Middle East: Market for Tube Or Pipe Fittings (Of Iron Or Steel) 2024

Market Size for Tube Or Pipe Fittings (Of Iron Or Steel) in the Middle East

In 2022, the Middle Eastern market for tube or pipe fittings (of iron or steel) decreased by -14.1% to $X for the first time since 2017, thus ending a four-year rising trend. The total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +69.1% against 2017 indices. Over the period under review, the market reached the peak level at $X in 2021, and then dropped in the following year.

Production of Tube Or Pipe Fittings (Of Iron Or Steel) in the Middle East

In value terms, iron or steel tube fitting production contracted markedly to $X in 2022 estimated in export price. Overall, production, however, posted a strong increase. The growth pace was the most rapid in 2018 with an increase of 95%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Tube Or Pipe Fittings (Of Iron Or Steel)

Exports in the Middle East

In 2022, overseas shipments of tube or pipe fittings (of iron or steel) increased by 3.9% to X tons, rising for the second year in a row after two years of decline. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when exports increased by 32% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, iron or steel tube fitting exports rose rapidly to $X in 2022. The total export value increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 17% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Turkey represented the largest exporting country with an export of about X tons, which reached 50% of total exports. The United Arab Emirates (X tons) ranks second in terms of the total exports with a 24% share, followed by Israel (13%) and Saudi Arabia (8.1%). Oman (X tons) held a minor share of total exports.

Exports from Turkey increased at an average annual rate of +4.4% from 2012 to 2022. At the same time, Israel (+5.3%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +5.3% from 2012-2022. Oman experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-4.0%) and Saudi Arabia (-9.8%) illustrated a downward trend over the same period. While the share of Turkey (+19 p.p.) and Israel (+5.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (-10.1 p.p.) and Saudi Arabia (-13.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Israel ($X), Turkey ($X) and the United Arab Emirates ($X) were the countries with the highest levels of exports in 2022, together comprising 93% of total exports.

Among the main exporting countries, Israel, with a CAGR of +12.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, picking up by 9% against the previous year. Export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron or steel tube fitting export price increased by +75.8% against 2018 indices. The pace of growth appeared the most rapid in 2019 when the export price increased by 30% against the previous year. Over the period under review, the export prices reached the peak figure in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+7.4%), while the other leaders experienced more modest paces of growth.

Imports of Tube Or Pipe Fittings (Of Iron Or Steel)

Imports in the Middle East

In 2022, supplies from abroad of tube or pipe fittings (of iron or steel) was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports, however, continue to indicate a pronounced descent. The pace of growth was the most pronounced in 2015 with an increase of 3.8%. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, iron or steel tube fitting imports shrank slightly to $X in 2022. In general, imports, however, continue to indicate a noticeable contraction. The pace of growth was the most pronounced in 2019 when imports increased by 5.2% against the previous year. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons), distantly followed by Saudi Arabia (X tons), Turkey (X tons), Qatar (X tons), Oman (X tons) and Iraq (X tons) were the largest importers of tube or pipe fittings (of iron or steel), together creating 83% of total imports. Kuwait (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +5.8%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Turkey ($X) were the countries with the highest levels of imports in 2022, with a combined 64% share of total imports.

Among the main importing countries, Turkey, with a CAGR of +5.6%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, waning by -3.7% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 12%. As a result, import price reached the peak level of $X per ton, and then reduced slightly in the following year.

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 Saudi Arabia ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+1.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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