Middle East: Market for Machines For Balancing Mechanical Parts 2024

Market Size for Machines For Balancing Mechanical Parts in the Middle East

The Middle Eastern balancing mechanical parts machine market declined slightly to $X in 2021, reducing by -4.7% against the previous year. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Production of Machines For Balancing Mechanical Parts in the Middle East

In value terms, balancing mechanical parts machine production shrank to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a perceptible decline. The growth pace was the most rapid in 2017 when the production volume increased by 39% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Machines For Balancing Mechanical Parts

Exports in the Middle East

In 2021, approx. X units of machines for balancing mechanical parts were exported in the Middle East; falling by -8% against 2020. Over the period under review, exports faced a abrupt decrease. The most prominent rate of growth was recorded in 2017 with an increase of 141% against the previous year. The volume of export peaked at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, balancing mechanical parts machine exports skyrocketed to $X in 2021. Overall, exports showed a abrupt decrease. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Turkey represented the main exporting country with an export of around X units, which amounted to 44% of total exports. Israel (X units) held a 26% share (based on physical terms) of total exports, which put it in second place, followed by the United Arab Emirates (21%) and Kuwait (5.2%). Oman (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Kuwait (with a CAGR of +101.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Israel ($X) remains the largest balancing mechanical parts machine supplier in the Middle East, comprising 77% of total exports. The second position in the ranking was taken by Turkey ($X), with an 11% share of total exports. It was followed by the United Arab Emirates, with a 6.6% share.

In Israel, balancing mechanical parts machine exports contracted by an average annual rate of -8.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Turkey (-7.7% per year) and the United Arab Emirates (+11.1% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per unit, with an increase of 167% against the previous year. Overall, the export price recorded a buoyant increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Israel ($X per unit), while Kuwait ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+21.7%), while the other leaders experienced mixed trends in the export price figures.

Imports of Machines For Balancing Mechanical Parts

Imports in the Middle East

In 2021, supplies from abroad of machines for balancing mechanical parts was finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when imports increased by 29% against the previous year. The volume of import peaked at X units in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, balancing mechanical parts machine imports surged to $X in 2021. Overall, imports, however, continue to indicate a perceptible slump. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Turkey was the key importing country with an import of around X units, which finished at 58% of total imports. The United Arab Emirates (X units) held the second position in the ranking, distantly followed by Kuwait (X units) and Israel (X units). All these countries together held approx. 27% share of total imports. Oman (X units), Lebanon (X units) and Iraq (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to balancing mechanical parts machine imports into Turkey stood at +2.8%. At the same time, Kuwait (+21.0%) and the United Arab Emirates (+4.8%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +21.0% from 2012-2021. Iraq experienced a relatively flat trend pattern. By contrast, Lebanon (-7.7%), Israel (-8.4%) and Oman (-12.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Turkey, the United Arab Emirates and Kuwait increased by +14, +5.9 and +4.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported machines for balancing mechanical parts in the Middle East, comprising 29% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 13% share of total imports. It was followed by Iraq, with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey was relatively modest. In the other countries, the average annual rates were as follows: the United Arab Emirates (-1.1% per year) and Iraq (+8.1% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per unit, jumping by 22% against the previous year. In general, the import price, however, recorded a mild contraction. The level of import peaked at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Iraq ($X per unit), while Lebanon ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iraq (+9.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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