Middle East: Needle Roller Bearing Market 2024

Needle Roller Bearing Market Size in the Middle East

In 2023, the Middle Eastern needle roller bearing market increased by X% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2023 and is likely to see steady growth in the near future.

Needle Roller Bearing Production in the Middle East

In value terms, needle roller bearing production reduced slightly to $X in 2023 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2020 to 2023, production growth failed to regain momentum.

Needle Roller Bearing Exports

Exports in the Middle East

For the third consecutive year, the Middle East recorded growth in overseas shipments of needle roller bearings, which increased by X% to X tons in 2023. Over the period under review, exports posted resilient growth. The pace of growth appeared the most rapid in 2021 when exports increased by X%. Over the period under review, the exports attained the peak figure in 2023 and are expected to retain growth in the near future.

In value terms, needle roller bearing exports soared to $X in 2023. Overall, exports enjoyed prominent growth. The most prominent rate of growth was recorded in 2022 when exports increased by X% against the previous year. The level of export peaked in 2023 and is expected to retain growth in the near future.

Exports by Country

Turkey represented the main exporting country with an export of around X tons, which recorded X% of total exports. It was distantly followed by the United Arab Emirates (X tons), achieving a X% share of total exports. The following exporters - Kuwait (X tons) and Bahrain (X tons) - each accounted for a X% share of total exports.

Exports from Turkey increased at an average annual rate of X% from 2012 to 2023. At the same time, Kuwait (X%), Bahrain (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of X% from 2012-2023. While the share of Turkey (X p.p.) and Kuwait (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

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

In Turkey, 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: the United Arab Emirates (X% per year) and Bahrain (X% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2023, jumping by X% against the previous year. Export price indicated a mild expansion from 2012 to 2023: its price 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, needle roller bearing export price increased by X% against 2021 indices. The most prominent rate of growth was recorded in 2017 when the export price increased by X% against the previous year. The level of export peaked in 2023 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in the United Arab Emirates ($X per ton) and Turkey ($X per ton), while Kuwait ($X per ton) and Bahrain ($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 mixed trends in the export price figures.

Needle Roller Bearing Imports

Imports in the Middle East

In 2023, the amount of needle roller bearings imported in the Middle East was estimated at X tons, picking up by X% on the previous year's figure. In general, imports enjoyed a strong expansion. The pace of growth was the most pronounced in 2016 when imports increased by X%. The volume of import peaked in 2023 and is likely to see steady growth in years to come.

In value terms, needle roller bearing imports expanded significantly to $X in 2023. Total imports indicated a perceptible 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, imports increased by X% against 2015 indices. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. The level of import peaked in 2023 and is expected to retain growth in the near future.

Imports by Country

Turkey represented the main importing country with an import of about X tons, which finished at X% of total imports. The United Arab Emirates (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Iran (X%). Oman (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to needle roller bearing imports into Turkey stood at X%. At the same time, the United Arab Emirates (X%), Iran (X%) and Oman (X%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2023. Turkey (X p.p.) and the United Arab Emirates (X p.p.) significantly strengthened its position in terms of the total imports, while Iran saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

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

Import Prices by Country

In 2023, the import price in the Middle East amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable reduction. The pace of growth was the most pronounced 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 lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($X per ton), while Iran ($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 a decline in the import price figures.

Source: IndexBox Platform