Middle East's Flat-Rolled Steel Market to Experience Modest Growth with a CAGR of 1.2% from 2024 to 2035 - News and Statistics - IndexBox

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform.

IndexBox has just published a new report: Middle East - Flat-Rolled Products Of Iron Or Non-Alloy Steel - Market Analysis, Forecast, Size, Trends and Insights.

Driven by rising demand for flat-rolled steel products in the Middle East, the market is forecast to see a slight increase in performance over the next decade. With a projected CAGR of +1.2% in volume and +1.5% in value from 2024 to 2035, the market is expected to reach 1.5M tons and $2.8B by the end of 2035, respectively.

Driven by rising demand for flat-rolled steel products in the Middle East, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.2% for the period from 2024 to 2035, which is projected to bring the market volume to 1.5M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.5% for the period from 2024 to 2035, which is projected to bring the market value to $2.8B (in nominal wholesale prices) by the end of 2035.

In 2024, consumption of flat-rolled products of iron or non-alloy steel decreased by -1.2% to 1.3M tons, falling for the second consecutive year after two years of growth. Over the period under review, consumption saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 6.4%. The volume of consumption peaked at 1.4M tons in 2013; however, from 2014 to 2024, consumption stood at a somewhat lower figure.

The size of the flat-rolled steel products market in the Middle East shrank slightly to $2.4B in 2024, remaining relatively unchanged 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 perceptible increase from 2013 to 2024: its value increased at an average annual rate of +3.8% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -5.6% against 2022 indices. Over the period under review, the market reached the maximum level at $2.5B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

The country with the largest volume of flat-rolled steel products consumption was Turkey (667K tons), accounting for 51% of total volume. Moreover, flat-rolled steel products consumption in Turkey exceeded the figures recorded by the second-largest consumer, Saudi Arabia (194K tons), threefold. The third position in this ranking was held by Yemen (157K tons), with a 12% share.

In Turkey, flat-rolled steel products consumption expanded at an average annual rate of +1.8% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Saudi Arabia (-3.5% per year) and Yemen (+2.3% per year).

In value terms, Yemen ($903M), Turkey ($902M) and Saudi Arabia ($211M) appeared to be the countries with the highest levels of market value in 2024, together accounting for 85% of the total market. The United Arab Emirates, Kuwait, Iran and Oman lagged somewhat behind, together accounting for a further 11%.

Kuwait, with a CAGR of +14.0%, recorded the highest growth rate of market size among the main consuming countries 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 products per capita consumption in 2024 were Kuwait (13 kg per person), the United Arab Emirates (9.7 kg per person) and Oman (7.9 kg per person).

From 2013 to 2024, the biggest increases were recorded for Kuwait (with a CAGR of +6.6%), while consumption for the other leaders experienced mixed trends in the per capita consumption figures.

Flat-rolled steel products production dropped modestly to 1M tons in 2024, remaining stable against 2023. The total output volume increased at an average annual rate of +3.4% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 23%. The volume of production peaked at 1.1M tons in 2021; however, from 2022 to 2024, production stood at a somewhat lower figure.

In value terms, flat-rolled steel products production amounted to $2.1B in 2024 estimated in export price. Over the period under review, production, however, posted a prominent increase. The most prominent rate of growth was recorded in 2021 with an increase of 36%. Over the period under review, production reached the peak level at $2.1B in 2022; afterwards, it flattened through to 2024.

The country with the largest volume of flat-rolled steel products production was Turkey (705K tons), comprising approx. 68% of total volume. Moreover, flat-rolled steel products production in Turkey exceeded the figures recorded by the second-largest producer, Yemen (146K tons), fivefold. Saudi Arabia (82K tons) ranked third in terms of total production with a 7.8% share.

From 2013 to 2024, the average annual growth rate of volume in Turkey amounted to +4.0%. The remaining producing countries recorded the following average annual rates of production growth: Yemen (+7.1% per year) and Saudi Arabia (-4.9% per year).

Flat-rolled steel products imports rose sharply to 443K tons in 2024, increasing by 11% compared with 2023. Overall, imports, however, saw a pronounced setback. The pace of growth was the most pronounced in 2019 with an increase of 12% against the previous year. The volume of import peaked at 704K tons in 2013; however, from 2014 to 2024, imports stood at a somewhat lower figure.

In value terms, flat-rolled steel products imports rose markedly to $534M in 2024. In general, imports, however, continue to indicate a noticeable decline. The most prominent rate of growth was recorded in 2022 with an increase of 40%. As a result, imports attained the peak of $746M. From 2023 to 2024, the growth of imports remained at a lower figure.

In 2024, the United Arab Emirates (122K tons), Turkey (116K tons) and Saudi Arabia (114K tons) was the main importer of flat-rolled products of iron or non-alloy steel in the Middle East, creating 79% of total import. It was distantly followed by Iran (30K tons) and Jordan (23K tons), together committing a 12% share of total imports. Yemen (12K tons) and Syrian Arab Republic (7.3K tons) took a minor share of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Jordan (with a CAGR of -0.0%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the United Arab Emirates ($141M), Turkey ($141M) and Saudi Arabia ($124M) appeared to be the countries with the highest levels of imports in 2024, together comprising 76% of total imports. Iran, Jordan, Yemen and Syrian Arab Republic lagged somewhat behind, together comprising a further 19%.

In terms of the main importing countries, Jordan, with a CAGR of +2.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm prevails in imports structure, accounting for 411K tons, which was approx. 93% of total imports in 2024. It was distantly followed by iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (25K tons), generating a 5.8% share of total imports. Iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (6.7K tons) followed a long way behind the leaders.

Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm was also the fastest-growing in terms of imports, with a CAGR of -3.6% from 2013 to 2024. iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (-6.3%) and iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (-9.3%) illustrated a downward trend over the same period. While the share of iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm (+5.3 p.p.) increased significantly in terms of the total imports from 2013-2024, the share of iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (-4.9 p.p.) displayed negative dynamics. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm ($499M) constitutes the largest type of flat-rolled products of iron or non-alloy steel imported in the Middle East, comprising 93% of total imports. The second position in the ranking was held by iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more ($28M), with a 5.2% share of total imports.

For iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm, imports declined by an average annual rate of -2.4% over the period from 2013-2024. With regard to the other imported products, the following average annual rates of growth were recorded: iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (-7.1% per year) and iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (-5.6% per year).

In 2024, the import price in the Middle East amounted to $1,206 per ton, waning by -2.5% against the previous year. Import price indicated mild growth from 2013 to 2024: its price 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, flat-rolled steel products import price decreased by -20.9% against 2022 indices. The pace of growth was the most pronounced in 2021 an increase of 34%. The level of import peaked at $1,524 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

Average prices varied noticeably amongst the major imported products. In 2024, the product with the highest price was iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm ($1,214 per ton), while the price for iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin ($1,095 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (+2.4%), while the other products experienced more modest paces of growth.

In 2024, the import price in the Middle East amounted to $1,206 per ton, dropping by -2.5% against the previous year. Import price indicated slight growth from 2013 to 2024: its price 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, flat-rolled steel products import price decreased by -20.9% against 2022 indices. The pace of growth was the most pronounced in 2021 an increase of 34% against the previous year. The level of import peaked at $1,524 per ton in 2022; however, from 2023 to 2024, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2024, major importing countries recorded the following prices: in Yemen ($1,475 per ton) and Iran ($1,390 per ton), while Saudi Arabia ($1,095 per ton) and the United Arab Emirates ($1,163 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Yemen (+4.2%), while the other leaders experienced more modest paces of growth.

After two years of decline, overseas shipments of flat-rolled products of iron or non-alloy steel increased by 41% to 180K tons in 2024. Overall, exports showed a prominent increase. The most prominent rate of growth was recorded in 2019 with an increase of 59%. The volume of export peaked at 198K tons in 2021; however, from 2022 to 2024, the exports stood at a somewhat lower figure.

In value terms, flat-rolled steel products exports skyrocketed to $223M in 2024. In general, exports posted a buoyant expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 62%. The level of export peaked at $326M in 2022; however, from 2023 to 2024, the exports remained at a lower figure.

Turkey was the key exporting country with an export of around 154K tons, which reached 85% of total exports. It was distantly followed by the United Arab Emirates (22K tons), achieving a 12% share of total exports.

Turkey was also the fastest-growing in terms of the flat-rolled products of iron or non-alloy steel exports, with a CAGR of +17.3% from 2013 to 2024. The United Arab Emirates experienced a relatively flat trend pattern. From 2013 to 2024, the share of Turkey increased by +42 percentage points.

In value terms, Turkey ($170M) remains the largest flat-rolled steel products supplier in the Middle East, comprising 76% of total exports. The second position in the ranking was held by the United Arab Emirates ($38M), with a 17% share of total exports.

From 2013 to 2024, the average annual rate of growth in terms of value in Turkey stood at +16.7%.

In 2024, iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm (160K tons) represented the major type of flat-rolled products of iron or non-alloy steel, making up 89% of total exports. It was distantly followed by iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (19K tons), generating an 11% share of total exports.

Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm was also the fastest-growing in terms of exports, with a CAGR of +12.1% from 2013 to 2024. At the same time, iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (+4.6%) displayed positive paces of growth. While the share of iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm (+14 p.p.) increased significantly in terms of the total exports from 2013-2024, the share of iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (-8.6 p.p.) displayed negative dynamics.

In value terms, iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm ($180M) remains the largest type of flat-rolled products of iron or non-alloy steel supplied in the Middle East, comprising 81% of total exports. The second position in the ranking was held by iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more ($42M), with a 19% share of total exports.

For iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm, exports increased at an average annual rate of +12.2% over the period from 2013-2024. With regard to the other exported products, the following average annual rates of growth were recorded: iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (+15.4% per year) and iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (-8.5% per year).

In 2024, the export price in the Middle East amounted to $1,239 per ton, with a decrease of -12.8% against the previous year. Export price indicated a modest expansion from 2013 to 2024: its price 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, flat-rolled steel products export price decreased by -25.1% against 2022 indices. The growth pace was the most rapid in 2021 an increase of 50% against the previous year. Over the period under review, the export prices reached the maximum at $1,654 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more ($2,166 per ton), while the average price for exports of iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm ($1,126 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (+10.3%), while the other products experienced more modest paces of growth.

In 2024, the export price in the Middle East amounted to $1,239 per ton, dropping by -12.8% against the previous year. Export price indicated modest growth from 2013 to 2024: its price 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, flat-rolled steel products export price decreased by -25.1% against 2022 indices. The most prominent rate of growth was recorded in 2021 an increase of 50%. Over the period under review, the export prices attained the peak figure at $1,654 per ton in 2022; however, from 2023 to 2024, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($1,719 per ton), while Turkey amounted to $1,108 per ton.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.8%).

Source: IndexBox Market Intelligence Platform

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