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

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

In 2021, the Saudi metal hot-worked helical spring market increased by 5.8% to $X, rising for the third year in a row after three years of decline. Over the period under review, consumption, however, showed buoyant growth. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Exports of Iron or Steel Hot-Worked Helical Springs

Exports from Saudi Arabia

In 2021, shipments abroad of iron or steel hot-worked helical springs increased by 297% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports showed temperate growth. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, metal hot-worked helical spring exports surged to $X in 2021. In general, exports showed a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for metal hot-worked helical spring exports from Saudi Arabia, with a 55% share of total exports. Moreover, metal hot-worked helical spring exports to the United Arab Emirates exceeded the volume sent to the second major destination, Sudan (X tons), twofold. Jordan (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates stood at +32.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sudan (+6.6% per year) and Jordan (+4.5% per year).

In value terms, the largest markets for metal hot-worked helical spring exported from Saudi Arabia were the United Arab Emirates ($X), Sudan ($X) and Bahrain ($X), together accounting for 80% of total exports.

Among the main countries of destination, Bahrain, with a CAGR of +73.9%, 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 more modest paces of growth.

Export Prices by Country

The average metal hot-worked helical spring export price stood at $X per ton in 2021, approximately mirroring the previous year. In general, the export price, however, saw a noticeable descent. The most prominent rate of growth was recorded in 2014 when the average export price increased by 49% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Egypt ($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 States (+227.5%), 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 Saudi Arabia

In 2021, the amount of iron or steel hot-worked helical springs imported into Saudi Arabia expanded slightly to X tons, surging by 4.8% on the year before. In general, imports showed a remarkable increase. The growth pace was the most rapid in 2019 when imports increased by 162% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, metal hot-worked helical spring imports rose remarkably to $X in 2021. Over the period under review, imports saw a prominent increase. The pace of growth was the most pronounced in 2019 when imports increased by 69% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to continue growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of metal hot-worked helical spring to Saudi Arabia, with a 51% share of total imports. Moreover, metal hot-worked helical spring imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), fourfold. Australia (X tons) ranked third in terms of total imports with a 7.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +5.8%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+20.5% per year) and Australia (+13.8% per year).

In value terms, China ($X), the United States ($X) and India ($X) were the largest metal hot-worked helical spring suppliers to Saudi Arabia, with a combined 44% share of total imports.

Among the main suppliers, India, with a CAGR of +25.6%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average metal hot-worked helical spring import price stood at $X per ton in 2021, surging by 9.3% against the previous year. Overall, import price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine-year period. 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 +37.4% against 2019 indices. The pace of growth appeared the most rapid in 2017 an increase of 38%. Over the period under review, average import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat 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 Germany ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+15.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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