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Feb 28, 2025

Middle East's Flat-Rolled Steel in Coils Market to Witness +1.5% CAGR Growth from 2024-2035 - News and Statistics - IndexBox

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IndexBox has just published a new report: Middle East - Flat-Rolled Steel in Coils - Market Analysis, Forecast, Size, Trends And Insights.

Driven by increasing demand for flat-rolled steel in coils in the Middle East, the market is expected to continue growing over the next decade. The forecasted CAGR for market volume and value indicates a positive trend, with projections reaching 16M tons and $12.8B by 2035, respectively.

Driven by increasing demand for flat-rolled steel in coils 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 +1.5% for the period from 2024 to 2035, which is projected to bring the market volume to 16M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.7% for the period from 2024 to 2035, which is projected to bring the market value to $12.8B (in nominal wholesale prices) by the end of 2035.

In 2024, the amount of flat-rolled steel in coils consumed in the Middle East reduced to 14M tons, dropping by -13.7% on the previous year's figure. The total consumption volume increased at an average annual rate of +1.4% from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. Over the period under review, consumption attained the maximum volume at 17M tons in 2018; however, from 2019 to 2024, consumption remained at a lower figure.

The size of the flat-rolled steel coils market in the Middle East contracted to $9.5B in 2024, which is down by -14.9% 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 total consumption indicated a pronounced increase from 2013 to 2024: its value increased at an average annual rate of +2.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -21.2% against 2021 indices. As a result, consumption attained the peak level of $12.1B. From 2022 to 2024, the growth of the market remained at a somewhat lower figure.

The countries with the highest volumes of consumption in 2024 were Turkey (6M tons), Saudi Arabia (4.4M tons) and the United Arab Emirates (2.1M tons), with a combined 90% share of total consumption. Iran and Oman lagged somewhat behind, together comprising a further 4.7%.

From 2013 to 2024, the biggest increases were recorded for Oman (with a CAGR of +8.0%), while consumption for the other leaders experienced more modest paces of growth.

In value terms, the largest flat-rolled steel coils markets in the Middle East were Turkey ($4B), Saudi Arabia ($3.2B) and the United Arab Emirates ($1.4B), with a combined 89% share of the total market. Iran and Oman lagged somewhat behind, together accounting for a further 5.1%.

Among the main consuming countries, Oman, with a CAGR of +9.4%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other leaders experienced more modest paces of growth.

The countries with the highest levels of flat-rolled steel coils per capita consumption in 2024 were the United Arab Emirates (208 kg per person), Saudi Arabia (119 kg per person) and Turkey (70 kg per person).

From 2013 to 2024, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +5.4%), while consumption for the other leaders experienced more modest paces of growth.

Flat hot-rolled steel in coils (13M tons) constituted the product with the largest volume of consumption, comprising approx. 91% of total volume. Moreover, flat hot-rolled steel in coils exceeded the figures recorded for the second-largest type, flat cold-rolled steel in coils (1.3M tons), tenfold.

From 2013 to 2024, the average annual rate of growth in terms of the volume of flat hot-rolled steel in coils consumption totaled +1.3%.

In value terms, flat hot-rolled steel in coils ($8.6B) led the market, alone. The second position in the ranking was taken by flat cold-rolled steel in coils ($945M).

For flat hot-rolled steel in coils, market increased at an average annual rate of +2.2% over the period from 2013-2024.

Flat-rolled steel coils production contracted to 8M tons in 2024, declining by -4.5% compared with the previous year. The total production indicated a tangible increase from 2013 to 2024: its volume increased at an average annual rate of +3.5% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production increased by +4.9% against 2022 indices. The pace of growth was the most pronounced in 2018 with an increase of 61%. As a result, production reached the peak volume of 13M tons. From 2019 to 2024, production growth remained at a somewhat lower figure.

In value terms, flat-rolled steel coils production fell remarkably to $10.9B in 2024 estimated in export price. Over the period under review, production, however, showed a prominent increase. The pace of growth was the most pronounced in 2023 with an increase of 189% against the previous year. Over the period under review, production reached the maximum level at $26.9B in 2021; however, from 2022 to 2024, production remained at a lower figure.

The countries with the highest volumes of production in 2024 were Turkey (4.3M tons), Saudi Arabia (3.3M tons) and Iran (408K tons).

From 2013 to 2024, the biggest increases were recorded for Saudi Arabia (with a CAGR of +3.8%), while production for the other leaders experienced mixed trends in the production figures.

Flat hot-rolled steel in coils (7.4M tons) constituted the product with the largest volume of production, accounting for 93% of total volume. Moreover, flat hot-rolled steel in coils exceeded the figures recorded for the second-largest type, flat cold-rolled steel in coils (594K tons), more than tenfold.

From 2013 to 2024, the average annual growth rate of the volume of flat hot-rolled steel in coils production totaled +2.8%.

In value terms, flat hot-rolled steel in coils ($5.5B) and flat cold-rolled steel in coils ($5.4B) were the products with the highest levels of production in 2024.

Flat cold-rolled steel in coils, with a CAGR of +47.2%, recorded the highest rates of growth with regard to market size among the main produced products over the period under review.

In 2024, imports of flat-rolled steel in coils in the Middle East fell to 9.7M tons, dropping by -5% compared with the previous year. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by 12% against the previous year. As a result, imports attained the peak of 11M tons. From 2016 to 2024, the growth of imports remained at a somewhat lower figure.

In value terms, flat-rolled steel coils imports contracted to $6.6B in 2024. Total imports indicated a modest increase from 2013 to 2024: its value increased at an average annual rate of +1.4% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -25.6% against 2021 indices. The most prominent rate of growth was recorded in 2021 with an increase of 79%. As a result, imports reached the peak of $8.9B. From 2022 to 2024, the growth of imports failed to regain momentum.

Turkey represented the key importer of flat-rolled steel in coils in the Middle East, with the volume of imports resulting at 4.7M tons, which was approx. 48% of total imports in 2024. The United Arab Emirates (2.3M tons) ranks second in terms of the total imports with a 23% share, followed by Saudi Arabia (16%). The following importers - Oman (287K tons), Iraq (176K tons), Iran (174K tons) and Israel (161K tons) - together made up 8.2% of total imports.

Turkey experienced a relatively flat trend pattern with regard to volume of imports of flat-rolled steel in coils. At the same time, Oman (+8.1%), the United Arab Emirates (+5.5%), Iraq (+4.4%) and Saudi Arabia (+1.6%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +8.1% from 2013-2024. By contrast, Israel (-4.1%) and Iran (-15.5%) illustrated a downward trend over the same period. The United Arab Emirates (+9.5 p.p.), Saudi Arabia (+1.6 p.p.) and Oman (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Iran saw its share reduced by -10.3% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($3.2B) constitutes the largest market for imported flat-rolled steel in coils in the Middle East, comprising 47% of total imports. The second position in the ranking was taken by the United Arab Emirates ($1.5B), with a 22% share of total imports. It was followed by Saudi Arabia, with a 16% share.

In Turkey, flat-rolled steel coils imports expanded at an average annual rate of +1.4% over the period from 2013-2024. In the other countries, the average annual rates were as follows: the United Arab Emirates (+6.4% per year) and Saudi Arabia (+1.7% per year).

In 2024, flat hot-rolled steel in coils (8.3M tons) represented the key type of flat-rolled steel in coils, generating 85% of total imports. It was distantly followed by flat cold-rolled steel in coils (1.5M tons), making up a 15% share of total imports.

Flat hot-rolled steel in coils experienced a relatively flat trend pattern with regard to volume of imports. At the same time, flat cold-rolled steel in coils (+1.9%) displayed positive paces of growth. Moreover, flat cold-rolled steel in coils emerged as the fastest-growing type imported in the Middle East, with a CAGR of +1.9% from 2013-2024. Flat cold-rolled steel in coils (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while flat hot-rolled steel in coils saw its share reduced by -1.9% from 2013 to 2024, respectively.

In value terms, flat hot-rolled steel in coils ($5.6B) constitutes the largest type of flat-rolled steel in coils imported in the Middle East, comprising 84% of total imports. The second position in the ranking was held by flat cold-rolled steel in coils ($1B), with a 16% share of total imports.

For flat hot-rolled steel in coils, imports expanded at an average annual rate of +1.3% over the period from 2013-2024.

The import price in the Middle East stood at $682 per ton in 2024, declining by -3.1% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by 70% against the previous year. Over the period under review, import prices reached the maximum at $863 per ton in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major imported products. In 2024, the product with the highest price was flat cold-rolled steel in coils ($723 per ton), while the price for flat hot-rolled steel in coils totaled $675 per ton.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by flat hot-rolled steel coils (+0.9%).

In 2024, the import price in the Middle East amounted to $682 per ton, waning by -3.1% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 70% against the previous year. The level of import peaked at $863 per ton in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2024, major importing countries recorded the following prices: in Israel ($809 per ton) and Oman ($790 per ton), while the United Arab Emirates ($655 per ton) and Saudi Arabia ($662 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Israel (+2.6%), while the other leaders experienced more modest paces of growth.

In 2024, overseas shipments of flat-rolled steel in coils were finally on the rise to reach 3.8M tons for the first time since 2021, thus ending a two-year declining trend. Total exports indicated notable growth from 2013 to 2024: its volume increased at an average annual rate of +3.6% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The volume of export peaked at 5M tons in 2018; however, from 2019 to 2024, the exports failed to regain momentum.

In value terms, flat-rolled steel coils exports skyrocketed to $2.6B in 2024. Overall, exports continue to indicate a measured expansion. The growth pace was the most rapid in 2021 when exports increased by 96%. As a result, the exports attained the peak of $3.7B. From 2022 to 2024, the growth of the exports failed to regain momentum.

Turkey was the main exporting country with an export of around 2.9M tons, which resulted at 77% of total exports. Saudi Arabia (481K tons) took the second position in the ranking, distantly followed by Iran (212K tons). All these countries together held approx. 18% share of total exports. The United Arab Emirates (146K tons) held a little share of total exports.

Turkey was also the fastest-growing in terms of the flat-rolled steel in coils exports, with a CAGR of +7.3% from 2013 to 2024. Saudi Arabia (-1.4%), the United Arab Emirates (-2.6%) and Iran (-5.3%) illustrated a downward trend over the same period. From 2013 to 2024, the share of Turkey increased by +24 percentage points.

In value terms, Turkey ($2B) remains the largest flat-rolled steel coils supplier in the Middle East, comprising 74% of total exports. The second position in the ranking was taken by Saudi Arabia ($374M), with a 14% share of total exports. It was followed by Iran, with a 5.4% share.

In Turkey, flat-rolled steel coils exports expanded at an average annual rate of +8.4% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Saudi Arabia (+1.1% per year) and Iran (-4.2% per year).

Flat hot-rolled steel in coils was the largest type of flat-rolled steel in coils in the Middle East, with the volume of exports reaching 3.1M tons, which was approx. 81% of total exports in 2024. It was distantly followed by flat cold-rolled steel in coils (725K tons), creating a 19% share of total exports.

Exports of flat hot-rolled steel in coils increased at an average annual rate of +2.1% from 2013 to 2024. At the same time, flat cold-rolled steel in coils (+16.3%) displayed positive paces of growth. Moreover, flat cold-rolled steel in coils emerged as the fastest-growing type exported in the Middle East, with a CAGR of +16.3% from 2013-2024. From 2013 to 2024, the share of flat cold-rolled steel in coils increased by +14 percentage points.

In value terms, flat hot-rolled steel in coils ($2.1B) remains the largest type of flat-rolled steel in coils supplied in the Middle East, comprising 80% of total exports. The second position in the ranking was held by flat cold-rolled steel in coils ($542M), with a 20% share of total exports.

For flat hot-rolled steel in coils, exports increased at an average annual rate of +3.4% over the period from 2013-2024.

The export price in the Middle East stood at $696 per ton in 2024, shrinking by -5.8% against the previous year. Over the period under review, the export price, however, saw a modest increase. The most prominent rate of growth was recorded in 2021 when the export price increased by 88%. As a result, the export price attained the peak level of $902 per ton. From 2022 to 2024, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exported products. In 2024, the product with the highest price was flat cold-rolled steel in coils ($748 per ton), while the average price for exports of flat hot-rolled steel in coils stood at $684 per ton.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by flat hot-rolled steel coils (+1.2%).

The export price in the Middle East stood at $696 per ton in 2024, with a decrease of -5.8% against the previous year. Over the period under review, the export price, however, saw a modest increase. The growth pace was the most rapid in 2021 an increase of 88%. As a result, the export price reached the peak level of $902 per ton. From 2022 to 2024, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2024, major exporting countries recorded the following prices: in the United Arab Emirates ($927 per ton) and Saudi Arabia ($779 per ton), while Turkey ($671 per ton) and Iran ($678 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the flat-rolled steel coils 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.

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The Latest Trends and Insights into The Industry

The Largest Importers on The Market and How They Succeed

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