Middle East: Cylindrical Roller Bearing Market 2024

Cylindrical Roller Bearing Market Size in the Middle East

The Middle Eastern cylindrical roller bearing market rose significantly to $X in 2022, increasing by 7% against the previous year. The total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +48.6% against 2018 indices. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Cylindrical Roller Bearing Production in the Middle East

In value terms, cylindrical roller bearing production expanded rapidly to $X in 2022 estimated in export price. The total production indicated a resilient increase from 2012 to 2022: its value 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, production decreased by -7.7% against 2020 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by 44% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Cylindrical Roller Bearing Exports

Exports in the Middle East

In 2022, shipments abroad of cylindrical roller bearings decreased by -1.5% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, showed strong growth. The pace of growth appeared the most rapid in 2017 when exports increased by 72%. The volume of export peaked at X tons in 2021, and then reduced modestly in the following year.

In value terms, cylindrical roller bearing exports shrank to $X in 2022. In general, exports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of 102% against the previous year. As a result, the exports attained the peak of $X, and then dropped in the following year.

Exports by Country

Turkey was the key exporting country with an export of around X tons, which amounted to 73% of total exports. It was distantly followed by the United Arab Emirates (X tons), generating a 26% share of total exports.

Turkey was also the fastest-growing in terms of the cylindrical roller bearings exports, with a CAGR of +14.1% from 2012 to 2022. At the same time, the United Arab Emirates (+7.3%) displayed positive paces of growth. From 2012 to 2022, the share of Turkey increased by +16 percentage points.

In value terms, Turkey ($X) remains the largest cylindrical roller bearing supplier in the Middle East, comprising 75% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 21% share of total exports.

In Turkey, cylindrical roller bearing exports expanded at an average annual rate of +13.0% over the period from 2012-2022.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, declining by -10.6% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 23% against the previous year. As a result, the export price reached the peak level of $X per ton, 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 amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-0.1%).

Cylindrical Roller Bearing Imports

Imports in the Middle East

For the fourth year in a row, the Middle East recorded growth in overseas purchases of cylindrical roller bearings, which increased by 11% to X tons in 2022. Total imports indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +72.7% against 2018 indices. The pace of growth was the most pronounced in 2019 when imports increased by 24% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, cylindrical roller bearing imports rose slightly to $X in 2022. The total import value increased at an average annual rate of +4.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 with an increase of 22%. 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 key importing country with an import of around X tons, which finished at 57% of total imports. The United Arab Emirates (X tons) held a 15% share (based on physical terms) of total imports, which put it in second place, followed by Iran (14%) and Saudi Arabia (7.1%). The following importers - Israel (X tons) and Iraq (X tons) - together made up 4.5% of total imports.

From 2012 to 2022, average annual rates of growth with regard to cylindrical roller bearing imports into Turkey stood at +3.8%. At the same time, Iraq (+18.4%), Iran (+9.7%), the United Arab Emirates (+8.4%) and Israel (+6.9%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +18.4% from 2012-2022. Saudi Arabia experienced a relatively flat trend pattern. Iran (+4.9 p.p.) and the United Arab Emirates (+4.2 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia and Turkey saw its share reduced by -3.4% and -6.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported cylindrical roller bearings in the Middle East, comprising 48% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 20% share of total imports. It was followed by Iran, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey amounted to +3.2%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+5.7% per year) and Iran (+4.8% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, shrinking by -6.5% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 10% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the import prices failed to regain momentum.

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 ($X per ton), while Iraq ($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 (+6.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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