Middle East: Ball Bearing Market 2024

Ball Bearing Market Size in the Middle East

In 2021, the Middle Eastern ball bearing market decreased by -0.9% to $X, falling for the second year in a row after three years of growth. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2014; afterwards, it flattened through to 2021.

Ball Bearing Production in the Middle East

In value terms, ball bearing production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.7% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 19%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Ball Bearing Exports

Exports in the Middle East

After two years of decline, shipments abroad of ball bearings increased by 87% to X tons in 2021. Total exports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, ball bearing exports skyrocketed to $X in 2021. Total exports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +7.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey dominates exports structure, reaching X tons, which was approx. 90% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), constituting an 8.5% share of total exports.

Turkey was also the fastest-growing in terms of the ball bearings exports, with a CAGR of +8.6% from 2012 to 2021. The United Arab Emirates (-3.9%) illustrated a downward trend over the same period. Turkey (+15 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -13% from 2012 to 2021, respectively.

In value terms, Turkey ($X) remains the largest ball bearing supplier in the Middle East, comprising 91% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 7.3% share of total exports.

In Turkey, ball bearing exports expanded at an average annual rate of +9.2% over the period from 2012-2021.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, growing by 5.3% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.0%. The pace of growth appeared the most rapid in 2013 an increase of 16% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+3.0%).

Ball Bearing Imports

Imports in the Middle East

In 2021, approx. X tons of ball bearings were imported in the Middle East; growing by 15% compared with the previous year. The total import volume increased at an average annual rate of +3.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2019 when imports increased by 20% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to see gradual growth in the near future.

In value terms, ball bearing imports soared to $X in 2021. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by 17%. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

The purchases of the three major importers of ball bearings, namely Turkey, the United Arab Emirates and Iran, represented more than two-thirds of total import. The following importers - Israel (X tons), Iraq (X tons) and Saudi Arabia (X tons) - together made up 9.8% of total imports.

From 2012 to 2021, the biggest increases were recorded for Iran (with a CAGR of +7.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest ball 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 +8.9%, saw the highest rates of growth with regard to the value of imports, among 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

The import price in the Middle East stood at $X per ton in 2021, increasing by 1.5% against the previous year. In general, the import price, however, showed a noticeable curtailment. The pace of growth was the most pronounced in 2017 when the import price increased by 10% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the import prices failed to regain momentum.

Prices varied noticeably country of destination: 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 (+8.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :