GCC: Spherical Roller Bearing Market 2024

Spherical Roller Bearing Exports

Exports in GCC

In 2021, after two years of decline, there was significant growth in overseas shipments of spherical roller bearings, when their volume increased by 40% to X tons. In general, exports enjoyed strong growth. The pace of growth appeared the most rapid in 2017 with an increase of 230%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, spherical roller bearing exports skyrocketed to $X in 2021. Overall, exports saw resilient growth. The most prominent rate of growth was recorded in 2017 when exports increased by 337%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates prevails in exports structure, recording X tons, which was approx. 94% of total exports in 2021. Saudi Arabia (X tons) held a little share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +6.0% from 2012 to 2021. At the same time, Saudi Arabia (+9.8%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of +9.8% from 2012-2021. From 2012 to 2021, the share of the United Arab Emirates decreased by -1.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest spherical roller bearing supplier in GCC, comprising 94% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 4% share of total exports.

In the United Arab Emirates, spherical roller bearing exports expanded at an average annual rate of +10.3% over the period from 2012-2021.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, growing by 13% against the previous year. Export price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, spherical roller bearing export price decreased by -0.4% against 2019 indices. The pace of growth was the most pronounced in 2018 when the export price increased by 43%. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.1%).

Spherical Roller Bearing Imports

Imports in GCC

In 2021, supplies from abroad of spherical roller bearings increased by 25% to X tons, rising for the third consecutive year after four years of decline. Total imports indicated perceptible growth from 2012 to 2021: its volume increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +111.2% against 2018 indices. The pace of growth was the most pronounced in 2020 with an increase of 49% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; afterwards, it flattened through to 2021.

In value terms, spherical roller bearing imports skyrocketed to $X in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates was the major importing country with an import of about X tons, which accounted for 70% of total imports. It was distantly followed by Saudi Arabia (X tons), making up a 23% share of total imports. Oman (X tons) followed a long way behind the leaders.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of imports of spherical roller bearings. At the same time, Saudi Arabia (+15.9%) and Oman (+15.1%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in GCC, with a CAGR of +15.9% from 2012-2021. Saudi Arabia (+15 p.p.) and Oman (+2.6 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by -17.4% from 2012 to 2021, respectively.

In value terms, the largest spherical roller bearing importing markets in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X), with a combined 95% share of total imports.

Saudi Arabia, with a CAGR of +24.1%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, rising by 5.9% against the previous year. In general, the import price, however, saw a perceptible setback. The pace of growth appeared the most rapid in 2017 when the import price increased by 31%. Over the period under review, import prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: 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 (+7.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform