MENA: Market for Chromium Ores and Concentrates 2024

Market Size for Chromium Ores and Concentrates in MENA

After two years of decline, the MENA's chromium ore and concentrate market increased by 4.2% to $X in 2022. In general, consumption enjoyed a resilient expansion. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Chromium Ores and Concentrates in MENA

In value terms, chromium ore and concentrate production stood at $X in 2022 estimated in export price. Over the period under review, production, however, recorded a pronounced slump. The most prominent rate of growth was recorded in 2014 when the production volume increased by 48% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Exports of Chromium Ores and Concentrates

Exports in MENA

In 2022, overseas shipments of chromium ores and concentrates increased by 2.1% to X tons, rising for the second consecutive year after two years of decline. Overall, exports, however, continue to indicate a noticeable setback. The growth pace was the most rapid in 2013 with an increase of 21% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, chromium ore and concentrate exports surged to $X in 2022. Over the period under review, exports, however, recorded a noticeable shrinkage. The pace of growth was the most pronounced in 2021 when exports increased by 53% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Turkey was the key exporter of chromium ores and concentrates in MENA, with the volume of exports finishing at X tons, which was near 75% of total exports in 2022. It was distantly followed by Oman (X tons) and Iran (X tons), together making up a 22% share of total exports. The United Arab Emirates (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to chromium ore and concentrate exports from Turkey stood at -4.4%. At the same time, the United Arab Emirates (+4.3%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in MENA, with a CAGR of +4.3% from 2012-2022. Oman experienced a relatively flat trend pattern. By contrast, Iran (-14.7%) illustrated a downward trend over the same period. While the share of Oman (+6.6 p.p.), Turkey (+2.2 p.p.) and the United Arab Emirates (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Iran (-10.3 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) remains the largest chromium ore and concentrate supplier in MENA, comprising 85% of total exports. The second position in the ranking was held by Oman ($X), with an 8.2% share of total exports. It was followed by Iran, with a 4.6% share.

From 2012 to 2022, the average annual growth rate of value in Turkey amounted to -2.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (-2.6% per year) and Iran (-16.3% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, with an increase of 26% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2021 when the export price increased by 31% against the previous year. Over the period under review, the export prices attained the maximum in 2022 and is expected to retain growth in the near future.

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 Turkey ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+2.5%), while the other leaders experienced a decline in the export price figures.

Imports of Chromium Ores and Concentrates

Imports in MENA

In 2022, imports of chromium ores and concentrates in MENA rose remarkably to X tons, increasing by 8.5% on the previous year. Total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -7.0% against 2017 indices. The growth pace was the most rapid in 2017 with an increase of 59%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, chromium ore and concentrate imports surged to $X in 2022. Total imports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.4% 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 +42.0% against 2020 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 102%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X tons) and Turkey (X tons) dominates imports structure, together generating 96% of total imports. Oman (X tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Oman (with a CAGR of +32.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported chromium ores and concentrates in MENA, comprising 67% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 29% share of total imports.

In Turkey, chromium ore and concentrate imports decreased by an average annual rate of -1.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (+13.2% per year) and Oman (+36.4% per year).

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, growing by 21% against the previous year. In general, the import price, however, showed a pronounced descent. The pace of growth appeared the most rapid in 2017 when the import price increased by 27% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a 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 Turkey ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+3.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform