Middle East: Bearing Market 2024

Bearing Market Size in the Middle East

The Middle Eastern bearing market stood at $X in 2021, picking up by 9.6% against the previous year. The market value increased at an average annual rate of +3.0% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Bearing Production in the Middle East

In value terms, bearing production expanded markedly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 25% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Bearing Exports

Exports in the Middle East

In 2021, shipments abroad of ball and roller bearings was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +1.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 when exports increased by 26%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, bearing exports surged to $X in 2021. The total export value increased at an average annual rate of +3.6% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey was the key exporter of ball and roller bearings in the Middle East, with the volume of exports resulting at X tons, which was approx. 75% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), committing a 21% share of total exports. Oman (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to bearing exports from Turkey stood at +3.2%. At the same time, Oman (+4.2%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +4.2% from 2012-2021. By contrast, the United Arab Emirates (-3.7%) illustrated a downward trend over the same period. While the share of Turkey (+12 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-12.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest bearing supplier in the Middle East, comprising 78% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with an 18% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey totaled +4.4%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+1.3% per year) and Oman (-4.6% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, rising by 10% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.3%. The most prominent rate of growth was recorded in 2016 when the export price increased by 23%. Over the period under review, the export prices reached the peak figure in 2021 and is likely to see gradual growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.3%), while the other leaders experienced mixed trends in the export price figures.

Bearing Imports

Imports in the Middle East

In 2021, the amount of ball and roller bearings imported in the Middle East rose significantly to X tons, surging by 6.9% compared with the previous year's figure. Total imports indicated a temperate expansion from 2012 to 2021: its volume increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -8.5% against 2019 indices. The pace of growth was the most pronounced in 2019 with an increase of 66%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, bearing imports soared to $X in 2021. Overall, imports recorded a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2014; afterwards, it flattened through to 2021.

Imports by Country

Turkey (X tons) and the United Arab Emirates (X tons) were the major importers of ball and roller bearings in 2021, reaching approx. 35% and 32% of total imports, respectively. Iran (X tons) held a 19% share (based on physical terms) of total imports, which put it in second place, followed by Saudi Arabia (4.6%). The following importers - Iraq (X tons) and Israel (X tons) - each resulted at a 5.6% share of total imports.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +10.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest bearing importing markets in the Middle East were Turkey ($X), the United Arab Emirates ($X) and Iran ($X), with a combined 77% share of total imports. These countries were followed by Saudi Arabia, Israel and Iraq, which together accounted for a further 16%.

Iraq, with a CAGR of +5.0%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, increasing by 11% against the previous year. In general, the import price, however, continues to indicate a pronounced descent. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+5.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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