Middle East: Metal Chain Market 2024

Metal Chain Market Size in the Middle East

In 2022, the Middle Eastern metal chain market was finally on the rise to reach $X after three years of decline. In general, consumption saw a resilient increase. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Metal Chain Production in the Middle East

In value terms, metal chain production shrank to $X in 2022 estimated in export price. Over the period under review, production continues to indicate resilient growth. The growth pace was the most rapid in 2017 with an increase of 148%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Metal Chain Exports

Exports in the Middle East

In 2022, shipments abroad of iron or steel chain decreased by -0.3% to X tons for the first time since 2019, thus ending a two-year rising trend. The total export volume increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 25%. As a result, the exports attained the peak of X tons, leveling off in the following year.

In value terms, metal chain exports surged to $X in 2022. Total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +54.3% against 2019 indices. The pace of growth was the most pronounced in 2017 when exports increased by 41% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Exports by Country

Turkey dominates exports structure, amounting to X tons, which was near 97% of total exports in 2022. The United Arab Emirates (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the iron or steel chain exports, with a CAGR of +4.2% from 2012 to 2022. The United Arab Emirates (-4.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey increased by +5.2 percentage points.

In value terms, Turkey ($X) remains the largest metal chain supplier in the Middle East, comprising 95% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 2.5% share of total exports.

In Turkey, metal chain exports increased at an average annual rate of +6.3% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, growing by 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Turkey totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2.8%).

Metal Chain Imports

Imports in the Middle East

In 2022, metal chain imports in the Middle East expanded significantly to X tons, with an increase of 6.3% against 2021 figures. Over the period under review, imports, however, continue to indicate a perceptible shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of 20% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, metal chain imports contracted to $X in 2022. In general, imports, however, continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2021 with an increase of 23% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Turkey represented the largest importer of iron or steel chain in the Middle East, with the volume of imports amounting to X tons, which was near 59% of total imports in 2022. It was distantly followed by the United Arab Emirates (X tons), Israel (X tons), Iran (X tons) and Iraq (X tons), together constituting a 30% share of total imports. Oman (X tons) and Syrian Arab Republic (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to metal chain imports into Turkey stood at +5.9%. At the same time, Syrian Arab Republic (+18.4%), Oman (+4.1%) and Israel (+2.1%) displayed positive paces of growth. Moreover, Syrian Arab Republic emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +18.4% from 2012-2022. By contrast, Iraq (-2.7%), the United Arab Emirates (-4.9%) and Iran (-10.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey, Israel, Syrian Arab Republic and Oman increased by +36, +3.1, +1.8 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported iron or steel chain in the Middle East, comprising 44% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 16% share of total imports. It was followed by Israel, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey amounted to -2.3%. In the other countries, the average annual rates were as follows: the United Arab Emirates (-0.5% per year) and Israel (-0.0% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, reducing by -15.9% against the previous year. In general, the import price recorded a perceptible slump. The pace of growth appeared the most rapid in 2020 when the import price increased by 13%. Over the period under review, import prices hit record highs at $X per ton in 2017; however, from 2018 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 Israel ($X per ton), while Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iran (+6.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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