Middle East: Steel Spring Market 2024

Steel Spring Market Size in the Middle East

The Middle Eastern steel spring market stood at $X in 2023, picking up by X% against the previous year. Over the period under review, consumption posted a buoyant increase. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2023, consumption remained at a lower figure.

Steel Spring Production in the Middle East

In value terms, steel spring production amounted to $X in 2023 estimated in export price. Overall, production recorded strong growth. The most prominent rate of growth was recorded in 2015 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2023, production remained at a lower figure.

Steel Spring Exports

Exports in the Middle East

In 2023, exports of steel springs and leaves for springs in the Middle East expanded markedly to X tons, picking up by X% compared with 2022. In general, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2023, the exports failed to regain momentum.

In value terms, steel spring exports rose markedly to $X in 2023. The total export value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum in 2023 and are expected to retain growth in years to come.

Exports by Country

Turkey prevails in exports structure, reaching X tons, which was near X% of total exports in 2023. It was distantly followed by the United Arab Emirates (X tons), creating a X% share of total exports.

Turkey was also the fastest-growing in terms of the steel springs and leaves for springs exports, with a CAGR of X% from 2012 to 2023. The United Arab Emirates (X%) illustrated a downward trend over the same period. While the share of Turkey (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of the United Arab Emirates (X p.p.) displayed negative dynamics.

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

From 2012 to 2023, the average annual rate of growth in terms of value in Turkey amounted to X%.

Export Prices by Country

In 2023, the export price in the Middle East amounted to $X per ton, with an increase of X% against the previous year. Export price indicated a notable expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, steel spring export price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the export price increased by X%. Over the period under review, the export prices hit record highs in 2023 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Turkey (X%).

Steel Spring Imports

Imports in the Middle East

Steel spring imports surged to X tons in 2023, growing by X% against the year before. In general, imports, however, saw a relatively flat trend pattern. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2023, imports failed to regain momentum.

In value terms, steel spring imports soared to $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2023, Turkey (X tons) represented the main importer of steel springs and leaves for springs, comprising X% of total imports. It was distantly followed by the United Arab Emirates (X tons), Saudi Arabia (X tons) and Iraq (X tons), together achieving a X% share of total imports. Yemen (X tons), Iran (X tons), Israel (X tons), Oman (X tons), Syrian Arab Republic (X tons), Jordan (X tons) and Lebanon (X tons) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for Oman (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported steel springs and leaves for springs in the Middle East, comprising X% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total imports. It was followed by Saudi Arabia, with a X% share.

In Turkey, steel spring imports increased at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Saudi Arabia (X% per year).

Import Prices by Country

In 2023, the import price in the Middle East amounted to $X per ton, falling by X% against the previous year. Over the last eleven years, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2016 an increase of X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2022, and then dropped modestly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Israel ($X per ton), while Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Jordan (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform