Middle East: Transmission Shaft Market 2024

Transmission Shaft Market Size in the Middle East

In 2022, the Middle Eastern transmission shaft market decreased by -3.1% to $X for the first time since 2019, thus ending a two-year rising trend. The total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.6% 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 +65.8% against 2016 indices. As a result, consumption attained the peak level of $X, and then declined slightly in the following year.

Transmission Shaft Production in the Middle East

In value terms, transmission shaft production plummeted to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 485% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Transmission Shaft Exports

Exports in the Middle East

In 2022, the amount of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain exported in the Middle East shrank to X tons, waning by -2.5% compared with 2021. Total exports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +7.5% 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 +14.6% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 36% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then contracted modestly in the following year.

In value terms, transmission shaft exports rose markedly to $X in 2022. Total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +8.5% 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 +35.3% against 2020 indices. The most prominent rate of growth was recorded in 2015 when exports increased by 27%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Turkey prevails in exports structure, reaching X tons, which was near 93% of total exports in 2022. It was distantly followed by the United Arab Emirates (X tons), generating a 5.4% share of total exports.

Turkey was also the fastest-growing in terms of the transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain exports, with a CAGR of +7.9% from 2012 to 2022. At the same time, the United Arab Emirates (+5.4%) displayed positive paces of growth. From 2012 to 2022, the share of Turkey increased by +3.2 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest transmission shaft supplier in the Middle East, comprising 88% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 5.7% share of total exports.

In Turkey, transmission shaft exports expanded at an average annual rate of +9.5% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, picking up by 12% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. Over the period under review, the export prices attained the peak figure at $X per ton in 2013; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+1.5%).

Transmission Shaft Imports

Imports in the Middle East

For the sixth consecutive year, the Middle East recorded growth in overseas purchases of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain, which increased by 6.2% to X tons in 2022. The total import volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2020 when imports increased by 10%. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, transmission shaft imports amounted to $X in 2022. The total import value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 10%. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

Imports by Country

Turkey was the major importer of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain in the Middle East, with the volume of imports finishing at X tons, which was approx. 53% of total imports in 2022. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 15% share, followed by Iran (11%) and Saudi Arabia (7%). Israel (X tons), Iraq (X tons) and Oman (X tons) took a minor share of total imports.

Imports into Turkey increased at an average annual rate of +6.1% from 2012 to 2022. At the same time, Oman (+8.7%), the United Arab Emirates (+7.6%), Israel (+6.2%), Iran (+3.6%) and Iraq (+1.1%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +8.7% from 2012-2022. By contrast, Saudi Arabia (-10.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey and the United Arab Emirates increased by +14 and +5.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain in the Middle East, comprising 49% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 19% share of total imports. It was followed by Iran, with an 8.2% share.

In Turkey, transmission shaft imports expanded at an average annual rate of +6.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+4.6% per year) and Iran (+1.4% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, remaining constant against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 7.2% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat 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 (+0.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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