MENA: Pig Iron Articles Market 2023

Pig Iron Articles Market Size in MENA

The MENA's pig iron articles market expanded sharply to $X in 2021, picking up by 7.1% against the previous year. The total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +71.5% against 2018 indices. Over the period under review, the market hit record highs in 2021 and is likely to see gradual growth in the immediate term.

Pig Iron Articles Production in MENA

In value terms, pig iron articles production reached $X in 2021 estimated in export price. Over the period under review, production recorded strong growth. The pace of growth was the most pronounced in 2014 with an increase of 150%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Pig Iron Articles Exports

Exports in MENA

In 2021, after three years of decline, there was significant growth in shipments abroad of granules and powders of pig iron, when their volume increased by 105% to X tons. Overall, exports recorded a resilient expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 128% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, pig iron articles exports skyrocketed to $X in 2021. In general, exports showed strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey represented the largest exporter of granules and powders of pig iron in MENA, with the volume of exports finishing at X tons, which was near 63% of total exports in 2021. It was distantly followed by Egypt (X tons) and the United Arab Emirates (X tons), together making up a 28% share of total exports. Israel (X tons), Bahrain (X tons) and Saudi Arabia (X tons) took a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to pig iron articles exports from Turkey stood at +8.8%. At the same time, Israel (+62.6%), Saudi Arabia (+23.2%) and Egypt (+13.9%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing exporter exported in MENA, with a CAGR of +62.6% from 2012-2021. By contrast, Bahrain (-3.7%) and the United Arab Emirates (-5.5%) illustrated a downward trend over the same period. While the share of Turkey (+12 p.p.), Egypt (+7.5 p.p.) and Israel (+3.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Bahrain (-2.8 p.p.) and the United Arab Emirates (-21.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X), Egypt ($X) and Israel ($X) were the countries with the highest levels of exports in 2021, together accounting for 90% of total exports.

Israel, with a CAGR of +57.9%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, picking up by 6.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2016 when the export price increased by 42% against the previous year. The level of export peaked in 2021 and is likely to continue growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+3.5%), while the other leaders experienced mixed trends in the export price figures.

Pig Iron Articles Imports

Imports in MENA

In 2021, approx. X tons of granules and powders of pig iron were imported in MENA; picking up by 33% compared with the previous year's figure. In general, imports, however, continue to indicate a deep contraction. The growth pace was the most rapid in 2017 with an increase of 55%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, pig iron articles imports surged to $X in 2021. Over the period under review, imports, however, showed a perceptible descent. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Oman (X tons) and Saudi Arabia (X tons) represented the key importers of granules and powders of pig iron in 2021, accounting for near 39% and 31% of total imports, respectively. Turkey (X tons) held a 19% share (based on physical terms) of total imports, which put it in second place, followed by the United Arab Emirates (5.5%). Israel (X tons) took a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +7.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest pig iron articles importing markets in MENA were Turkey ($X), Oman ($X) and Saudi Arabia ($X), with a combined 80% share of total imports.

Among the main importing countries, Turkey, with a CAGR of +7.8%, recorded the highest rates of growth with regard to 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 import price in MENA stood at $X per ton in 2021, with an increase of 9.7% against the previous year. Import price indicated a perceptible increase from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, pig iron articles import price increased by +32.0% against 2019 indices. The growth pace was the most rapid in 2014 an increase of 66% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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