron or steel hot-worked helical springs imported into Iraq surged to X tons, jumping by 57% compared with the year before. In general, imports saw a relatively flat trend pattern. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, metal hot-worked helical spring imports soared to $X in 2021. Overall, total imports indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -5.2% against 2019 indices. The pace of growth appeared the most rapid in 2019 with an increase of 57% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Turkey (X tons), China (X tons) and the United Arab Emirates (X tons) were the main suppliers of metal hot-worked helical spring imports to Iraq, together comprising 96% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +23.6%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest metal hot-worked helical spring suppliers to Iraq were China ($X), Turkey ($X) and the United Arab Emirates ($X), with a combined 72% share of total imports.

China, with a CAGR of +22.5%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average metal hot-worked helical spring import price amounted to $X per ton, reducing by -10.5% against the previous year. In general, import price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, metal hot-worked helical spring import price increased by +49.8% against 2016 indices. The most prominent rate of growth was recorded in 2019 when the average import price increased by 32% against the previous year. The import price peaked at $X per ton in 2020, and then shrank in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+13.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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