GCC: Aircraft Tyre Market 2024

Aircraft Tyre Market Size in GCC

In 2021, the GCC aircraft tyre market decreased by -21.2% to $X, falling for the second year in a row after three years of growth. The total consumption indicated mild 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 decreased by -37.7% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Aircraft Tyre Production in GCC

In value terms, aircraft tyre production reduced to $X in 2021 estimated in export price. In general, production, however, recorded a buoyant increase. The pace of growth was the most pronounced in 2014 when the production volume increased by 166% against the previous year. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Aircraft Tyre Exports

Exports in GCC

In 2021, shipments abroad of tyres for aircraft was finally on the rise to reach X units after two years of decline. Overall, exports recorded a pronounced increase. The growth pace was the most rapid in 2015 when exports increased by 140% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, aircraft tyre exports surged to $X in 2021. Over the period under review, exports enjoyed mild growth. The growth pace was the most rapid in 2015 with an increase of 85% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, the United Arab Emirates (X units) was the largest exporter of tyres for aircraft, creating 69% of total exports. Oman (X units) ranks second in terms of the total exports with an 18% share, followed by Saudi Arabia (7.4%). Kuwait (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to aircraft tyre exports from the United Arab Emirates stood at +5.8%. At the same time, Oman (+48.1%) and Kuwait (+32.5%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +48.1% from 2012-2021. By contrast, Saudi Arabia (-6.2%) illustrated a downward trend over the same period. The United Arab Emirates (+19 p.p.), Oman (+17 p.p.) and Kuwait (+3.8 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by -8.3% from 2012 to 2021, respectively.

In value terms, the largest aircraft tyre supplying countries in GCC were the United Arab Emirates ($X), Oman ($X) and Saudi Arabia ($X), together comprising 91% of total exports.

Oman, with a CAGR of +57.3%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per unit, rising by 8.7% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the export price increased by 53% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Saudi Arabia ($X per unit), while the United Arab Emirates ($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 (+11.2%), while the other leaders experienced more modest paces of growth.

Aircraft Tyre Imports

Imports in GCC

In 2021, purchases abroad of tyres for aircraft decreased by -23.6% to X units, falling for the second consecutive year after two years of growth. Over the period under review, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 37%. Over the period under review, imports attained the maximum at X units in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, aircraft tyre imports contracted dramatically to $X in 2021. Overall, imports recorded a pronounced downturn. The pace of growth was the most pronounced in 2014 with an increase of 25%. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates dominates imports structure, recording X units, which was near 85% of total imports in 2021. Kuwait (X units) ranks second in terms of the total imports with a 7.7% share, followed by Oman (5.7%). Bahrain (X units) followed a long way behind the leaders.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of imports of tyres for aircraft. At the same time, Kuwait (+9.2%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of +9.2% from 2012-2021. By contrast, Bahrain (-5.7%) and Oman (-7.7%) illustrated a downward trend over the same period. The United Arab Emirates (+10 p.p.) and Kuwait (+4.4 p.p.) significantly strengthened its position in terms of the total imports, while Oman saw its share reduced by -5.1% 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 ($X) constitutes the largest market for imported tyres for aircraft in GCC, comprising 64% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 6.4% share of total imports. It was followed by Oman, with a 2.8% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (+9.4% per year) and Oman (-5.4% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per unit, increasing by 5.7% against the previous year. Over the period under review, the import price, however, continues to indicate a mild curtailment. The growth pace was the most rapid in 2014 an increase of 13%. As a result, import price attained the peak level of $X per unit. From 2015 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Bahrain ($X per unit), while Oman ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform