Kuwait: Market for Buckets, Shovels, Grabs And Grips For Ships’ Derricks And Cranes 2024

Market Size for Buckets, Shovels, Grabs And Grips For Ships’ Derricks And Cranes in Kuwait

The Kuwaiti market for buckets, shovels, grabs and grips for ships’ derricks and cranes amounted to $X in 2022, rising by 2% against the previous year. Over the period under review, consumption, however, enjoyed prominent growth. Ship derrick buckets and shovels consumption peaked in 2022 and is expected to retain growth in the immediate term.

Production of Buckets, Shovels, Grabs And Grips For Ships’ Derricks And Cranes in Kuwait

In value terms, ship derrick buckets and shovels production rose notably to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a buoyant increase. The pace of growth was the most pronounced in 2020 with an increase of 49% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Exports of Buckets, Shovels, Grabs And Grips For Ships’ Derricks And Cranes

Exports from Kuwait

In 2022, after three years of decline, there was significant growth in shipments abroad of buckets, shovels, grabs and grips for ships’ derricks and cranes, when their volume increased by 1,179% to X units. Overall, exports, however, showed a mild contraction. The pace of growth appeared the most rapid in 2018 with an increase of 2,085% against the previous year. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, ship derrick buckets and shovels exports surged to $X in 2022. Over the period under review, exports enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2018 with an increase of 3,924%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Qatar (X units) was the main destination for ship derrick buckets and shovels exports from Kuwait, with a 61% share of total exports. Moreover, ship derrick buckets and shovels exports to Qatar exceeded the volume sent to the second major destination, the United Arab Emirates (X units), fourfold. South Korea (X units) ranked third in terms of total exports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Qatar amounted to +27.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+13.3% per year) and South Korea (+33.5% per year).

In value terms, the largest markets for ship derrick buckets and shovels exported from Kuwait were Qatar ($X), South Korea ($X) and the United Arab Emirates ($X), together comprising 93% of total exports.

In terms of the main countries of destination, South Korea, with a CAGR of +56.0%, recorded 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 export price for buckets, shovels, grabs and grips for ships’ derricks and cranes stood at $X per unit in 2022, increasing by 5.4% against the previous year. Over the period under review, the export price posted a buoyant expansion. The pace of growth was the most pronounced in 2018 an increase of 83% against the previous year. The export price peaked in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to Iran ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+25.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Buckets, Shovels, Grabs And Grips For Ships’ Derricks And Cranes

Imports into Kuwait

In 2022, approx. X units of buckets, shovels, grabs and grips for ships’ derricks and cranes were imported into Kuwait; with a decrease of -23.6% against the year before. Over the period under review, imports, however, recorded a perceptible expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 142%. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, ship derrick buckets and shovels imports contracted dramatically to $X in 2022. In general, imports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of 135%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Germany (X units) constituted the largest ship derrick buckets and shovels supplier to Kuwait, accounting for a 32% share of total imports. Moreover, ship derrick buckets and shovels imports from Germany exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X units), fourfold. Belgium (X units) ranked third in terms of total imports with a 6.6% share.

From 2012 to 2022, the average annual growth rate of volume from Germany totaled +17.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+20.8% per year) and Belgium (+19.7% per year).

In value terms, Germany ($X) constituted the largest supplier of buckets, shovels, grabs and grips for ships’ derricks and cranes to Kuwait, comprising 34% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 6.4% share of total imports. It was followed by South Korea, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany totaled +8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+28.5% per year) and South Korea (-5.6% per year).

Import Prices by Country

In 2022, the average import price for buckets, shovels, grabs and grips for ships’ derricks and cranes amounted to $X per unit, therefore, remained relatively stable against the previous year. Overall, import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ship derrick buckets and shovels import price decreased by -23.4% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the average import price increased by 34% against the previous year. As a result, import price attained the peak level of $X per unit. From 2020 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per unit), while the price for Belgium ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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