Middle East: Steel Plaited Band Market 2024

Steel Plaited Band Market Size in the Middle East

The Middle Eastern steel plaited band market contracted to $X in 2022, shrinking by -12.8% against the previous year. Overall, consumption saw a mild slump. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Steel Plaited Band Production in the Middle East

In value terms, steel plaited band production rose notably to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 30%. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Steel Plaited Band Exports

Exports in the Middle East

In 2022, steel plaited band exports in the Middle East soared to X tons, picking up by 51% on 2021. Over the period under review, exports saw a remarkable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, steel plaited band exports rose remarkably to $X in 2022. The total export value increased at an average annual rate of +5.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when exports increased by 23% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

Exports by Country

In 2022, Saudi Arabia (X tons) represented the main exporter of iron or steel plaited bands and slings, generating 37% of total exports. Turkey (X tons) ranks second in terms of the total exports with a 21% share, followed by Oman (20%) and the United Arab Emirates (18%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Oman (with a CAGR of +28.4%), while the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), the United Arab Emirates ($X) and Saudi Arabia ($X) were the countries with the highest levels of exports in 2022, together accounting for 85% of total exports. These countries were followed by Oman, which accounted for a further 6.2%.

Oman, with a CAGR of +10.5%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries 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 the Middle East stood at $X per ton in 2022, shrinking by -25.5% against the previous year. In general, the export price continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2021 when the export price increased by 66% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: 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 (+4.5%), while the other leaders experienced a decline in the export price figures.

Steel Plaited Band Imports

Imports in the Middle East

In 2022, approx. X tons of iron or steel plaited bands and slings were imported in the Middle East; falling by -12.5% against 2021. Overall, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 22%. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, steel plaited band imports dropped to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 30%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Saudi Arabia was the main importer of iron or steel plaited bands and slings in the Middle East, with the volume of imports recording X tons, which was approx. 39% of total imports in 2022. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 20% share, followed by Turkey (9.3%), Kuwait (7.5%) and Bahrain (7.4%). Oman (X tons) and Iraq (X tons) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +20.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest steel plaited band importing markets in the Middle East were Saudi Arabia ($X), the United Arab Emirates ($X) and Turkey ($X), with a combined 69% share of total imports. Kuwait, Bahrain, Iraq and Oman lagged somewhat behind, together accounting for a further 19%.

Kuwait, with a CAGR of +15.3%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries 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 the Middle East stood at $X per ton in 2022, with an increase of 5.2% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 12% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Iraq ($X per ton), while Bahrain ($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 (+3.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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