Kuwait: Bearing Market 2024

Bearing Market Size in Kuwait

The Kuwaiti bearing market dropped slightly to $X in 2022, shrinking by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Bearing consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Bearing Exports

Exports from Kuwait

In 2022, overseas shipments of ball or roller bearings increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports saw a perceptible increase. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, bearing exports soared to $X in 2022. In general, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 when exports increased by X% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons), Singapore (X kg) and the United States (X kg) were the main destinations of bearing exports from Kuwait.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of X.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for bearing exported from Kuwait were the United States ($X), the United Arab Emirates ($X) and Hong Kong SAR ($X).

Among the main countries of destination, the United States, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average bearing export price stood at $X per ton in 2021, remaining relatively unchanged against the previous year. Over the period under review, the export price, however, recorded a pronounced decrease. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Iran (X%), while the prices for the other major destinations experienced mixed trend patterns.

Bearing Imports

Imports into Kuwait

In 2022, purchases abroad of ball or roller bearings was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, total imports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, bearing imports reduced to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of X%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X tons), China (X tons) and Poland (X tons) were the main suppliers of bearing imports to Kuwait, together comprising X% of total imports. The United States, Singapore, Japan, Germany, Thailand, Italy, Mexico, South Korea, Austria and Portugal lagged somewhat behind, together accounting for a further X%.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constituted the largest supplier of ball or roller bearings to Kuwait, comprising X% of total imports. The second position in the ranking was held by Germany ($X), with a X% share of total imports. It was followed by Singapore, with an X% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Singapore (X% per year).

Import Prices by Country

In 2021, the average bearing import price amounted to $X per ton, surging by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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