Oman: Market for Iron or Steel Leaf-Springs and Leaves 2024

Market Size for Iron or Steel Leaf-Springs and Leaves in Oman

In 2022, after two years of growth, there was decline in the Omani iron or steel leaf-spring market, when its value decreased by -1.5% to $X. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Production of Iron or Steel Leaf-Springs and Leaves in Oman

In value terms, iron or steel leaf-spring production expanded markedly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a pronounced contraction. The growth pace was the most rapid in 2020 when the production volume increased by 56%. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports from Oman

In 2022, shipments abroad of iron or steel leaf-springs and leaves increased by 175% to X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports enjoyed a notable expansion. The growth pace was the most rapid in 2017 with an increase of 301%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, iron or steel leaf-spring exports skyrocketed to $X in 2022. In general, exports, however, showed a noticeable shrinkage. The pace of growth was the most pronounced in 2013 when exports increased by 326% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Yemen (X kg) was the main destination for iron or steel leaf-spring exports from Oman, accounting for a 64% share of total exports. Moreover, iron or steel leaf-spring exports to Yemen exceeded the volume sent to the second major destination, Qatar (X kg), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Yemen amounted to +55.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (-9.4% per year) and Somalia (+5.6% per year).

In value terms, Qatar ($X), Yemen ($X) and Somalia ($X) appeared to be the largest markets for iron or steel leaf-spring exported from Oman worldwide, with a combined 97% share of total exports.

Among the main countries of destination, Yemen, with a CAGR of +30.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average iron or steel leaf-spring export price stood at $X per ton in 2022, shrinking by -8.1% against the previous year. Overall, the export price recorded a abrupt setback. The most prominent rate of growth was recorded in 2019 an increase of 100%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to Yemen ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+0.1%), while the prices for the other major destinations experienced a decline.

Imports of Iron or Steel Leaf-Springs and Leaves

Imports into Oman

In 2022, purchases abroad of iron or steel leaf-springs and leaves decreased by -9% to X tons for the first time since 2016, thus ending a five-year rising trend. Over the period under review, imports, however, continue to indicate buoyant growth. The growth pace was the most rapid in 2018 with an increase of 443% against the previous year. Imports peaked at X tons in 2021, and then declined in the following year.

In value terms, iron or steel leaf-spring imports declined to $X in 2022. Overall, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2014 when imports increased by 195%. Over the period under review, imports attained the maximum at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest iron or steel leaf-spring supplier to Oman, accounting for a 81% share of total imports. Moreover, iron or steel leaf-spring imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, China (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates amounted to +22.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+35.0% per year) and Sri Lanka (-61.9% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of iron or steel leaf-springs and leaves to Oman, comprising 72% of total imports. The second position in the ranking was taken by China ($X), with a 4.2% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United Arab Emirates amounted to +17.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+15.1% per year) and Sri Lanka (-47.6% per year).

Import Prices by Country

The average iron or steel leaf-spring import price stood at $X per ton in 2022, leveling off at the previous year. In general, the import price, however, continues to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when the average import price increased by 56%. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+37.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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