Kuwait: Ball Bearing Parts Market 2024

Ball Bearing Parts Market Size in Kuwait

The Kuwaiti ball bearing parts market rose remarkably to $X in 2021, increasing by 9.3% 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). Overall, consumption recorded prominent growth. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in the immediate term.

Ball Bearing Parts Exports

Exports from Kuwait

After two years of decline, overseas shipments of parts of ball or roller bearings increased by 98% to X kg in 2021. Over the period under review, exports enjoyed resilient growth. The growth pace was the most rapid in 2018 when exports increased by 1,433% against the previous year. As a result, the exports reached the peak of X kg. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, ball bearing parts exports surged to $X in 2021. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 1,695% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The Philippines (X kg) was the main destination for ball bearing parts exports from Kuwait, accounting for a 72% share of total exports. Moreover, ball bearing parts exports to the Philippines exceeded the volume sent to the second major destination, Egypt (X kg), sixfold. The third position in this ranking was taken by Romania (X kg), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Philippines amounted to +17.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+24.1% per year) and Romania (0.0% per year).

In value terms, Romania ($X), the United Arab Emirates ($X) and Egypt ($X) were the largest markets for ball bearing parts exported from Kuwait worldwide, with a combined 78% share of total exports.

Romania, with a CAGR of +168.7%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average ball bearing parts export price amounted to $X per ton, shrinking by -22.3% against the previous year. Overall, export price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 an increase of 53%. Over the period under review, the average export prices attained the maximum at $X per ton in 2020, and then shrank notably in the following year.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to the Philippines ($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 the United Arab Emirates (+42.4%), while the prices for the other major destinations experienced more modest paces of growth.

Ball Bearing Parts Imports

Imports into Kuwait

In 2021, ball bearing parts imports into Kuwait soared to X tons, picking up by 29% compared with 2020 figures. Overall, imports recorded strong growth. The pace of growth was the most pronounced in 2020 when imports increased by 69% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, ball bearing parts imports reached $X in 2021. In general, imports recorded a buoyant increase. The growth pace was the most rapid in 2018 with an increase of 59% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to continue growth in years to come.

Imports by Country

In 2021, South Korea (X tons) constituted the largest supplier of ball bearing parts to Kuwait, accounting for a 59% share of total imports. Moreover, ball bearing parts imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X tons), sevenfold. India (X tons) ranked third in terms of total imports with a 7.9% share.

From 2012 to 2021, the average annual growth rate of volume from South Korea amounted to +32.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+45.5% per year) and India (+31.1% per year).

In value terms, South Korea ($X) constituted the largest supplier of parts of ball or roller bearings to Kuwait, comprising 44% of total imports. The second position in the ranking was held by India ($X), with a 12% share of total imports. It was followed by Japan, with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from South Korea amounted to +39.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+45.8% per year) and Japan (-8.2% per year).

Import Prices by Country

The average ball bearing parts import price stood at $X per ton in 2021, with a decrease of -20.5% against the previous year. Over the period under review, the import price continues to indicate a slight downturn. The most prominent rate of growth was recorded in 2018 when the average import price increased by 38% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

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 Canada ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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