Middle East: Bearing Market 2024

Bearing Market Size in the Middle East

The Middle Eastern bearing market amounted to $X in 2022, surging by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X; afterwards, it flattened through to 2022.

Bearing Production in the Middle East

In value terms, bearing production shrank slightly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of X%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Bearing Exports

Exports in the Middle East

In 2022, overseas shipments of ball or roller bearings increased by X% to X tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2015 when exports increased by X%. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, bearing exports reached $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Turkey was the main exporter of ball or roller bearings in the Middle East, with the volume of exports accounting for X tons, which was approx. X% of total exports in 2022. It was distantly followed by the United Arab Emirates (X tons), constituting a X% share of total exports.

Turkey was also the fastest-growing in terms of the ball or roller bearings exports, with a CAGR of X% from 2012 to 2022. The United Arab Emirates (X%) illustrated a downward trend over the same period. While the share of Turkey (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (X p.p.) displayed negative dynamics.

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

In Turkey, bearing exports expanded at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, with a decrease of X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2014 when the export price increased by X%. The level of export peaked at $X per ton in 2021, and then fell in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Bearing Imports

Imports in the Middle East

In 2022, approx. X tons of ball or roller bearings were imported in the Middle East; rising by X% compared with the previous year. Total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, bearing imports expanded sharply to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Turkey (X tons), the United Arab Emirates (X tons) and Iran (X tons) was the major importer of ball or roller bearings in the Middle East, generating X% of total import. It was distantly followed by Saudi Arabia (X tons), generating a X% share of total imports. Iraq (X tons) and Israel (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported ball or roller bearings in the Middle East, comprising X% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total imports. It was followed by Iran, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey totaled X%. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Iran (X% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, falling by X% against the previous year. In general, the import price saw a noticeable decline. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 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 Saudi Arabia (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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