MENA: Transmission Shaft Market 2024

Transmission Shaft Market Size in MENA

In 2022, after five years of growth, there was decline in the MENA's transmission shaft market, when its value decreased by -2.8% to $X. The market value increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X, and then contracted slightly in the following year.

Transmission Shaft Production in MENA

In value terms, transmission shaft production fell remarkably to $X in 2022 estimated in export price. In general, production, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by 474% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Transmission Shaft Exports

Exports in MENA

In 2022, overseas shipments of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain increased by 1.8% to X tons, rising for the second consecutive year after two years of decline. Total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +8.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +21.9% against 2020 indices. The pace of growth was the most pronounced in 2015 with an increase of 43% against the previous year. The volume of export peaked in 2022 and is likely to continue growth in years to come.

In value terms, transmission shaft exports rose markedly to $X in 2022. Total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +8.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +33.5% against 2020 indices. The growth pace was the most rapid in 2015 when exports increased by 29% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Exports by Country

Turkey dominates exports structure, recording X tons, which was near 86% of total exports in 2022. Tunisia (X tons) ranks second in terms of the total exports with a 7.1% share, followed by the United Arab Emirates (5%).

Exports from Turkey increased at an average annual rate of +7.9% from 2012 to 2022. At the same time, Tunisia (+20.1%) and the United Arab Emirates (+5.4%) displayed positive paces of growth. Moreover, Tunisia emerged as the fastest-growing exporter exported in MENA, with a CAGR of +20.1% from 2012-2022. While the share of Tunisia (+4.7 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest transmission shaft supplier in MENA, comprising 85% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 5.5% share of total exports.

In Turkey, transmission shaft exports increased at an average annual rate of +9.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+3.9% per year) and Tunisia (+16.3% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, increasing by 7.5% against the previous year. Overall, the export price recorded a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+1.5%), while the other leaders experienced a decline in the export price figures.

Transmission Shaft Imports

Imports in MENA

For the sixth year in a row, MENA recorded growth in supplies from abroad of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain, which increased by 5.7% to X tons in 2022. The total import volume increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 7.1%. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in years to come.

In value terms, transmission shaft imports expanded rapidly to $X in 2022. The total import value increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 with an increase of 8.4%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Turkey represented the major importer of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain in MENA, with the volume of imports finishing at X tons, which was near 45% of total imports in 2022. The United Arab Emirates (X tons) took the second position in the ranking, followed by Iran (X tons) and Saudi Arabia (X tons). All these countries together took near 29% share of total imports. Morocco (X tons), Algeria (X tons), Israel (X tons), Egypt (X tons), Iraq (X tons) and Oman (X tons) followed a long way behind the leaders.

Imports into Turkey increased at an average annual rate of +6.1% from 2012 to 2022. At the same time, Oman (+8.7%), the United Arab Emirates (+7.6%), Morocco (+6.6%), Israel (+6.2%), Iran (+3.6%), Algeria (+3.1%) and Iraq (+1.1%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in MENA, with a CAGR of +8.7% from 2012-2022. By contrast, Egypt (-3.3%) and Saudi Arabia (-10.0%) illustrated a downward trend over the same period. Turkey (+12 p.p.) and the United Arab Emirates (+4.8 p.p.) significantly strengthened its position in terms of the total imports, while Egypt and Saudi Arabia saw its share reduced by -2.9% and -16.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain in MENA, comprising 41% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 16% share of total imports. It was followed by Iran, with a 6.9% share.

In Turkey, transmission shaft imports expanded at an average annual rate of +6.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (+4.6% per year) and Iran (+1.4% per year).

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, remaining constant against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 4.9% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Israel ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+0.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform