Oman: Steel Spring Market 2024

Steel Spring Market Size in Oman

In 2023, after two years of growth, there was decline in the Omani steel spring market, when its value decreased by X% to $X. Over the period under review, consumption showed a tangible expansion. Steel spring consumption peaked at $X in 2022, and then fell in the following year.

Steel Spring Exports

Exports from Oman

In 2023, steel spring exports from Oman reduced sharply to X tons, with a decrease of X% against the previous year. Over the period under review, exports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of X%. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

In value terms, steel spring exports contracted markedly to $X in 2023. Overall, exports, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Yemen (X tons) was the main destination for steel spring exports from Oman, accounting for a X% share of total exports. Moreover, steel spring exports to Yemen exceeded the volume sent to the second major destination, Somalia (X tons), fourfold. The United Arab Emirates (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Yemen amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Somalia (X% per year) and the United Arab Emirates (X% per year).

In value terms, the largest markets for steel spring exported from Oman were Yemen ($X), Somalia ($X) and the United Arab Emirates ($X), with a combined X% share of total exports.

Among the main countries of destination, Yemen, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average steel spring export price stood at $X per ton in 2023, which is down by X% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2023, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Yemen ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (X%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Oman

In 2023, imports of steel springs and leaves for springs into Oman reached X tons, approximately mirroring the previous year. Overall, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2018 when imports increased by X%. Over the period under review, imports reached the maximum at X tons in 2021; afterwards, it flattened through to 2023.

In value terms, steel spring imports contracted to $X in 2023. In general, imports continue to indicate a measured expansion. The most prominent rate of growth was recorded in 2015 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2022, and then fell in the following year.

Imports by Country

In 2023, the United Arab Emirates (X tons) constituted the largest steel spring supplier to Oman, accounting for a X% share of total imports. Moreover, steel spring imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), more than tenfold. The third position in this ranking was held by Vietnam (X tons), with a X% share.

From 2012 to 2023, the average annual growth rate of volume from the United Arab Emirates totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Vietnam (X% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of steel springs and leaves for springs to Oman, comprising X% of total imports. The second position in the ranking was taken by Germany ($X), with a X% share of total imports. It was followed by Vietnam, with a X% share.

From 2012 to 2023, the average annual growth rate of value from the United Arab Emirates totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Vietnam (X% per year).

Import Prices by Country

The average steel spring import price stood at $X per ton in 2023, falling by X% against the previous year. Overall, the import price showed a pronounced contraction. The growth pace was the most rapid in 2017 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2023, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Sri Lanka ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform