Middle East: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in the Middle East

The Middle Eastern cranks and crankshafts market shrank modestly to $X in 2022, waning by -3.4% against the previous year. Overall, consumption continues to indicate a mild decrease. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Cranks And Crankshafts Production in the Middle East

In value terms, cranks and crankshafts production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 168% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Cranks And Crankshafts Exports

Exports in the Middle East

In 2022, the amount of cranks and crankshafts exported in the Middle East fell sharply to X tons, which is down by -17.3% compared with the year before. Total exports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by +0.5% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of 24% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then dropped sharply in the following year.

In value terms, cranks and crankshafts exports rose modestly to $X in 2022. Total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% 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 +32.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 29%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

Turkey dominates exports structure, reaching X tons, which was approx. 93% of total exports in 2022. It was distantly followed by the United Arab Emirates (X tons), comprising a 5.5% share of total exports.

Exports from Turkey increased at an average annual rate of +5.4% from 2012 to 2022. At the same time, the United Arab Emirates (+6.7%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +6.7% from 2012-2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest cranks and crankshafts supplier in the Middle East, comprising 93% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 5.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Turkey amounted to +3.6%.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, growing by 24% against the previous year. In general, the export price, however, continues to indicate a slight decline. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably 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 (+1.9%).

Cranks And Crankshafts Imports

Imports in the Middle East

In 2022, cranks and crankshafts imports in the Middle East expanded notably to X tons, picking up by 6.3% compared with the year before. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 17%. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, cranks and crankshafts imports rose to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 17% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Turkey represented the key importing country with an import of around X tons, which reached 59% of total imports. It was distantly followed by the United Arab Emirates (X tons), Iran (X tons), Israel (X tons) and Saudi Arabia (X tons), together generating a 34% share of total imports. Iraq (X tons) followed a long way behind the leaders.

Imports into Turkey increased at an average annual rate of +3.9% from 2012 to 2022. At the same time, Israel (+15.1%) and the United Arab Emirates (+6.8%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +15.1% from 2012-2022. By contrast, Iran (-1.3%), Iraq (-10.8%) and Saudi Arabia (-16.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey, the United Arab Emirates and Israel increased by +20, +7.3 and +4.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported cranks and crankshafts in the Middle East, comprising 44% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 21% share of total imports. It was followed by Saudi Arabia, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Turkey totaled +4.7%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+4.3% per year) and Saudi Arabia (-10.2% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, standing approx. at the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the import price increased by 16%. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+7.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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