GCC: Bearing Market 2024

Bearing Market Size in GCC

The GCC bearing market surged to $X in 2021, growing by 20% against the previous year. The total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -9.5% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Bearing Production in GCC

In value terms, bearing production soared to $X in 2021 estimated in export price. In general, production showed a resilient increase. The most prominent rate of growth was recorded in 2015 when the production volume increased by 75% against the previous year. Over the period under review, production reached the peak level at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Bearing Exports

Exports in GCC

In 2021, overseas shipments of ball and roller bearings decreased by -0.4% to X tons, falling for the third consecutive year after two years of growth. Overall, exports recorded a perceptible downturn. The growth pace was the most rapid in 2015 when exports increased by 46%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, bearing exports expanded notably to $X in 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when exports increased by 45% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates prevails in exports structure, accounting for X tons, which was near 89% of total exports in 2021. It was distantly followed by Oman (X tons), constituting a 7.7% share of total exports. Saudi Arabia (X tons) followed a long way behind the leaders.

Exports from the United Arab Emirates decreased at an average annual rate of -3.7% from 2012 to 2021. At the same time, Saudi Arabia (+14.8%) and Oman (+4.2%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of +14.8% from 2012-2021. While the share of Oman (+3.8 p.p.) and Saudi Arabia (+2.3 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-2.2 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest bearing supplier in GCC, comprising 91% of total exports. The second position in the ranking was held by Oman ($X), with a 5.8% share of total exports.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates amounted to +1.3%. In the other countries, the average annual rates were as follows: Oman (-4.6% per year) and Saudi Arabia (+2.6% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, with an increase of 14% against the previous year. Export price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, bearing export price increased by +109.1% against 2015 indices. The pace of growth was the most pronounced in 2016 when the export price increased by 45%. Over the period under review, the export prices attained the peak figure in 2021 and is likely to see steady growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.3%), while the other leaders experienced a decline in the export price figures.

Bearing Imports

Imports in GCC

In 2021, approx. X tons of ball and roller bearings were imported in GCC; jumping by 16% on the year before. Over the period under review, imports saw resilient growth. The pace of growth appeared the most rapid in 2019 with an increase of 143%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, bearing imports surged to $X in 2021. Overall, imports, however, showed a relatively flat trend pattern. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) was the major importer of ball and roller bearings, comprising 82% of total imports. It was distantly followed by Saudi Arabia (X tons), making up a 12% share of total imports. Oman (X tons) held a minor share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the ball and roller bearings imports, with a CAGR of +10.6% from 2012 to 2021. Oman (-2.6%) and Saudi Arabia (-6.8%) illustrated a downward trend over the same period. The United Arab Emirates (+28 p.p.) significantly strengthened its position in terms of the total imports, while Oman and Saudi Arabia saw its share reduced by -3.4% and -24.3% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported ball and roller bearings in GCC, comprising 65% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 23% share of total imports.

In the United Arab Emirates, bearing imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (-2.0% per year) and Oman (+4.9% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, increasing by 6.5% against the previous year. In general, the import price, however, continues to indicate a deep setback. The most prominent rate of growth was recorded in 2020 an increase of 31%. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+7.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform