Kuwait: Tapered Roller Bearing Market 2024

Tapered Roller Bearing Market Size in Kuwait

The Kuwaiti tapered roller bearing market skyrocketed to $X in 2021, picking up by 49% 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). In general, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -8.5% against 2019 indices. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Tapered Roller Bearing Exports

Exports from Kuwait

Tapered roller bearing exports from Kuwait fell notably to X kg in 2021, shrinking by -79.1% compared with the previous year's figure. In general, exports, however, continue to indicate a mild expansion. The growth pace was the most rapid in 2018 when exports increased by 1,638%. As a result, the exports reached the peak of X kg. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, tapered roller bearing exports dropped dramatically to $X in 2021. Over the period under review, exports, however, recorded a strong expansion. The growth pace was the most rapid in 2018 when exports increased by 544%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Singapore (X kg) was the main destination for tapered roller bearing exports from Kuwait, accounting for a 58% share of total exports. Moreover, tapered roller bearing exports to Singapore exceeded the volume sent to the second major destination, the United States (X kg), threefold. The United Arab Emirates (X kg) ranked third in terms of total exports with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Singapore totaled +18.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+25.8% per year) and the United Arab Emirates (-11.5% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for tapered roller bearings exports from Kuwait, comprising 60% of total exports. The second position in the ranking was held by the United States ($X), with a 24% share of total exports. It was followed by Singapore, with an 8.1% share.

From 2012 to 2021, the average annual growth rate of value to the United Arab Emirates totaled +13.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+37.0% per year) and Singapore (-6.4% per year).

Export Prices by Country

The average tapered roller bearing export price stood at $X per ton in 2021, growing by 247% against the previous year. In general, the export price showed strong growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Belgium ($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 (+28.6%), while the prices for the other major destinations experienced a decline.

Tapered Roller Bearing Imports

Imports into Kuwait

In 2021, tapered roller bearing imports into Kuwait skyrocketed to X tons, picking up by 26% against 2020 figures. Over the period under review, imports recorded a buoyant expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 137% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, tapered roller bearing imports skyrocketed to $X in 2021. In general, total imports indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -6.3% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 99%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest tapered roller bearing supplier to Kuwait, with a 53% share of total imports. Moreover, tapered roller bearing imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, China (X tons), sevenfold. Japan (X tons) ranked third in terms of total imports with a 6.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates totaled +28.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.6% per year) and Japan (-5.0% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of tapered roller bearings to Kuwait, comprising 53% of total imports. The second position in the ranking was held by Japan ($X), with an 8.7% share of total imports. It was followed by France, with a 4% share.

From 2012 to 2021, the average annual growth rate of value from the United Arab Emirates stood at +28.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-3.7% per year) and France (+11.0% per year).

Import Prices by Country

The average tapered roller bearing import price stood at $X per ton in 2021, rising by 24% against the previous year. Overall, the import price, however, saw a mild contraction. The growth pace was the most rapid in 2016 when the average import price increased by 28% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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