GCC: Rock Cutter Market 2024

Rock Cutter Market Size in GCC

In 2022, the GCC rock cutter market increased by 7.1% to $X, rising for the second year in a row after two years of decline. In general, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Rock Cutter Production in GCC

In value terms, rock cutter production reached $X in 2022 estimated in export price. The total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.0% against 2020 indices. The growth pace was the most rapid in 2015 with an increase of 41% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Rock Cutter Exports

Exports in GCC

In 2022, overseas shipments of coal or rock cutters and tunnelling machinery decreased by -26.3% to X units for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2019 when exports increased by 473%. The volume of export peaked at X units in 2021, and then shrank sharply in the following year.

In value terms, rock cutter exports contracted significantly to $X in 2022. In general, exports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2019 when exports increased by 401%. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, the United Arab Emirates (X units) represented the major exporter of coal or rock cutters and tunnelling machinery, committing 43% of total exports. It was distantly followed by Saudi Arabia (X units), Oman (X units) and Kuwait (X units), together creating a 56% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +26.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) remains the largest rock cutter supplier in GCC, comprising 54% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 24% share of total exports. It was followed by Oman, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +20.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+8.6% per year) and Oman (+21.2% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per unit, surging by 9.5% against the previous year. Over the period under review, the export price saw noticeable growth. The most prominent rate of growth was recorded in 2017 an increase of 65% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while Oman ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+7.4%), while the other leaders experienced more modest paces of growth.

Rock Cutter Imports

Imports in GCC

Rock cutter imports contracted to X units in 2022, waning by -7.7% compared with 2021 figures. Over the period under review, imports, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 301% against the previous year. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, rock cutter imports contracted sharply to $X in 2022. Overall, imports, however, enjoyed a slight increase. The most prominent rate of growth was recorded in 2015 with an increase of 215%. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Qatar was the key importer of coal or rock cutters and tunnelling machinery in GCC, with the volume of imports recording X units, which was near 51% of total imports in 2022. The United Arab Emirates (X units) held the second position in the ranking, distantly followed by Oman (X units), Kuwait (X units) and Bahrain (X units). All these countries together took near 49% share of total imports.

Qatar was also the fastest-growing in terms of the coal or rock cutters and tunnelling machinery imports, with a CAGR of +33.6% from 2012 to 2022. At the same time, Kuwait (+28.5%), Bahrain (+8.5%) and Oman (+3.8%) displayed positive paces of growth. By contrast, the United Arab Emirates (-4.0%) illustrated a downward trend over the same period. Qatar (+45 p.p.) and Kuwait (+7.2 p.p.) significantly strengthened its position in terms of the total imports, while Oman and the United Arab Emirates saw its share reduced by -6% and -46.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Qatar ($X), the United Arab Emirates ($X) and Kuwait ($X) constituted the countries with the highest levels of imports in 2022, with a combined 60% share of total imports.

In terms of the main importing countries, Kuwait, with a CAGR of +74.0%, recorded 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.

Import Prices by Country

The import price in GCC stood at $X per unit in 2022, falling by -17.9% against the previous year. In general, the import price recorded a abrupt downturn. The most prominent rate of growth was recorded in 2015 when the import price increased by 288%. As a result, import price reached the peak level of $X per unit. From 2016 to 2022, 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 ($X per unit), while Bahrain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+35.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform