Kuwait: Electromagnetic Lifting Head Market 2024

Electromagnetic Lifting Head Market Size in Kuwait

In 2022, the Kuwaiti electromagnetic lifting head market increased by 12% to $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption posted pronounced growth. Electromagnetic lifting head consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Electromagnetic Lifting Head Exports

Exports from Kuwait

After three years of growth, overseas shipments of electromagnets and electromagnetic lifting heads decreased by -0.5% to X kg in 2022. In general, exports saw a perceptible downturn. The pace of growth was the most pronounced in 2017 with an increase of 1,792%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, electromagnetic lifting head exports contracted to $X in 2022. Overall, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when exports increased by 2,514%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X kg) was the main destination for electromagnetic lifting head exports from Kuwait, with a 54% share of total exports. Moreover, electromagnetic lifting head exports to Saudi Arabia exceeded the volume sent to the second major destination, Bahrain (X kg), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Saudi Arabia amounted to -3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (-8.2% per year) and the United Arab Emirates (+16.9% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for electromagnets and electromagnetic lifting heads exports from Kuwait, comprising 73% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates stood at +19.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-7.9% per year) and Bahrain (-13.1% per year).

Export Prices by Country

In 2022, the average electromagnetic lifting head export price amounted to $X per ton, shrinking by -7.5% against the previous year. In general, the export price, however, posted temperate growth. The most prominent rate of growth was recorded in 2019 when the average export price increased by 127% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average 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 the United Arab Emirates ($X per ton), while the average price for exports to Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+2.0%), while the prices for the other major destinations experienced a decline.

Electromagnetic Lifting Head Imports

Imports into Kuwait

In 2022, after two years of decline, there was significant growth in supplies from abroad of electromagnets and electromagnetic lifting heads, when their volume increased by 22% to X tons. In general, imports continue to indicate a modest expansion. The pace of growth appeared the most rapid in 2017 when imports increased by 253%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, electromagnetic lifting head imports rose sharply to $X in 2022. Overall, imports continue to indicate a pronounced expansion. The most prominent rate of growth was recorded in 2017 with an increase of 120% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

India (X tons), the Netherlands (X tons) and the United States (X tons) were the main suppliers of electromagnetic lifting head imports to Kuwait, with a combined 55% share of total imports. Taiwan (Chinese), Germany, Italy, China, the UK, Spain, the United Arab Emirates and Greece lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +42.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest electromagnetic lifting head suppliers to Kuwait were the United States ($X), Taiwan (Chinese) ($X) and Germany ($X), with a combined 56% share of total imports. The Netherlands, India, the UK, China, the United Arab Emirates, Italy, Spain and Greece lagged somewhat behind, together accounting for a further 31%.

Among the main suppliers, Greece, with a CAGR of +40.1%, saw 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

In 2022, the average electromagnetic lifting head import price amounted to $X per ton, shrinking by -11.2% against the previous year. In general, import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 an increase of 36%. The import price peaked at $X per ton in 2021, and then contracted in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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