Middle East: Steel Spring Market 2024

Steel Spring Market Size in the Middle East

The Middle Eastern steel spring market soared to $X in 2021, rising by 20% against the previous year. Over the period under review, consumption showed buoyant growth. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Steel Spring Production in the Middle East

In value terms, steel spring production soared to $X in 2021 estimated in export price. Overall, production saw a resilient increase. The most prominent rate of growth was recorded in 2015 with an increase of 81%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Steel Spring Exports

Exports in the Middle East

In 2021, after four years of decline, there was significant growth in shipments abroad of steel springs and leaves for springs, when their volume increased by 16% to X tons. In general, exports, however, continue to indicate a relatively flat trend pattern. The volume of export peaked at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, steel spring exports surged to $X in 2021. The total export value increased at an average annual rate of +2.4% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Turkey (X tons) represented the largest exporter of steel springs and leaves for springs, making up 88% of total exports. It was distantly followed by the United Arab Emirates (X tons), making up a 10% share of total exports.

Turkey experienced a relatively flat trend pattern with regard to volume of exports of steel springs and leaves for springs. The United Arab Emirates (-3.9%) illustrated a downward trend over the same period. Turkey (+5.1 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -4.2% from 2012 to 2021, respectively.

In value terms, Turkey ($X) remains the largest steel spring supplier in the Middle East, comprising 87% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 8.4% share of total exports.

In Turkey, steel spring exports increased at an average annual rate of +3.6% over the period from 2012-2021.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, with an increase of 12% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2017 when the export price increased by 17% against the previous year. The level of export peaked in 2021 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+3.1%).

Steel Spring Imports

Imports in the Middle East

In 2021, supplies from abroad of steel springs and leaves for springs increased by 13% to X tons, rising for the third year in a row after three years of decline. Over the period under review, imports, however, recorded a relatively flat trend pattern. The volume of import peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, steel spring imports surged to $X in 2021. The total import value increased at an average annual rate of +2.5% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the three major importers of steel springs and leaves for springs, namely Turkey, the United Arab Emirates and Saudi Arabia, represented more than two-thirds of total import. Iraq (X tons) ranks next in terms of the total imports with an 8.3% share, followed by Yemen (7.9%). Israel (X tons) and Oman (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Oman (with a CAGR of +8.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported steel springs and leaves for springs in the Middle East, comprising 46% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 17% share of total imports. It was followed by Saudi Arabia, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey stood at +3.7%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+7.5% per year) and Saudi Arabia (-3.4% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, with an increase of 7.3% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.6%. The growth pace was the most rapid in 2018 an increase of 19%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Israel ($X per ton), while Yemen ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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