GCC: Tapered Roller Bearing Market 2024

Tapered Roller Bearing Market Size in GCC

The GCC tapered roller bearing market surged to $X in 2021, picking up by 19% against the previous year. The total consumption indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +74.7% against 2018 indices. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in the immediate term.

Tapered Roller Bearing Production in GCC

In value terms, tapered roller bearing production rose significantly to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 48%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Tapered Roller Bearing Exports

Exports in GCC

In 2021, the amount of tapered roller bearings exported in GCC shrank to X tons, falling by -12.7% against 2020. Over the period under review, exports showed a deep slump. The pace of growth appeared the most rapid in 2017 when exports increased by 86% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, tapered roller bearing exports expanded modestly to $X in 2021. Overall, exports, however, enjoyed resilient growth. The pace of growth appeared the most rapid in 2017 when exports increased by 170%. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

In 2021, the United Arab Emirates (X tons) was the largest exporter of tapered roller bearings, constituting 86% of total exports. It was distantly followed by Oman (X tons), constituting an 11% share of total exports. Bahrain (X tons) held a minor share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -7.4% from 2012 to 2021. At the same time, Oman (+70.8%) and Bahrain (+25.1%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +70.8% from 2012-2021. From 2012 to 2021, the share of Oman increased by +11 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest tapered roller bearing supplier in GCC, comprising 89% of total exports. The second position in the ranking was taken by Oman ($X), with a 5.9% share of total exports.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates totaled +5.8%. In the other countries, the average annual rates were as follows: Oman (+51.8% per year) and Bahrain (+12.1% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, picking up by 20% against the previous year. Overall, the export price saw resilient growth. The pace of growth appeared the most rapid in 2017 an increase of 45% against the previous year. Over the period under review, the export prices attained the maximum in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($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 (+14.3%), while the other leaders experienced a decline in the export price figures.

Tapered Roller Bearing Imports

Imports in GCC

Tapered roller bearing imports skyrocketed to X tons in 2021, with an increase of 21% on the previous year. Total imports indicated a moderate expansion from 2012 to 2021: its volume increased at an average annual rate of +3.9% 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 +129.5% against 2018 indices. The growth pace was the most rapid in 2019 with an increase of 102%. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in years to come.

In value terms, tapered roller bearing imports skyrocketed to $X in 2021. In general, imports, however, showed a mild decrease. The most prominent rate of growth was recorded in 2019 with an increase of 30% against the previous year. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) represented the major importer of tapered roller bearings, comprising 84% of total imports. It was distantly followed by Saudi Arabia (X tons), making up a 10% share of total imports. Oman (X tons) held a relatively small share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +3.7% from 2012 to 2021. At the same time, Oman (+24.4%) and Saudi Arabia (+1.4%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +24.4% from 2012-2021. Oman (+2.8 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by -2.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported tapered roller bearings in GCC, comprising 75% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 13% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates totaled -2.4%. In the other countries, the average annual rates were as follows: Saudi Arabia (+0.7% per year) and Oman (+16.8% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, falling by -4.1% against the previous year. Over the period under review, the import price saw a noticeable decrease. The pace of growth appeared the most rapid in 2013 when the import price increased by 11% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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 Saudi Arabia (-0.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform