GCC: Market for Iron and Steel Wire 2024

Market Size for Iron and Steel Wire in GCC

The GCC iron and steel wire market fell remarkably to $X in 2022, dropping by X% against the previous year. In general, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Production of Iron and Steel Wire in GCC

In value terms, iron and steel wire production expanded remarkably to $X in 2022 estimated in export price. In general, production saw a prominent expansion. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Iron and Steel Wire

Exports in GCC

In 2022, the amount of iron and steel wire exported in GCC surged to X tons, jumping by X% on the previous year's figure. Overall, exports recorded a resilient expansion. The growth pace was the most rapid in 2018 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, iron and steel wire exports surged to $X in 2022. Over the period under review, exports saw a strong expansion. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, the United Arab Emirates (X tons) represented the major exporter of iron and steel wire, creating X% of total exports. Saudi Arabia (X tons) took the second position in the ranking, followed by Oman (X tons). All these countries together took near X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to iron and steel wire exports from the United Arab Emirates stood at X%. At the same time, Oman (X%) and Saudi Arabia (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of the United Arab Emirates and Oman increased by X and X percentage points, respectively.

In value terms, the United Arab Emirates ($X) emerged as the largest iron and steel wire supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Oman ($X), with a X% share of total exports.

In the United Arab Emirates, iron and steel wire exports expanded at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, picking up by X% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. 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 attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 Oman ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

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

Imports of Iron and Steel Wire

Imports in GCC

In 2022, overseas purchases of iron and steel wire increased by X% to X tons for the first time since 2018, thus ending a three-year declining trend. The total import volume 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 volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, iron and steel wire imports surged to $X in 2022. Total imports indicated notable growth from 2012 to 2022: its value 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, imports increased by X% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The countries with the highest levels of iron and steel wire imports in 2022 were the United Arab Emirates (X tons), Saudi Arabia (X tons) and Kuwait (X tons), together finishing at X% of total import. It was distantly followed by Oman (X tons), creating an X% share of total imports. The following importers - Bahrain (X tons) and Qatar (X tons) - each finished at a X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Kuwait (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest iron and steel wire importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Kuwait ($X), with a combined X% share of total imports.

Kuwait, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, almost unchanged from the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2018 an increase of X%. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($X per ton), while Saudi Arabia ($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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