MENA: Hollow Drill Bar Market 2024

Hollow Drill Bar Market Size in MENA

The MENA's hollow drill bar market declined markedly to $X in 2021, shrinking by -16.5% against the previous year. Over the period under review, consumption, however, enjoyed a mild increase. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Hollow Drill Bar Production in MENA

In value terms, hollow drill bar production rose sharply to $X in 2021 estimated in export price. Overall, production showed a pronounced increase. The pace of growth appeared the most rapid in 2016 when the production volume increased by 395%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Hollow Drill Bar Exports

Exports in MENA

Hollow drill bar exports declined sharply to X tons in 2021, which is down by -20.6% compared with the previous year's figure. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 96%. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, hollow drill bar exports reduced remarkably to $X in 2021. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 164%. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, the United Arab Emirates (X tons) represented the main exporter of hollow drill bars and rods, comprising 70% of total exports. Saudi Arabia (X tons) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by Turkey (6%) and Kuwait (5.6%). The following exporters - Egypt (X tons), Lebanon (X tons) and Israel (X tons) - each resulted at a 5.3% share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -3.7% from 2012 to 2021. At the same time, Kuwait (+71.5%), Egypt (+52.1%), Saudi Arabia (+48.7%), Turkey (+31.8%), Israel (+22.4%) and Lebanon (+9.9%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in MENA, with a CAGR of +71.5% from 2012-2021. Saudi Arabia (+13 p.p.), Kuwait (+5.5 p.p.), Turkey (+5.5 p.p.) and Egypt (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -20.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Turkey ($X) constituted the countries with the highest levels of exports in 2021, with a combined 85% share of total exports.

Among the main exporting countries, Saudi Arabia, with a CAGR of +50.2%, saw 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 export price in MENA stood at $X per ton in 2021, declining by -2.1% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the export price increased by 35%. The level of export peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Israel ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Lebanon (+1.2%), while the other leaders experienced mixed trends in the export price figures.

Hollow Drill Bar Imports

Imports in MENA

In 2021, approx. X tons of hollow drill bars and rods were imported in MENA; reducing by -86.9% against the previous year's figure. In general, imports recorded a deep reduction. The most prominent rate of growth was recorded in 2017 with an increase of 857% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, hollow drill bar imports reduced notably to $X in 2021. Overall, imports faced a abrupt contraction. The pace of growth was the most pronounced in 2017 when imports increased by 280% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Oman (X tons) and Israel (X tons) were the largest importers of hollow drill bars and rods in MENA, together reaching near 50% of total imports. Djibouti (X tons) took the next position in the ranking, followed by Turkey (X tons) and Bahrain (X tons). All these countries together held near 28% share of total imports. The following importers - Morocco (X tons), the United Arab Emirates (X tons), Egypt (X tons), Tunisia (X tons), Kuwait (X tons), Algeria (X tons) and Lebanon (X tons) - together made up 18% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Tunisia (with a CAGR of +47.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hollow drill bar importing markets in MENA were Turkey ($X), Israel ($X) and Bahrain ($X), together accounting for 67% of total imports. Oman, Morocco, the United Arab Emirates, Kuwait, Tunisia, Egypt, Lebanon, Algeria and Djibouti lagged somewhat behind, together comprising a further 30%.

Among the main importing countries, Tunisia, with a CAGR of +67.0%, 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

The import price in MENA stood at $X per ton in 2021, jumping by 173% against the previous year. Overall, the import price posted a slight expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Turkey ($X per ton), while Djibouti ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+13.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform