GCC: Hollow Drill Bar Market 2024

Hollow Drill Bar Market Size in GCC

The GCC hollow drill bar market reduced notably to $X in 2021, which is down by -17.5% against the previous year. Overall, consumption, however, posted a noticeable expansion. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Hollow Drill Bar Production in GCC

In value terms, hollow drill bar production expanded sharply to $X in 2021 estimated in export price. Overall, production showed a tangible increase. The pace of growth was the most pronounced in 2016 when the production volume increased by 421%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Hollow Drill Bar Exports

Exports in GCC

In 2021, hollow drill bar exports in GCC contracted rapidly to X tons, reducing by -20.3% against 2020 figures. In general, exports continue to indicate a mild setback. The most prominent rate of growth was recorded in 2013 with an increase of 105% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, hollow drill bar exports reduced sharply to $X in 2021. Overall, exports, however, showed a slight increase. The most prominent rate of growth was recorded in 2013 with an increase of 269%. The level of export peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates represented the main exporter of hollow drill bars and rods in GCC, with the volume of exports amounting to X tons, which was near 79% of total exports in 2021. It was distantly followed by Saudi Arabia (X tons) and Kuwait (X tons), together creating a 21% share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -3.7% from 2012 to 2021. At the same time, Kuwait (+71.5%) and Saudi Arabia (+48.7%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of +71.5% from 2012-2021. While the share of Saudi Arabia (+14 p.p.) and Kuwait (+6.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-20 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Kuwait ($X) were the countries with the highest levels of exports in 2021, with a combined 99% share of total exports.

Among the main exporting countries, Saudi Arabia, with a CAGR of +50.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, leveling off at the previous year. In general, the export price, however, enjoyed a temperate expansion. The most prominent rate of growth was recorded in 2013 an increase of 80%. The level of export peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, 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 Saudi Arabia (+1.0%), while the other leaders experienced a decline in the export price figures.

Hollow Drill Bar Imports

Imports in GCC

In 2021, approx. X tons of hollow drill bars and rods were imported in GCC; shrinking by -94.3% compared with the year before. Over the period under review, imports continue to indicate a sharp reduction. The pace of growth appeared the most rapid in 2017 with an increase of 1,146% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, hollow drill bar imports fell notably to $X in 2021. Overall, imports faced a precipitous decrease. The pace of growth appeared the most rapid in 2017 when imports increased by 355% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Oman (X tons) was the main importer of hollow drill bars and rods, generating 64% of total imports. It was distantly followed by Bahrain (X tons), the United Arab Emirates (X tons) and Kuwait (X tons), together constituting a 32% share of total imports. Qatar (X tons) held a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to hollow drill bar imports into Oman stood at -2.8%. At the same time, Bahrain (+13.9%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +13.9% from 2012-2021. By contrast, the United Arab Emirates (-14.8%), Kuwait (-19.2%) and Qatar (-21.8%) illustrated a downward trend over the same period. Oman (+57 p.p.), Bahrain (+17 p.p.), the United Arab Emirates (+5.9 p.p.) and Kuwait (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest hollow drill bar importing markets in GCC were Bahrain ($X), Oman ($X) and the United Arab Emirates ($X), with a combined 84% share of total imports.

Among the main importing countries, Bahrain, with a CAGR of +9.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, picking up by 105% against the previous year. In general, the import price, however, saw a pronounced curtailment. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+8.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform