GCC: Market for Machines For Balancing Mechanical Parts 2024

Market Size for Machines For Balancing Mechanical Parts in GCC

The GCC balancing mechanical parts machine market reduced to $X in 2021, falling by -4.4% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Machines For Balancing Mechanical Parts in GCC

In value terms, balancing mechanical parts machine production reduced to $X in 2021 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 47%. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Exports of Machines For Balancing Mechanical Parts

Exports in GCC

In 2021, approx. X units of machines for balancing mechanical parts were exported in GCC; dropping by -3.5% against 2020 figures. In general, exports, however, continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 214% against the previous year. As a result, the exports attained the peak of X units. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, balancing mechanical parts machine exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded strong growth. The pace of growth was the most pronounced in 2017 when exports increased by 250% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates represented the key exporting country with an export of around X units, which finished at 69% of total exports. Kuwait (X units) held the second position in the ranking, distantly followed by Oman (X units). All these countries together took near 25% share of total exports. Saudi Arabia (X units) held a relatively small share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +4.7% from 2012 to 2021. At the same time, Kuwait (+101.0%), Saudi Arabia (+63.8%) and Oman (+19.5%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of +101.0% from 2012-2021. Kuwait (+17 p.p.), Oman (+4.9 p.p.) and Saudi Arabia (+4 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -26.5% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) remains the largest balancing mechanical parts machine supplier in GCC, comprising 56% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 25% share of total exports. It was followed by Kuwait, with a 9.4% share.

In the United Arab Emirates, balancing mechanical parts machine exports increased at an average annual rate of +11.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+46.9% per year) and Kuwait (+62.2% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per unit, with an increase of 38% against the previous year. Overall, the export price continues to indicate a resilient increase. The pace of growth appeared the most rapid in 2013 when the export price increased by 87%. Over the period under review, the export prices reached the peak figure at $X per unit 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, the country with the highest price was Saudi Arabia ($X per unit), while Kuwait ($X per unit) 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 (+6.1%), while the other leaders experienced a decline in the export price figures.

Imports of Machines For Balancing Mechanical Parts

Imports in GCC

In 2021, approx. X units of machines for balancing mechanical parts were imported in GCC; with a decrease of -14.6% on 2020 figures. Overall, imports recorded a mild reduction. The pace of growth appeared the most rapid in 2014 with an increase of 97% against the previous year. As a result, imports attained the peak of X units. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, balancing mechanical parts machine imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate a pronounced contraction. The pace of growth appeared the most rapid in 2018 with an increase of 42% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United Arab Emirates (X units) represented the key importer of machines for balancing mechanical parts, creating 59% of total imports. It was distantly followed by Kuwait (X units) and Oman (X units), together committing a 37% share of total imports. Qatar (X units) took a relatively small share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +4.8% from 2012 to 2021. At the same time, Kuwait (+21.0%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of +21.0% from 2012-2021. By contrast, Oman (-12.3%) and Qatar (-14.3%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+24 p.p.) and Kuwait (+17 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Qatar (-9.3 p.p.) and Oman (-31.4 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported machines for balancing mechanical parts in GCC, comprising 24% of total imports. The second position in the ranking was taken by Qatar ($X), with a 9.3% share of total imports. It was followed by Kuwait, with an 8.4% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates amounted to -1.1%. In the other countries, the average annual rates were as follows: Qatar (-5.7% per year) and Kuwait (+11.7% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2021, picking up by 58% against the previous year. In general, the import price, however, recorded a noticeable decline. The most prominent rate of growth was recorded in 2018 an increase of 82% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Qatar ($X per unit), while Oman ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+10.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform