GCC: Transmission Shaft Market 2024

Transmission Shaft Exports

Exports in GCC

In 2022, overseas shipments of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Total exports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -38.1% against 2016 indices. The growth pace was the most rapid in 2013 with an increase of 37%. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, transmission shaft exports reduced to $X in 2022. Total exports indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -37.4% against 2017 indices. The pace of growth appeared the most rapid in 2015 with an increase of 37% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates prevails in exports structure, accounting for X tons, which was near 88% of total exports in 2022. It was distantly followed by Oman (X tons), creating a 5.6% share of total exports. The following exporters - Bahrain (X tons) and Saudi Arabia (X tons) - together made up 5.4% of total exports.

From 2012 to 2022, average annual rates of growth with regard to transmission shaft exports from the United Arab Emirates stood at +5.4%. At the same time, Bahrain (+22.2%) and Saudi Arabia (+4.2%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +22.2% from 2012-2022. By contrast, Oman (-7.5%) illustrated a downward trend over the same period. The United Arab Emirates (+11 p.p.) and Bahrain (+2.6 p.p.) significantly strengthened its position in terms of the total exports, while Oman saw its share reduced by -12.7% 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 ($X) remains the largest transmission shaft supplier in GCC, comprising 81% of total exports. The second position in the ranking was held by Oman ($X), with an 8.9% share of total exports. It was followed by Saudi Arabia, with a 6.1% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates stood at +3.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (-4.8% per year) and Saudi Arabia (-6.7% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, declining by -20.1% against the previous year. Over the period under review, the export price showed a pronounced downturn. The most prominent rate of growth was recorded in 2017 when the export price increased by 33%. The level of export peaked at $X per ton in 2021, and then declined sharply in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, 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 2022, the most notable rate of growth in terms of prices was attained by Oman (+2.9%), while the other leaders experienced a decline in the export price figures.

Transmission Shaft Imports

Imports in GCC

In 2022, purchases abroad of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain decreased by -3.6% to X tons, falling for the second consecutive year after three years of growth. Overall, imports showed a mild decrease. The growth pace was the most rapid in 2019 when imports increased by 25% against the previous year. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, transmission shaft imports declined to $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 when imports increased by 24% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates was the key importer of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain in GCC, with the volume of imports finishing at X tons, which was near 58% of total imports in 2022. Saudi Arabia (X tons) ranks second in terms of the total imports with a 27% share, followed by Oman (8.1%). Kuwait (X tons) and Qatar (X tons) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to transmission shaft imports into the United Arab Emirates stood at +7.6%. At the same time, Oman (+8.7%), Kuwait (+2.5%) and Qatar (+1.0%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +8.7% from 2012-2022. By contrast, Saudi Arabia (-10.0%) illustrated a downward trend over the same period. The United Arab Emirates (+34 p.p.) and Oman (+5.1 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by -41% 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 ($X) constitutes the largest market for imported transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain in GCC, comprising 60% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 22% share of total imports. It was followed by Oman, with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled +4.6%. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (-9.2% per year) and Oman (+5.3% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, shrinking by -5% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 21% against the previous year. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood 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 ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform