GCC: Needle Roller Bearing Market 2024

Needle Roller Bearing Market Size in GCC

The GCC needle roller bearing market totaled $X in 2023, almost unchanged from the previous year. The total consumption indicated a measured expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2017 indices. The level of consumption peaked in 2023 and is expected to retain growth in the immediate term.

Needle Roller Bearing Production in GCC

In value terms, needle roller bearing production stood at $X in 2023 estimated in export price. The total production indicated a tangible expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The growth pace was the most rapid in 2020 with an increase of X%. The level of production peaked at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Needle Roller Bearing Exports

Exports in GCC

In 2023, overseas shipments of needle roller bearings decreased by X% to X tons, falling for the second year in a row after five years of growth. Over the period under review, exports, however, enjoyed resilient growth. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, needle roller bearing exports stood at $X in 2023. In general, exports, however, recorded a strong increase. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum in 2023 and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates prevails in exports structure, reaching X tons, which was near X% of total exports in 2023. It was distantly followed by Kuwait (X tons), Bahrain (X tons) and Oman (X tons), together mixing up a X% share of total exports.

From 2012 to 2023, average annual rates of growth with regard to needle roller bearing exports from the United Arab Emirates stood at X%. At the same time, Oman (X%), Kuwait (X%) and Bahrain (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2023. Kuwait (X p.p.), Oman (X p.p.) and Bahrain (X p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, the United Arab Emirates ($X) remains the largest needle roller bearing supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Bahrain ($X), with an X% share of total exports. It was followed by Kuwait, with an X% share.

In the United Arab Emirates, needle roller bearing exports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Bahrain (X% per year) and Kuwait (X% per year).

Export Prices by Country

In 2023, the export price in GCC amounted to $X per ton, increasing by X% against the previous year. In general, the export price, however, showed a mild decline. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in the United Arab Emirates ($X per ton) and Bahrain ($X per ton), while Oman ($X per ton) and Kuwait ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Bahrain (X%), while the other leaders experienced a decline in the export price figures.

Needle Roller Bearing Imports

Imports in GCC

In 2023, after two years of growth, there was decline in overseas purchases of needle roller bearings, when their volume decreased by X% to X tons. Total imports indicated a mild expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2019 indices. The pace of growth was the most pronounced in 2018 with an increase of X%. The volume of import peaked at X tons in 2022, and then reduced slightly in the following year.

In value terms, needle roller bearing imports contracted to $X in 2023. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, the United Arab Emirates (X tons) represented the main importer of needle roller bearings, making up X% of total imports. It was distantly followed by Oman (X tons), committing an X% share of total imports. The following importers - Bahrain (X tons) and Kuwait (X tons) - each resulted at a X% share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the needle roller bearings imports, with a CAGR of X% from 2012 to 2023. At the same time, Bahrain (X%) and Oman (X%) displayed positive paces of growth. By contrast, Kuwait (X%) illustrated a downward trend over the same period. The United Arab Emirates (X p.p.) and Oman (X p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported needle roller bearings in GCC, comprising X% of total imports. The second position in the ranking was held by Oman ($X), with an X% share of total imports. It was followed by Kuwait, with a X% share.

In the United Arab Emirates, needle roller bearing imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Oman (X% per year) and Kuwait (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, waning by X% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2014 to 2023, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Oman (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform