MENA: Market for Hot-Rolled Bars In Bearing Steels 2023

Market Size for Hot-Rolled Bars In Bearing Steels in MENA

The MENA's hot-rolled bearing steel bar market surged to $X in 2021, increasing by 22% against the previous year. In general, consumption enjoyed mild growth. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Hot-Rolled Bars In Bearing Steels in MENA

In value terms, hot-rolled bearing steel bar production declined to $X in 2021 estimated in export price. Overall, production saw a mild decrease. The pace of growth appeared the most rapid in 2017 with an increase of 20%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Hot-Rolled Bars In Bearing Steels

Exports in MENA

In 2021, approx. X tons of hot-rolled bars in bearing steels were exported in MENA; jumping by 30% on the year before. Total exports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +10.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 55% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, hot-rolled bearing steel bar exports surged to $X in 2021. Over the period under review, exports enjoyed prominent growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey prevails in exports structure, finishing at X tons, which was near 77% of total exports in 2021. Egypt (X tons) held the second position in the ranking, followed by the United Arab Emirates (X tons). All these countries together held approx. 18% share of total exports. Jordan (X tons) and Iran (X tons) held a little share of total exports.

Exports from Turkey increased at an average annual rate of +12.1% from 2012 to 2021. At the same time, the United Arab Emirates (+51.4%), Jordan (+14.2%) and Egypt (+3.8%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in MENA, with a CAGR of +51.4% from 2012-2021. By contrast, Iran (-10.0%) illustrated a downward trend over the same period. While the share of Turkey (+10 p.p.) and the United Arab Emirates (+7.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Egypt (-7 p.p.) and Iran (-11.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest hot-rolled bearing steel bar supplier in MENA, comprising 73% of total exports. The second position in the ranking was held by Egypt ($X), with a 14% share of total exports. It was followed by the United Arab Emirates, with a 7.1% share.

From 2012 to 2021, the average annual growth rate of value in Turkey totaled +9.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Egypt (+1.8% per year) and the United Arab Emirates (+35.7% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2021, surging by 38% against the previous year. In general, the export price, however, recorded a pronounced decline. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Egypt ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Jordan (+2.2%), while the other leaders experienced a decline in the export price figures.

Imports of Hot-Rolled Bars In Bearing Steels

Imports in MENA

In 2021, purchases abroad of hot-rolled bars in bearing steels increased by 24% to X tons, rising for the second consecutive year after three years of decline. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when imports increased by 181% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, hot-rolled bearing steel bar imports skyrocketed to $X in 2021. Total imports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +59.1% against 2017 indices. The level of import peaked at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

Israel represented the key importer of hot-rolled bars in bearing steels in MENA, with the volume of imports finishing at X tons, which was approx. 52% of total imports in 2021. Turkey (X tons) held a 21% share (based on physical terms) of total imports, which put it in second place, followed by Palestine (16%). The United Arab Emirates (X tons) and Tunisia (X tons) followed a long way behind the leaders.

Israel was also the fastest-growing in terms of the hot-rolled bars in bearing steels imports, with a CAGR of +63.9% from 2012 to 2021. At the same time, Palestine (+50.7%), Turkey (+10.5%) and Tunisia (+4.1%) displayed positive paces of growth. By contrast, the United Arab Emirates (-7.6%) illustrated a downward trend over the same period. Israel (+51 p.p.), Palestine (+15 p.p.) and Turkey (+13 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by -4.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Israel ($X) constitutes the largest market for imported hot-rolled bars in bearing steels in MENA, comprising 57% of total imports. The second position in the ranking was held by Turkey ($X), with an 18% share of total imports. It was followed by Palestine, with a 15% share.

In Israel, hot-rolled bearing steel bar imports increased at an average annual rate of +54.3% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Turkey (+9.1% per year) and Palestine (+47.2% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, surging by 22% against the previous year. In general, the import price posted moderate growth. The most prominent rate of growth was recorded in 2014 an increase of 77% against the previous year. The level of import peaked in 2021 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Israel ($X per ton) and Palestine ($X per ton), while Turkey ($X per ton) and Tunisia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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