MENA: Market for Tube Or Pipe Fittings (Of Iron Or Steel) 2024

Market Size for Tube Or Pipe Fittings (Of Iron Or Steel) in MENA

The MENA's market for tube or pipe fittings (of iron or steel) contracted to $X in 2022, dropping by -12.6% against the previous year. The total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 +57.0% against 2017 indices. The level of consumption peaked at $X in 2021, and then dropped in the following year.

Production of Tube Or Pipe Fittings (Of Iron Or Steel) in MENA

In value terms, iron or steel tube fitting production shrank remarkably to $X in 2022 estimated in export price. Over the period under review, production, however, saw a resilient expansion. The pace of growth appeared the most rapid in 2018 when the production volume increased by 95% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Tube Or Pipe Fittings (Of Iron Or Steel)

Exports in MENA

In 2022, overseas shipments of tube or pipe fittings (of iron or steel) increased by 3.4% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 27%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, iron or steel tube fitting exports rose rapidly to $X in 2022. The total export value increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 17% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Turkey represented the major exporting country with an export of about X tons, which recorded 50% of total exports. The United Arab Emirates (X tons) held the second position in the ranking, distantly followed by Israel (X tons) and Saudi Arabia (X tons). All these countries together took near 45% share of total exports. Oman (X tons) took a minor share of total exports.

Exports from Turkey increased at an average annual rate of +4.4% from 2012 to 2022. At the same time, Israel (+5.3%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing exporter exported in MENA, with a CAGR of +5.3% from 2012-2022. Oman experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-4.0%) and Saudi Arabia (-9.8%) illustrated a downward trend over the same period. Turkey (+20 p.p.) and Israel (+5.8 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates and Saudi Arabia saw its share reduced by -9.6% and -12.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Israel ($X), Turkey ($X) and the United Arab Emirates ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 91% share of total exports.

In terms of the main exporting countries, Israel, with a CAGR of +12.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, picking up by 8.6% against the previous year. Export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +4.9% 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 tube fitting export price increased by +76.0% against 2018 indices. The growth pace was the most rapid in 2019 an increase of 29% against the previous year. The level of export peaked in 2022 and is likely to see steady 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 Israel ($X per ton), while Oman ($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 (+7.4%), while the other leaders experienced more modest paces of growth.

Imports of Tube Or Pipe Fittings (Of Iron Or Steel)

Imports in MENA

In 2022, after five years of decline, there was significant growth in purchases abroad of tube or pipe fittings (of iron or steel), when their volume increased by 5.6% to X tons. Overall, imports, however, saw a noticeable decrease. The pace of growth appeared the most rapid in 2015 when imports increased by 6.3% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, iron or steel tube fitting imports expanded modestly to $X in 2022. Over the period under review, imports, however, recorded a pronounced decrease. The pace of growth was the most pronounced in 2019 when imports increased by 4%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons), distantly followed by Saudi Arabia (X tons), Turkey (X tons), Qatar (X tons), Oman (X tons), Iraq (X tons) and Egypt (X tons) represented the largest importers of tube or pipe fittings (of iron or steel), together mixing up 77% of total imports. Kuwait (X tons), Israel (X tons), Algeria (X tons), Morocco (X tons), Bahrain (X tons) and Iran (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Morocco (with a CAGR of +6.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest iron or steel tube fitting importing markets in MENA were the United Arab Emirates ($X), Saudi Arabia ($X) and Turkey ($X), together accounting for 55% of total imports.

In terms of the main importing countries, Turkey, with a CAGR of +5.6%, recorded 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 MENA stood at $X per ton in 2022, declining by -3.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2021 an increase of 11% against the previous year. As a result, import price reached the peak level of $X per ton, and then shrank in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+15.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform