Oman: Steel Spring Market 2025

Steel Spring Market Size in Oman

In 2021, the Omani steel spring market increased by 3.2% to $X, rising for the fourth consecutive year after two years of decline. Overall, consumption showed a perceptible increase. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in the near future.

Steel Spring Exports

Exports from Oman

In 2021, shipments abroad of steel springs and leaves for springs increased by 91% to X tons, rising for the second year in a row after two years of decline. Overall, exports continue to indicate significant growth. The growth pace was the most rapid in 2015 with an increase of 215%. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, steel spring exports surged to $X in 2021. In general, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2016 when exports increased by 119% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Yemen (X tons) was the main destination for steel spring exports from Oman, with a 63% share of total exports. Moreover, steel spring exports to Yemen exceeded the volume sent to the second major destination, Qatar (X tons), threefold. The third position in this ranking was taken by Somalia (X tons), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Yemen stood at +182.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+42.5% per year) and Somalia (+41.5% per year).

In value terms, Qatar ($X), Yemen ($X) and the United Arab Emirates ($X) were the largest markets for steel spring exported from Oman worldwide, together accounting for 84% of total exports.

In terms of the main countries of destination, Yemen, with a CAGR of +117.7%, recorded 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 2021, the average steel spring export price amounted to $X per ton, shrinking by -33.8% against the previous year. In general, the export price faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 when the average export price increased by 55%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Yemen ($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 the United Arab Emirates (+3.2%), while the prices for the other major destinations experienced a decline.

Steel Spring Imports

Imports into Oman

For the fifth year in a row, Oman recorded growth in purchases abroad of steel springs and leaves for springs, which increased by 11% to X tons in 2021. Over the period under review, imports showed resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 180%. Imports peaked in 2021 and are likely to see steady growth in years to come.

In value terms, steel spring imports stood at $X in 2021. Overall, imports enjoyed a pronounced increase. The growth pace was the most rapid in 2018 with an increase of 62%. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest supplier of steel spring to Oman, accounting for a 85% share of total imports. Moreover, steel spring imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, China (X tons), more than tenfold. The third position in this ranking was held by Vietnam (X tons), with a 2.1% share.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates amounted to +18.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+24.4% per year) and Vietnam (+67.2% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of steel springs and leaves for springs to Oman, comprising 58% of total imports. The second position in the ranking was held by Vietnam ($X), with a 2.7% share of total imports. It was followed by China, with a 2.4% share.

From 2012 to 2021, the average annual growth rate of value from the United Arab Emirates stood at +11.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+46.1% per year) and China (+5.7% per year).

Import Prices by Country

The average steel spring import price stood at $X per ton in 2021, with a decrease of -7.3% against the previous year. Overall, the import price saw a perceptible setback. The growth pace was the most rapid in 2016 when the average import price increased by 31%. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+26.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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