GCC: Machine-Tool For Drilling Market 2024

Machine-Tool For Drilling Market Size in GCC

The GCC machine-tool for drilling market reached $X in 2022, approximately mirroring the previous year. Overall, consumption recorded a slight expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Machine-Tool For Drilling Production in GCC

In value terms, machine-tool for drilling production fell modestly to $X in 2022 estimated in export price. Overall, production, however, recorded resilient growth. The pace of growth was the most pronounced in 2018 with an increase of 83% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Machine-Tool For Drilling Exports

Exports in GCC

In 2022, after two years of growth, there was significant decline in shipments abroad of machine-tools for drilling, boring or milling metal, when their volume decreased by -15.7% to X units. In general, exports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2021 when exports increased by 118%. As a result, the exports reached the peak of X units, and then shrank markedly in the following year.

In value terms, machine-tool for drilling exports totaled $X in 2022. Overall, exports recorded a abrupt contraction. The growth pace was the most rapid in 2018 when exports increased by 99% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates represented the largest exporting country with an export of around X units, which finished at 77% of total exports. It was distantly followed by Kuwait (X units), achieving an 18% share of total exports. Bahrain (X units) took a relatively small share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +4.3% from 2012 to 2022. At the same time, Kuwait (+39.1%) and Bahrain (+5.5%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of +39.1% from 2012-2022. Kuwait (+17 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -12.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest machine-tool for drilling supplier in GCC, comprising 51% of total exports. The second position in the ranking was taken by Kuwait ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled -8.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Kuwait (+12.2% per year) and Bahrain (-19.0% per year).

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, picking up by 19% against the previous year. In general, the export price, however, saw a abrupt slump. The growth pace was the most rapid in 2018 an increase of 66% against the previous year. Over the period under review, the export prices attained the peak figure at $X per unit in 2012; however, from 2013 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 Bahrain ($X per unit), while Kuwait ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-12.7%), while the other leaders experienced a decline in the export price figures.

Machine-Tool For Drilling Imports

Imports in GCC

In 2022, purchases abroad of machine-tools for drilling, boring or milling metal increased by 25% to X units, rising for the second year in a row after two years of decline. In general, imports, however, saw a abrupt contraction. The most prominent rate of growth was recorded in 2018 with an increase of 25%. Over the period under review, imports attained the peak figure at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, machine-tool for drilling imports contracted notably to $X in 2022. Over the period under review, imports, however, showed a deep contraction. The most prominent rate of growth was recorded in 2013 with an increase of 21%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The United Arab Emirates dominates imports structure, amounting to X units, which was approx. 80% of total imports in 2022. Oman (X units) took a 6.8% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (6.5%). The following importers - Bahrain (X units) and Qatar (X units) - each resulted at a 6.4% share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the machine-tools for drilling, boring or milling metal imports, with a CAGR of +1.2% from 2012 to 2022. Bahrain experienced a relatively flat trend pattern. Kuwait (-3.4%), Oman (-5.3%) and Qatar (-29.8%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+44 p.p.), Kuwait (+1.8 p.p.) and Bahrain (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Qatar (-48.5 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 ($X) constitutes the largest market for imported machine-tools for drilling, boring or milling metal in GCC, comprising 68% of total imports. The second position in the ranking was held by Qatar ($X), with an 11% share of total imports. It was followed by Kuwait, with a 9.9% share.

In the United Arab Emirates, machine-tool for drilling imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (+3.8% per year) and Kuwait (+3.9% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per unit, falling by -41.7% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 112%. As a result, import price attained the peak level of $X per unit. From 2014 to 2022, the import prices remained 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 Qatar ($X per unit), while Bahrain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+48.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform