GCC: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in GCC

The GCC grinding and sharpening machine market rose remarkably to $X in 2022, surging by 8.3% against the previous year. Over the period under review, consumption continues to indicate strong growth. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Production of Grinding And Sharpening Metal Finishing Machines in GCC

In value terms, grinding and sharpening machine production rose slightly to $X in 2022 estimated in export price. In general, production continues to indicate resilient growth. The most prominent rate of growth was recorded in 2017 with an increase of 54%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports in GCC

In 2022, approx. X units of grinding and sharpening metal finishing machines were exported in GCC; shrinking by -3.5% compared with the previous year. Overall, exports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 301%. Over the period under review, the exports reached the peak figure at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, grinding and sharpening machine exports contracted notably to $X in 2022. Over the period under review, exports recorded a pronounced curtailment. The pace of growth appeared the most rapid in 2018 with an increase of 160% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates prevails in exports structure, reaching X units, which was approx. 82% of total exports in 2022. Bahrain (X units) ranks second in terms of the total exports with an 8.3% share, followed by Saudi Arabia (6.9%). Oman (X units) took a relatively small share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +10.0% from 2012 to 2022. At the same time, Bahrain (+16.2%) and Oman (+6.1%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +16.2% from 2012-2022. By contrast, Saudi Arabia (-11.9%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+30 p.p.) and Bahrain (+5.3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Saudi Arabia (-33.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest grinding and sharpening machine supplier in GCC, comprising 65% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 25% share of total exports. It was followed by Oman, with a 7.5% share.

In the United Arab Emirates, grinding and sharpening machine exports expanded at an average annual rate of +15.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (-15.5% per year) and Oman (+15.3% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per unit, waning by -31.4% against the previous year. Over the period under review, the export price showed a abrupt setback. The most prominent rate of growth was recorded in 2019 when the export price increased by 193%. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat 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 Saudi Arabia ($X per unit), while Bahrain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+8.6%), while the other leaders experienced mixed trends in the export price figures.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports in GCC

In 2022, overseas purchases of grinding and sharpening metal finishing machines increased by 58% to X units for the first time since 2018, thus ending a three-year declining trend. Overall, imports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of 380% against the previous year. As a result, imports reached the peak of X units. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, grinding and sharpening machine imports declined to $X in 2022. Over the period under review, imports, however, recorded a abrupt descent. The most prominent rate of growth was recorded in 2014 when imports increased by 97% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X units) and Bahrain (X units) were the major importers of grinding and sharpening metal finishing machines in GCC, together reaching near 82% of total imports. Kuwait (X units) ranks next in terms of the total imports with an 11% share, followed by Qatar (4.7%). Oman (X units) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Bahrain (with a CAGR of +22.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported grinding and sharpening metal finishing machines in GCC, comprising 72% of total imports. The second position in the ranking was held by Kuwait ($X), with a 14% share of total imports. It was followed by Oman, with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled +6.5%. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (+10.6% per year) and Oman (-17.4% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per unit, which is down by -44% against the previous year. Over the period under review, the import price saw a deep slump. The pace of growth appeared the most rapid in 2015 an increase of 54%. Over the period under review, import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($X per unit), while Bahrain ($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 (+3.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform