Middle East's Iron or Steel Stranded Wire, Ropes and Cables Market to Grow at 0.8% CAGR, Reaching 537K tons by 2035 - News and Statistics - IndexBox

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IndexBox has just published a new report: Middle East - Iron Or Steel Stranded Wire, Ropes And Cables - Market Analysis, Forecast, Size, Trends And Insights.

The Middle East market for iron or steel stranded wire, ropes, and cables is on the rise due to increasing demand. It is projected to reach 537K tons in volume and $948M in value by the end of 2035, with a forecasted CAGR of +0.8% and +1.1% respectively.

Driven by increasing demand for iron or steel stranded wire, ropes and cables in the Middle East, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.8% for the period from 2024 to 2035, which is projected to bring the market volume to 537K tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.1% for the period from 2024 to 2035, which is projected to bring the market value to $948M (in nominal wholesale prices) by the end of 2035.

In 2024, after two years of growth, there was significant decline in consumption of iron or steel stranded wire, ropes and cables, when its volume decreased by -8.5% to 493K tons. The total consumption volume increased at an average annual rate of +1.1% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, consumption reached the maximum volume at 575K tons in 2019; however, from 2020 to 2024, consumption failed to regain momentum.

The size of the steel stranded wire market in the Middle East fell to $836M in 2024, with a decrease of -6.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.3% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $951M in 2019; however, from 2020 to 2024, consumption remained at a lower figure.

Turkey (252K tons) remains the largest steel stranded wire consuming country in the Middle East, comprising approx. 51% of total volume. Moreover, steel stranded wire consumption in Turkey exceeded the figures recorded by the second-largest consumer, Saudi Arabia (87K tons), threefold. The third position in this ranking was held by the United Arab Emirates (66K tons), with a 13% share.

From 2013 to 2024, the average annual growth rate of volume in Turkey stood at +4.3%. In the other countries, the average annual rates were as follows: Saudi Arabia (-1.4% per year) and the United Arab Emirates (+2.8% per year).

In value terms, Turkey ($446M) led the market, alone. The second position in the ranking was taken by Saudi Arabia ($143M). It was followed by the United Arab Emirates.

In Turkey, the steel stranded wire market expanded at an average annual rate of +2.9% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Saudi Arabia (-0.2% per year) and the United Arab Emirates (+3.0% per year).

The countries with the highest levels of steel stranded wire per capita consumption in 2024 were the United Arab Emirates (6.4 kg per person), Kuwait (3.4 kg per person) and Oman (3.1 kg per person).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Turkey (with a CAGR of +3.1%), while consumption for the other leaders experienced more modest paces of growth.

Steel stranded wire production declined to 392K tons in 2024, therefore, remained relatively stable against 2023 figures. The total production indicated modest growth from 2013 to 2024: its volume increased at an average annual rate of +1.6% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by +0.6% against 2022 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 38%. Over the period under review, production reached the maximum volume at 486K tons in 2019; however, from 2020 to 2024, production failed to regain momentum.

In value terms, steel stranded wire production expanded modestly to $689M in 2024 estimated in export price. The total production indicated a modest increase from 2013 to 2024: its value increased at an average annual rate of +1.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -2.6% against 2022 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 49% against the previous year. Over the period under review, production attained the peak level at $853M in 2019; however, from 2020 to 2024, production failed to regain momentum.

Turkey (290K tons) constituted the country with the largest volume of steel stranded wire production, accounting for 74% of total volume. Moreover, steel stranded wire production in Turkey exceeded the figures recorded by the second-largest producer, Saudi Arabia (73K tons), fourfold. Oman (15K tons) ranked third in terms of total production with a 3.9% share.

From 2013 to 2024, the average annual growth rate of volume in Turkey stood at +4.0%. The remaining producing countries recorded the following average annual rates of production growth: Saudi Arabia (-4.7% per year) and Oman (+5.2% per year).

In 2024, overseas purchases of iron or steel stranded wire, ropes and cables decreased by -9% to 221K tons for the first time since 2021, thus ending a two-year rising trend. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by 35%. As a result, imports reached the peak of 315K tons. From 2016 to 2024, the growth of imports failed to regain momentum.

In value terms, steel stranded wire imports declined to $439M in 2024. Total imports indicated a perceptible increase from 2013 to 2024: its value increased at an average annual rate of +2.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2022 when imports increased by 40%. Over the period under review, imports hit record highs at $493M in 2023, and then fell in the following year.

In 2024, the United Arab Emirates (81K tons) was the major importer of iron or steel stranded wire, ropes and cables, constituting 36% of total imports. Turkey (44K tons) held a 20% share (based on physical terms) of total imports, which put it in second place, followed by Saudi Arabia (16%), Iran (8.4%), Iraq (6.3%) and Israel (5.1%). Qatar (3.5K tons) followed a long way behind the leaders.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Saudi Arabia (with a CAGR of +10.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest steel stranded wire importing markets in the Middle East were the United Arab Emirates ($117M), Turkey ($116M) and Saudi Arabia ($73M), together accounting for 70% of total imports.

Saudi Arabia, with a CAGR of +9.4%, saw the highest growth rate of 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.

The import price in the Middle East stood at $1,986 per ton in 2024, declining by -2.1% against the previous year. Import price indicated a noticeable increase from 2013 to 2024: its price increased at an average annual rate of +2.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, steel stranded wire import price decreased by -6.7% against 2022 indices. The most prominent rate of growth was recorded in 2016 when the import price increased by 19%. The level of import peaked at $2,129 per ton in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Israel ($3,076 per ton), while the United Arab Emirates ($1,459 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Israel (+9.8%), while the other leaders experienced more modest paces of growth.

In 2024, exports of iron or steel stranded wire, ropes and cables in the Middle East surged to 119K tons, picking up by 22% against 2023 figures. Over the period under review, exports showed a relatively flat trend pattern. The volume of export peaked at 156K tons in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.

In value terms, steel stranded wire exports stood at $205M in 2024. Overall, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 36%. Over the period under review, the exports attained the peak figure at $292M in 2022; however, from 2023 to 2024, the exports failed to regain momentum.

Turkey was the major exporter of iron or steel stranded wire, ropes and cables in the Middle East, with the volume of exports accounting for 82K tons, which was near 69% of total exports in 2024. Saudi Arabia (20K tons) ranks second in terms of the total exports with a 17% share, followed by the United Arab Emirates (12%).

Turkey was also the fastest-growing in terms of the iron or steel stranded wire, ropes and cables exports, with a CAGR of +2.5% from 2013 to 2024. The United Arab Emirates experienced a relatively flat trend pattern. Saudi Arabia (-4.6%) illustrated a downward trend over the same period. While the share of Turkey (+14 p.p.) increased significantly in terms of the total exports from 2013-2024, the share of Saudi Arabia (-12.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($139M) remains the largest steel stranded wire supplier in the Middle East, comprising 68% of total exports. The second position in the ranking was held by the United Arab Emirates ($35M), with a 17% share of total exports.

In Turkey, steel stranded wire exports remained relatively stable over the period from 2013-2024. In the other countries, the average annual rates were as follows: the United Arab Emirates (+2.7% per year) and Saudi Arabia (-3.8% per year).

The export price in the Middle East stood at $1,718 per ton in 2024, which is down by -14.4% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the export price increased by 28%. Over the period under review, the export prices reached the maximum at $2,008 per ton in 2023, and then dropped in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($2,380 per ton), while Saudi Arabia ($1,174 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.7%), while the other leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the steel stranded wire market in the Middle East. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

Making Data-Driven Decisions to Grow Your Business

A Quick Overview of Market Performance

Understanding the Current State of The Market and Its Prospects

Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

Choosing the Best Countries to Boost Your Exports

The Latest Trends and Insights into The Industry

The Largest Importers on The Market and How They Succeed

The Largest Exporters on The Market and How They Succeed

The Largest Producers on The Market and Their Profiles

The Largest Markets And Their Profiles