Middle East: Metal Wool Market 2023

Metal Wool Market Size in the Middle East

The Middle Eastern metal wool market dropped to $X in 2021, shrinking by -6.3% against the previous year. The market value increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X, and then reduced in the following year.

Metal Wool Production in the Middle East

In value terms, metal wool production reached $X in 2021 estimated in export price. In general, production, however, recorded a mild decline. The pace of growth appeared the most rapid in 2018 with an increase of 37% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Metal Wool Exports

Exports in the Middle East

After four years of decline, shipments abroad of iron or steel wool increased by 5.2% to X tons in 2021. In general, exports, however, showed a abrupt downturn. The growth pace was the most rapid in 2016 with an increase of 9.3% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, metal wool exports reached $X in 2021. Over the period under review, exports, however, saw a deep contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 12% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, the United Arab Emirates (X tons) represented the major exporter of iron or steel wool, committing 53% of total exports. Turkey (X tons) took an 18% share (based on physical terms) of total exports, which put it in second place, followed by Syrian Arab Republic (9.9%). Iran (X tons), Oman (X tons), Palestine (X tons) and Saudi Arabia (X tons) held a minor share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -10.7% from 2012 to 2021. At the same time, Oman (+32.6%) and Iran (+22.6%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +32.6% from 2012-2021. By contrast, Saudi Arabia (-6.0%), Syrian Arab Republic (-7.0%), Palestine (-9.4%) and Turkey (-11.8%) illustrated a downward trend over the same period. Iran (+3.9 p.p.), Oman (+3.7 p.p.) and Syrian Arab Republic (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while Turkey and the United Arab Emirates saw its share reduced by -4.8% and -7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest metal wool supplier in the Middle East, comprising 55% of total exports. The second position in the ranking was taken by Turkey ($X), with a 22% share of total exports. It was followed by Palestine, with a 5% share.

In the United Arab Emirates, metal wool exports declined by an average annual rate of -2.8% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (-13.4% per year) and Palestine (-8.2% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, with a decrease of -3.8% against the previous year. Export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +2.9% 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 wool export price decreased by -15.2% against 2019 indices. The growth pace was the most rapid in 2019 when the export price increased by 36% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Palestine ($X per ton), while Syrian Arab Republic ($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 (+8.9%), while the other leaders experienced more modest paces of growth.

Metal Wool Imports

Imports in the Middle East

Metal wool imports declined to X tons in 2021, which is down by -11.3% compared with the previous year. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 35%. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, metal wool imports reduced to $X in 2021. Total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +33.6% against 2019 indices. The pace of growth was the most pronounced in 2020 when imports increased by 45% against the previous year. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

Saudi Arabia was the main importing country with an import of around X tons, which amounted to 55% of total imports. It was distantly followed by the United Arab Emirates (X tons), Turkey (X tons) and Iraq (X tons), together committing a 28% share of total imports. The following importers - Lebanon (X tons), Oman (X tons) and Israel (X tons) - together made up 9.1% of total imports.

Saudi Arabia was also the fastest-growing in terms of the iron or steel wool imports, with a CAGR of +18.3% from 2012 to 2021. At the same time, Oman (+4.2%), Israel (+2.6%) and Iraq (+1.7%) displayed positive paces of growth. By contrast, Lebanon (-1.8%), Turkey (-4.0%) and the United Arab Emirates (-4.9%) illustrated a downward trend over the same period. Saudi Arabia (+39 p.p.) significantly strengthened its position in terms of the total imports, while Lebanon, Turkey and the United Arab Emirates saw its share reduced by -1.9%, -6.9% and -13.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported iron or steel wool in the Middle East, comprising 52% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 16% share of total imports. It was followed by Iraq, with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Saudi Arabia totaled +19.5%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+0.6% per year) and Iraq (+9.7% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, increasing by 4% against the previous year. Over the last nine years, it increased at an average annual rate of +3.2%. The growth pace was the most rapid in 2014 when the import price increased by 19% against the previous year. The level of import peaked in 2021 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Iraq ($X per ton), while Lebanon ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iraq (+7.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :