GCC: Shaft Coupling Market 2024

Shaft Coupling Market Size in GCC

In 2022, the GCC shaft coupling market increased by 0.5% to $X, rising for the second year in a row after two years of decline. In general, consumption, however, showed a deep setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Shaft Coupling Production in GCC

In value terms, shaft coupling production reduced rapidly to $X in 2022 estimated in export price. In general, production showed a abrupt curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 70%. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Shaft Coupling Exports

Exports in GCC

In 2022, shipments abroad of clutches and shaft couplings decreased by -31.3% to X tons, falling for the third year in a row after three years of growth. In general, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when exports increased by 98% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, shaft coupling exports shrank remarkably to $X in 2022. Overall, exports showed a pronounced reduction. The most prominent rate of growth was recorded in 2017 with an increase of 100%. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates prevails in exports structure, reaching X tons, which was near 95% of total exports in 2022. Oman (X tons) followed a long way behind the leaders.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of exports of clutches and shaft couplings. At the same time, Oman (+17.5%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +17.5% from 2012-2022. While the share of Oman (+3 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest shaft coupling supplier in GCC, comprising 91% of total exports. The second position in the ranking was taken by Oman ($X), with a 6% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled -4.7%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, growing by 14% against the previous year. In general, the export price, however, continues to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2014 an increase of 23% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+1.9%).

Shaft Coupling Imports

Imports in GCC

In 2022, imports of clutches and shaft couplings in GCC totaled X tons, growing by 2.2% on the previous year. In general, imports, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2019 when imports increased by 27% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, shaft coupling imports reduced slightly to $X in 2022. Overall, imports, however, saw a slight decrease. The pace of growth appeared the most rapid in 2018 when imports increased by 21% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates represented the largest importer of clutches and shaft couplings in GCC, with the volume of imports reaching X tons, which was near 55% of total imports in 2022. Saudi Arabia (X tons) took a 30% share (based on physical terms) of total imports, which put it in second place, followed by Oman (5%) and Qatar (4.8%). Kuwait (X tons) and Bahrain (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the United Arab Emirates (with a CAGR of +14.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest shaft coupling importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X), with a combined 86% share of total imports. Qatar, Kuwait and Bahrain lagged somewhat behind, together comprising a further 14%.

In terms of the main importing countries, Bahrain, with a CAGR of +11.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, reducing by -2.9% against the previous year. Import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, shaft coupling import price decreased by -29.8% against 2018 indices. The most prominent rate of growth was recorded in 2018 an increase of 30% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Kuwait ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+7.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform