GCC: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in GCC

The GCC cranks and crankshafts market contracted to $X in 2022, falling by -6.5% against the previous year. Over the period under review, consumption showed a abrupt decrease. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Cranks And Crankshafts Production in GCC

In value terms, cranks and crankshafts production shrank to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the production volume increased by 41%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Cranks And Crankshafts Exports

Exports in GCC

In 2022, overseas shipments of cranks and crankshafts increased by 28% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports posted a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of 70%. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, cranks and crankshafts exports declined dramatically to $X in 2022. Over the period under review, exports posted a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of 68%. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, reaching X tons, which was near 88% of total exports in 2022. It was distantly followed by Bahrain (X tons), constituting an 8.1% share of total exports. Oman (X tons) followed a long way behind the leaders.

Exports from the United Arab Emirates increased at an average annual rate of +6.7% from 2012 to 2022. At the same time, Oman (+39.3%) and Bahrain (+27.7%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +39.3% from 2012-2022. Bahrain (+6.7 p.p.) and Oman (+3.7 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -2.4% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) remains the largest cranks and crankshafts supplier in GCC, comprising 83% of total exports. The second position in the ranking was held by Oman ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates stood at +8.7%. In the other countries, the average annual rates were as follows: Oman (+51.9% per year) and Bahrain (+10.9% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, reducing by -40.2% against the previous year. In general, the export price, however, showed a slight expansion. The pace of growth appeared the most rapid in 2020 when the export price increased by 78%. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Oman ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+9.0%), while the other leaders experienced mixed trends in the export price figures.

Cranks And Crankshafts Imports

Imports in GCC

In 2022, the amount of cranks and crankshafts imported in GCC totaled X tons, with an increase of 2.5% compared with the previous year's figure. Over the period under review, imports, however, recorded a abrupt descent. The pace of growth was the most pronounced in 2019 with an increase of 13%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, cranks and crankshafts imports fell modestly to $X in 2022. In general, imports, however, continue to indicate a noticeable decline. The most prominent rate of growth was recorded in 2019 with an increase of 26% against the previous year. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates represented the largest importing country with an import of about X tons, which accounted for 64% of total imports. It was distantly followed by Saudi Arabia (X tons), creating a 26% share of total imports. The following importers - Oman (X tons) and Kuwait (X tons) - together made up 7.2% of total imports.

From 2012 to 2022, average annual rates of growth with regard to cranks and crankshafts imports into the United Arab Emirates stood at +6.8%. At the same time, Oman (+23.4%) and Kuwait (+7.1%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +23.4% from 2012-2022. By contrast, Saudi Arabia (-16.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates, Oman and Kuwait increased by +46, +4 and +2.1 percentage points, respectively.

In value terms, the largest cranks and crankshafts importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X), with a combined 90% share of total imports.

In terms of the main importing countries, Oman, with a CAGR of +26.8%, saw 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

The import price in GCC stood at $X per ton in 2022, which is down by -4.4% against the previous year. Import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cranks and crankshafts import price increased by +9.5% against 2020 indices. The growth pace was the most rapid in 2016 when the import price increased by 19%. Over the period under review, import prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat 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 ($X per ton), while the United Arab Emirates ($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