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

Market Size for Iron or Steel Hot-Worked Helical Springs in Oman

In 2021, the Omani metal hot-worked helical spring market decreased by -22.4% to $X, falling for the second consecutive year after three years of growth. Overall, consumption saw a pronounced reduction. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Exports of Iron or Steel Hot-Worked Helical Springs

Exports from Oman

In 2021, approx. X tons of iron or steel hot-worked helical springs were exported from Oman; rising by 17% on 2020. Overall, exports recorded significant growth. The pace of growth appeared the most rapid in 2016 when exports increased by 1,493% against the previous year. The exports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, metal hot-worked helical spring exports skyrocketed to $X in 2021. Over the period under review, exports recorded a significant increase. The growth pace was the most rapid in 2016 with an increase of 1,527% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

Exports by Country

The United Arab Emirates (X tons), Yemen (X tons) and Qatar (X kg) were the main destinations of metal hot-worked helical spring exports from Oman, together accounting for 78% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Yemen (with a CAGR of +2,648.3%), while the other leaders experienced more modest paces of growth.

In value terms, Yemen ($X) emerged as the key foreign market for iron or steel hot-worked helical springs exports from Oman, comprising 44% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 20% share of total exports. It was followed by Qatar, with a 19% share.

From 2012 to 2021, the average annual growth rate of value to Yemen amounted to +1,939.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+63.4% per year) and Qatar (+42.0% per year).

Export Prices by Country

The average metal hot-worked helical spring export price stood at $X per ton in 2021, surging by 15% against the previous year. In general, export price indicated a prominent increase from 2012 to 2021: its price increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, metal hot-worked helical spring export price increased by +122.2% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the average export price increased by 60% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Somalia (+81.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Hot-Worked Helical Springs

Imports into Oman

In 2021, purchases abroad of iron or steel hot-worked helical springs decreased by -31.2% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, imports saw a pronounced downturn. The most prominent rate of growth was recorded in 2019 with an increase of 74%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, metal hot-worked helical spring imports fell to $X in 2021. Overall, imports continue to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2019 when imports increased by 68% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X tons), Vietnam (X tons) and Free Zones (X tons) were the main suppliers of metal hot-worked helical spring imports to Oman, together accounting for 76% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +67.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constituted the largest supplier of iron or steel hot-worked helical springs to Oman, comprising 36% of total imports. The second position in the ranking was held by Qatar ($X), with an 11% share of total imports. It was followed by Vietnam, with a 9.1% share.

From 2012 to 2021, the average annual growth rate of value from the United Arab Emirates was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Qatar (+47.4% per year) and Vietnam (+46.0% per year).

Import Prices by Country

In 2021, the average metal hot-worked helical spring import price amounted to $X per ton, increasing by 26% against the previous year. Overall, import price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, metal hot-worked helical spring import price increased by +53.4% against 2019 indices. The most prominent rate of growth was recorded in 2015 an increase of 63% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Qatar ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Free Zones (+16.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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