Middle East: Market for Iron or Steel Wire Products 2024

Market Size for Iron or Steel Wire Products in the Middle East

In 2022, the Middle Eastern market for iron or steel wire products was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Iron or Steel Wire Products in the Middle East

In value terms, iron or steel wire product production dropped to $X in 2022 estimated in export price. Over the period under review, production recorded a prominent expansion. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Exports of Iron or Steel Wire Products

Exports in the Middle East

After six years of growth, shipments abroad of iron or steel wire products decreased by X% to X tons in 2022. In general, exports, however, posted a resilient increase. The most prominent rate of growth was recorded in 2018 when exports increased by X%. The volume of export peaked at X tons in 2021, and then dropped in the following year.

In value terms, iron or steel wire product exports amounted to $X in 2022. Over the period under review, exports, however, enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Turkey represented the largest exporter of iron or steel wire products in the Middle East, with the volume of exports reaching X tons, which was near X% of total exports in 2022. The United Arab Emirates (X tons) ranks second in terms of the total exports with a X% share, followed by Israel (X%). The following exporters - Saudi Arabia (X tons) and Oman (X tons) - each accounted for a X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to iron or steel wire product exports from Turkey stood at X%. At the same time, Oman (X%), Saudi Arabia (X%), the United Arab Emirates (X%) and Israel (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of X% from 2012-2022. Turkey (X p.p.) significantly strengthened its position in terms of the total exports, while Israel and the United Arab Emirates saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest iron or steel wire product supplier in the Middle East, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports. It was followed by Israel, with an X% share.

In Turkey, iron or steel wire product exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Israel (X% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, increasing by X% against the previous year. In general, the export price, however, saw a slight slump. The pace of growth was the most pronounced in 2015 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Israel ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced mixed trends in the export price figures.

Imports of Iron or Steel Wire Products

Imports in the Middle East

In 2022, iron or steel wire product imports in the Middle East surged to X tons, rising by X% on the previous year's figure. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 with an increase of X%. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, iron or steel wire product imports totaled $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when imports increased by X%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) prevails in imports structure, together creating X% of total imports. Turkey (X tons) ranks next in terms of the total imports with a X% share, followed by Iraq (X%). Qatar (X tons), Israel (X tons) and Kuwait (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest iron or steel wire product importing markets in the Middle East were Saudi Arabia ($X), the United Arab Emirates ($X) and Turkey ($X), together comprising X% of total imports. Iraq, Israel, Qatar and Kuwait lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Kuwait, with a CAGR of X%, 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 the Middle East stood at $X per ton in 2022, waning by X% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Israel ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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