Middle East: Stainless Steel Sink Market 2024

Stainless Steel Sink Market Size in the Middle East

In 2021, after four years of growth, there was significant decline in the Middle Eastern stainless steel sink market, when its value decreased by -6.2% to $X. The market value increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The level of consumption peaked at $X in 2020, and then shrank in the following year.

Stainless Steel Sink Production in the Middle East

In value terms, stainless steel sink production reduced to $X in 2021 estimated in export price. Overall, production recorded a mild decline. The pace of growth appeared the most rapid in 2013 when the production volume increased by 142%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Stainless Steel Sink Exports

Exports in the Middle East

Stainless steel sink exports surged to X units in 2021, picking up by 26% compared with the year before. Overall, exports, however, saw a slight reduction. The volume of export peaked at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, stainless steel sink exports surged to $X in 2021. In general, exports saw a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey prevails in exports structure, reaching X units, which was approx. 94% of total exports in 2021. The following exporters - the United Arab Emirates (X units) and Saudi Arabia (X units) - together made up 5.2% of total exports.

From 2012 to 2021, average annual rates of growth with regard to stainless steel sink exports from Turkey stood at -1.6%. At the same time, the United Arab Emirates (+11.5%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +11.5% from 2012-2021. By contrast, Saudi Arabia (-6.3%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+2.4 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest stainless steel sink supplier in the Middle East, comprising 97% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 1.9% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Turkey was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+0.3% per year) and Saudi Arabia (-2.6% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per unit, growing by 11% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Turkey ($X per unit), while Saudi Arabia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.9%), while the other leaders experienced mixed trends in the export price figures.

Stainless Steel Sink Imports

Imports in the Middle East

In 2021, purchases abroad of stainless steel sinks and wash basins was finally on the rise to reach X units after three years of decline. Over the period under review, imports, however, saw a noticeable decrease. The growth pace was the most rapid in 2014 when imports increased by 30%. As a result, imports reached the peak of X units. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, stainless steel sink imports surged to $X in 2021. Overall, imports, however, saw a mild slump. The pace of growth appeared the most rapid in 2014 when imports increased by 34%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

The United Arab Emirates represented the key importing country with an import of about X units, which accounted for 35% of total imports. It was distantly followed by Iraq (X units), Kuwait (X units), Israel (X units), Yemen (X units) and Oman (X units), together achieving a 46% share of total imports. The following importers - Qatar (X units) and Turkey (X units) - each amounted to an 8.1% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Qatar (with a CAGR of +26.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Iraq ($X) and Israel ($X) were the countries with the highest levels of imports in 2021, together comprising 56% of total imports. Kuwait, Turkey, Qatar, Yemen and Oman lagged somewhat behind, together accounting for a further 23%.

Kuwait, with a CAGR of +9.6%, saw the highest growth rate of the value of imports, among 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 unit in 2021, growing by 7.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2020 an increase of 10%. Over the period under review, import prices reached the maximum in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Turkey ($X per unit), while Oman ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iraq (+5.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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