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

Market Size for Iron or Steel Hot-Worked Helical Springs in the Middle East

The Middle Eastern metal hot-worked helical spring market skyrocketed to $X in 2021, jumping by 18% against the previous year. In general, consumption posted a buoyant increase. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Production of Iron or Steel Hot-Worked Helical Springs in the Middle East

In value terms, metal hot-worked helical spring production surged to $X in 2021 estimated in export price. Over the period under review, production enjoyed a resilient increase. The pace of growth appeared the most rapid in 2018 when the production volume increased by 80%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Iron or Steel Hot-Worked Helical Springs

Exports in the Middle East

In 2021, overseas shipments of iron or steel hot-worked helical springs increased by 48% to X tons for the first time since 2016, thus ending a four-year declining trend. In general, exports, however, showed a abrupt descent. Over the period under review, the exports reached the maximum at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, metal hot-worked helical spring exports surged to $X in 2021. Overall, exports, however, continue to indicate a noticeable curtailment. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Turkey prevails in exports structure, resulting at X tons, which was approx. 97% of total exports in 2021. The United Arab Emirates (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to metal hot-worked helical spring exports from Turkey stood at -7.8%. The United Arab Emirates experienced a relatively flat trend pattern. While the share of Turkey (-1.8 p.p.) decreased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest metal hot-worked helical spring supplier in the Middle East, comprising 93% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 3.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Turkey amounted to -4.8%.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, increasing by 16% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.5%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: 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 2021, the most notable rate of growth in terms of prices was attained by Turkey (+3.2%).

Imports of Iron or Steel Hot-Worked Helical Springs

Imports in the Middle East

Metal hot-worked helical spring imports surged to X tons in 2021, jumping by 20% on 2020 figures. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 21% against the previous year. The volume of import peaked at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, metal hot-worked helical spring imports soared to $X in 2021. The total import value increased at an average annual rate of +5.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Turkey (X tons) represented the key importer of iron or steel hot-worked helical springs, committing 53% of total imports. Saudi Arabia (X tons) ranks second in terms of the total imports with an 18% share, followed by the United Arab Emirates (11%). Iraq (X tons), Israel (X tons), Lebanon (X tons) and Jordan (X tons) followed a long way behind the leaders.

Imports into Turkey increased at an average annual rate of +3.5% from 2012 to 2021. At the same time, Lebanon (+8.4%), Saudi Arabia (+5.1%), Jordan (+4.8%), Israel (+3.4%) and the United Arab Emirates (+1.8%) displayed positive paces of growth. Moreover, Lebanon emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +8.4% from 2012-2021. Iraq experienced a relatively flat trend pattern. While the share of Saudi Arabia (+3.1 p.p.) and Turkey (+2.7 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported iron or steel hot-worked helical springs in the Middle East, comprising 60% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 13% share of total imports. It was followed by the United Arab Emirates, with a 10% share.

In Turkey, metal hot-worked helical spring imports increased at an average annual rate of +6.0% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (+6.8% per year) and the United Arab Emirates (+6.4% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, surging by 4.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.5%. The pace of growth was the most pronounced in 2018 when the import price increased by 13%. Over the period under review, import prices reached the maximum in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Jordan (+7.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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