Middle East: Zinc Market 2024

Zinc Market Size in the Middle East

The Middle Eastern zinc market soared to $X in 2021, rising by 24% against the previous year. The total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2021 and is expected to retain growth in years to come.

Zinc Production in the Middle East

In value terms, zinc production expanded slightly to $X in 2021 estimated in export price. The total production indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -4.4% against 2019 indices. The pace of growth appeared the most rapid in 2017 when the production volume increased by 58% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Zinc Exports

Exports in the Middle East

In 2021, overseas shipments of zinc increased by 28% to X tons, rising for the second consecutive year after two years of decline. In general, exports, however, saw a slight curtailment. The pace of growth was the most pronounced in 2017 with an increase of 62%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, zinc exports skyrocketed to $X in 2021. Over the period under review, exports posted pronounced growth. The pace of growth was the most pronounced in 2017 with an increase of 96% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Iran (X tons) and the United Arab Emirates (X tons) prevails in exports structure, together generating 91% of total exports. It was distantly followed by Oman (X tons), making up a 6.6% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of +69.8%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest zinc supplying countries in the Middle East were Iran ($X), the United Arab Emirates ($X) and Oman ($X), with a combined 98% share of total exports.

Among the main exporting countries, Oman, with a CAGR of +102.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, surging by 17% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.6%. The pace of growth appeared the most rapid in 2017 when the export price increased by 21% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+19.0%), while the other leaders experienced more modest paces of growth.

Zinc Imports

Imports in the Middle East

In 2021, supplies from abroad of zinc increased by 16% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +3.8% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, zinc imports skyrocketed to $X in 2021. Total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +8.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded 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 2021, Turkey (X tons) represented the key importer of zinc, committing 64% of total imports. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 20% share, followed by Saudi Arabia (9.8%). Oman (X tons) held a little share of total imports.

Imports into Turkey increased at an average annual rate of +3.5% from 2012 to 2021. At the same time, the United Arab Emirates (+16.1%) and Oman (+15.3%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +16.1% from 2012-2021. By contrast, Saudi Arabia (-4.6%) illustrated a downward trend over the same period. The United Arab Emirates (+13 p.p.) and Oman (+2.4 p.p.) significantly strengthened its position in terms of the total imports, while Turkey and Saudi Arabia saw its share reduced by -1.8% and -11.1% from 2012 to 2021, respectively.

In value terms, Turkey ($X) constitutes the largest market for imported zinc in the Middle East, comprising 66% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 19% share of total imports. It was followed by Saudi Arabia, with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey amounted to +8.8%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+20.7% per year) and Saudi Arabia (-0.2% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, picking up by 33% against the previous year. Import price indicated a temperate increase from 2012 to 2021: its price increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the import price increased by 38% against the previous year. Over the period under review, import prices hit record highs in 2021 and is likely to continue growth in the near future.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Turkey ($X per ton) and Saudi Arabia ($X per ton), while Oman ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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