Middle East: Needle Roller Bearing Market 2024

Needle Roller Bearing Market Size in the Middle East

After three years of growth, the Middle Eastern needle roller bearing market decreased by -0.1% to $X in 2021. The total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +70.7% against 2017 indices. The level of consumption peaked at $X in 2020, and then dropped in the following year.

Needle Roller Bearing Production in the Middle East

In value terms, needle roller bearing production dropped to $X in 2021 estimated in export price. Over the period under review, production, however, enjoyed a strong increase. The pace of growth was the most pronounced in 2013 when the production volume increased by 92%. The level of production peaked at $X in 2020, and then contracted in the following year.

Needle Roller Bearing Exports

Exports in the Middle East

In 2021, shipments abroad of needle roller bearings increased by 17% to X tons, rising for the seventh consecutive year after two years of decline. In general, exports enjoyed a noticeable expansion. The growth pace was the most rapid in 2019 with an increase of 27%. Over the period under review, the exports attained the peak figure in 2021 and are likely to see gradual growth in years to come.

In value terms, needle roller bearing exports skyrocketed to $X in 2021. Total exports indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -2.4% against 2019 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 62% against the previous year. The level of export peaked at $X in 2019; afterwards, it flattened through to 2021.

Exports by Country

The United Arab Emirates (X tons) and Turkey (X tons) dominates exports structure, together constituting 96% of total exports. Oman (X tons) held a relatively small share of total exports.

From 2012 to 2021, the biggest increases were in Oman (with a CAGR of +33.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), the United Arab Emirates ($X) and Oman ($X) were the countries with the highest levels of exports in 2021, with a combined 96% share of total exports.

Among the main exporting countries, Oman, with a CAGR of +30.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, with an increase of 8.1% against the previous year. Over the period under review, the export price, however, recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2017 an increase of 35% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (-1.5%), while the other leaders experienced a decline in the export price figures.

Needle Roller Bearing Imports

Imports in the Middle East

For the fourth consecutive year, the Middle East recorded growth in purchases abroad of needle roller bearings, which increased by 15% to X tons in 2021. Total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +50.6% against 2016 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 52% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, needle roller bearing imports expanded notably to $X in 2021. The total import value increased at an average annual rate of +2.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 35% against the previous year. The level of import peaked in 2021 and is likely to continue growth in the immediate term.

Imports by Country

Turkey represented the main importing country with an import of about X tons, which reached 64% of total imports. It was distantly followed by Iran (X tons) and the United Arab Emirates (X tons), together creating a 31% share of total imports. Oman (X tons) took a little share of total imports.

Imports into Turkey increased at an average annual rate of +7.4% from 2012 to 2021. At the same time, the United Arab Emirates (+13.6%), Iran (+7.8%) and Oman (+7.3%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +13.6% from 2012-2021. From 2012 to 2021, the share of Turkey, the United Arab Emirates and Iran increased by +5.8, +5.7 and +2.2 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported needle roller bearings in the Middle East, comprising 70% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 13% share of total imports. It was followed by Iran, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey amounted to +5.2%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+4.8% per year) and Iran (-2.8% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, approximately mirroring the previous year. Over the period under review, the import price saw a perceptible decline. The pace of growth appeared the most rapid in 2013 an increase of 22% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Turkey ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (-0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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