Middle East: Market for Flat-Rolled Products Of Silicon-Electrical Steel 2024

Market Size for Flat-Rolled Products Of Silicon-Electrical Steel in the Middle East

In 2022, the Middle Eastern silicon-electrical steel flat-rolled product market increased by X% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in the immediate term.

Production of Flat-Rolled Products Of Silicon-Electrical Steel in the Middle East

In value terms, silicon-electrical steel flat-rolled product production fell to $X in 2022 estimated in export price. Over the period under review, production recorded a noticeable slump. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

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Exports of Flat-Rolled Products Of Silicon-Electrical Steel

Exports in the Middle East

In 2022, overseas shipments of flat-rolled products of silicon-electrical steel increased by X% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports showed significant growth. The pace of growth was the most pronounced in 2017 when exports increased by X%. The volume of export peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, silicon-electrical steel flat-rolled product exports surged to $X in 2022. In general, exports enjoyed a significant expansion. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

In 2022, Turkey (X tons) was the major exporter of flat-rolled products of silicon-electrical steel, committing X% of total exports. It was distantly followed by the United Arab Emirates (X tons), committing a X% share of total exports. Saudi Arabia (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the flat-rolled products of silicon-electrical steel exports, with a CAGR of X% from 2012 to 2022. At the same time, Saudi Arabia (X%) and the United Arab Emirates (X%) displayed positive paces of growth. From 2012 to 2022, the share of Turkey increased by X percentage points.

In value terms, Turkey ($X) remains the largest silicon-electrical steel flat-rolled product supplier in the Middle East, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the export price, however, recorded a perceptible downturn. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. Over the period under review, the export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

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

Imports of Flat-Rolled Products Of Silicon-Electrical Steel

Imports in the Middle East

In 2022, purchases abroad of flat-rolled products of silicon-electrical steel increased by X% to X tons, rising for the third consecutive year after two years of decline. 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 in certain years. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. The volume of import peaked in 2022 and is likely to continue growth in the near future.

In value terms, silicon-electrical steel flat-rolled product imports skyrocketed to $X in 2022. Overall, imports showed strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey was the main importer of flat-rolled products of silicon-electrical steel in the Middle East, with the volume of imports reaching X tons, which was approx. X% of total imports in 2022. It was distantly followed by the United Arab Emirates (X tons), constituting a X% share of total imports. The following importers - Kuwait (X tons), Iran (X tons) and Lebanon (X tons) - each resulted at a X% share of total imports.

Turkey was also the fastest-growing in terms of the flat-rolled products of silicon-electrical steel imports, with a CAGR of X% from 2012 to 2022. At the same time, Kuwait (X%), the United Arab Emirates (X%) and Lebanon (X%) displayed positive paces of growth. By contrast, Iran (X%) illustrated a downward trend over the same period. While the share of Turkey (X p.p.) and the United Arab Emirates (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Iran (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported flat-rolled products of silicon-electrical steel in the Middle East, comprising X% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total imports. It was followed by Kuwait, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Turkey stood at X%. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Kuwait (X% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, surging by X% against the previous year. Import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, silicon-electrical steel flat-rolled product import price increased by X% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Kuwait ($X per ton), while Iran ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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