GCC: Metal Self-Locking Nut Market 2024

Metal Self-Locking Nut Exports

Exports in GCC

In 2021, the amount of iron or steel nuts (including self-locking nuts) exported in GCC shrank rapidly to X tons, waning by -35.9% against the previous year's figure. Total exports indicated mild growth from 2012 to 2021: its volume increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -41.4% against 2018 indices. The growth pace was the most rapid in 2020 when exports increased by 42% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, metal self-locking nut exports dropped rapidly to $X in 2021. Over the period under review, exports, however, saw a strong expansion. The growth pace was the most rapid in 2018 with an increase of 44% against the previous year. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates prevails in exports structure, reaching X tons, which was approx. 95% of total exports in 2021. The following exporters - Oman (X tons) and Saudi Arabia (X tons) - each reached a 4.6% share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +2.1% from 2012 to 2021. At the same time, Oman (+14.7%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +14.7% from 2012-2021. By contrast, Saudi Arabia (-11.9%) illustrated a downward trend over the same period. The United Arab Emirates (+5.9 p.p.) and Oman (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by -5.5% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) remains the largest metal self-locking nut supplier in GCC, comprising 92% of total exports. The second position in the ranking was held by Oman ($X), with a 3.9% share of total exports.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates amounted to +7.6%. In the other countries, the average annual rates were as follows: Oman (+19.6% per year) and Saudi Arabia (-11.0% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, surging by 13% against the previous year. In general, the export price saw a temperate expansion. The growth pace was the most rapid in 2019 when the export price increased by 115%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.4%), while the other leaders experienced more modest paces of growth.

Metal Self-Locking Nut Imports

Imports in GCC

Metal self-locking nut imports reduced rapidly to X tons in 2021, waning by -19.7% on the previous year's figure. In general, imports continue to indicate a perceptible decline. The most prominent rate of growth was recorded in 2013 when imports increased by 26%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, metal self-locking nut imports shrank to $X in 2021. Over the period under review, imports continue to indicate a perceptible shrinkage. The pace of growth appeared the most rapid in 2013 with an increase of 118%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the key importing country with an import of around X tons, which reached 58% of total imports. Saudi Arabia (X tons) held a 29% share (based on physical terms) of total imports, which put it in second place, followed by Qatar (6.8%). The following importers - Kuwait (X tons) and Oman (X tons) - each finished at a 5.1% share of total imports.

Imports into the United Arab Emirates decreased at an average annual rate of -3.9% from 2012 to 2021. At the same time, Qatar (+10.7%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +10.7% from 2012-2021. By contrast, Oman (-1.5%), Kuwait (-4.1%) and Saudi Arabia (-5.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Qatar increased by +4.9 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported iron or steel nuts (including self-locking nuts) in GCC, comprising 59% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 24% share of total imports. It was followed by Qatar, with a 7% share.

In the United Arab Emirates, metal self-locking nut imports declined by an average annual rate of -5.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (-5.4% per year) and Qatar (+9.5% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, growing by 13% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the import price increased by 73% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+9.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform