Kuwait: Market for Conveyor Or Transmission Belts Or Belting 2024

Market Size for Conveyor Or Transmission Belts Or Belting in Kuwait

The Kuwaiti conveyor or transmission belt market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, consumption saw a buoyant expansion. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Production of Conveyor Or Transmission Belts Or Belting in Kuwait

In value terms, conveyor or transmission belt production expanded remarkably to $X in 2021 estimated in export price. In general, production, however, continues to indicate resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 282% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Exports of Conveyor Or Transmission Belts Or Belting

Exports from Kuwait

In 2021, the amount of conveyor or transmission belts or belting exported from Kuwait fell remarkably to X tons, which is down by -58.4% against 2020. Overall, exports continue to indicate a deep reduction. The growth pace was the most rapid in 2014 with an increase of 855%. The exports peaked at X tons in 2020, and then declined notably in the following year.

In value terms, conveyor or transmission belt exports reduced dramatically to $X in 2021. In general, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 1,331% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons) was the main destination for conveyor or transmission belt exports from Kuwait, with a 38% share of total exports. Moreover, conveyor or transmission belt exports to the United Arab Emirates exceeded the volume sent to the second major destination, India (X kg), threefold. Jordan (X kg) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates totaled +36.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-3.8% per year) and Jordan (0.0% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for conveyor or transmission belts or belting exports from Kuwait, comprising 66% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 6.6% share of total exports. It was followed by Oman, with a 6.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates amounted to +59.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+25.0% per year) and Oman (-21.6% per year).

Export Prices by Country

The average conveyor or transmission belt export price stood at $X per ton in 2021, rising by 66% against the previous year. Overall, the export price showed a pronounced expansion. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Jordan ($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 (+41.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Conveyor Or Transmission Belts Or Belting

Imports into Kuwait

After two years of decline, overseas purchases of conveyor or transmission belts or belting increased by 54% to X tons in 2021. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 65% against the previous year. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, conveyor or transmission belt imports surged to $X in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 35%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Japan (X tons) and India (X tons) were the main suppliers of conveyor or transmission belt imports to Kuwait, together comprising 25% of total imports. The Netherlands, the United States, Thailand, Germany, Hungary, Indonesia, Malaysia, Spain, Mexico and South Korea lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hungary (with a CAGR of +38.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), the United States ($X) and China ($X) were the largest conveyor or transmission belt suppliers to Kuwait, with a combined 27% share of total imports. India, Thailand, Germany, the Netherlands, Indonesia, South Korea, Mexico, Malaysia, Spain and Hungary lagged somewhat behind, together accounting for a further 32%.

In terms of the main suppliers, South Korea, with a CAGR of +30.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average conveyor or transmission belt import price stood at $X per ton in 2021, which is down by -23.4% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 28%. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+12.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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