GCC: Working Wire Machine Market 2024

Working Wire Machine Market Size in GCC

After two years of decline, the GCC working wire machine market increased by 160% to $X in 2021. Overall, consumption enjoyed a prominent increase. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Working Wire Machine Production in GCC

In value terms, working wire machine production shrank sharply to $X in 2021 estimated in export price. Over the period under review, production, however, showed a remarkable increase. The pace of growth appeared the most rapid in 2018 with an increase of 217% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Working Wire Machine Exports

Exports in GCC

In 2021, shipments abroad of machines for working wire was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports showed a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 235% against the previous year. Over the period under review, the exports reached the maximum at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, working wire machine exports surged to $X in 2021. In general, exports enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2017 with an increase of 439%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Saudi Arabia (X units) and the United Arab Emirates (X units) dominates exports structure, together constituting 94% of total exports. Bahrain (X units) and Oman (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Saudi Arabia (with a CAGR of +35.1%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) emerged as the largest working wire machine supplier in GCC, comprising 75% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 23% share of total exports. It was followed by Bahrain, with a 1.3% share.

In the United Arab Emirates, working wire machine exports expanded at an average annual rate of +7.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+27.5% per year) and Bahrain (+9.6% per year).

Export Prices by Country

The export price in GCC stood at $X per unit in 2021, rising by 19% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the export price increased by 61%. Over the period under review, the export prices attained the maximum at $X per unit in 2018; however, from 2019 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 the United Arab Emirates ($X per unit), while Bahrain ($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 (+5.4%), while the other leaders experienced mixed trends in the export price figures.

Working Wire Machine Imports

Imports in GCC

In 2021, the amount of machines for working wire imported in GCC skyrocketed to X units, increasing by 343% against the previous year's figure. Overall, imports showed a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, working wire machine imports surged to $X in 2021. In general, imports posted a modest increase. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

The United Arab Emirates was the main importing country with an import of about X units, which reached 77% of total imports. Qatar (X units) held the second position in the ranking, followed by Kuwait (X units) and Oman (X units). All these countries together held approx. 23% share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +14.9% from 2012 to 2021. At the same time, Qatar (+24.2%), Oman (+16.2%) and Kuwait (+2.8%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +24.2% from 2012-2021. While the share of Qatar (+6.4 p.p.) and the United Arab Emirates (+3.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Kuwait (-8.8 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 ($X) constitutes the largest market for imported machines for working wire in GCC, comprising 48% of total imports. The second position in the ranking was held by Oman ($X), with a 9.7% share of total imports. It was followed by Qatar, with a 3.3% share.

In the United Arab Emirates, working wire machine imports expanded at an average annual rate of +14.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Oman (+12.4% per year) and Qatar (+8.4% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2021, reducing by -51.6% against the previous year. In general, the import price recorded a deep reduction. The pace of growth was the most pronounced in 2020 an increase of 179% against the previous year. Over the period under review, import prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2021, 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 Oman ($X per unit), while Kuwait ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+1.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform