Oman: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in Oman

The Omani cranks and crankshafts market surged to $X in 2022, picking up by 31% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a significant increase. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Cranks And Crankshafts Exports

Exports from Oman

After three years of growth, shipments abroad of cranks and crankshafts decreased by -12.3% to X tons in 2022. Over the period under review, exports, however, continue to indicate significant growth. The growth pace was the most rapid in 2017 when exports increased by 684%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then fell in the following year.

In value terms, cranks and crankshafts exports shrank dramatically to $X in 2022. Overall, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 615% against the previous year. The exports peaked at $X in 2021, and then reduced dramatically in the following year.

Exports by Country

The United Arab Emirates (X tons) was the main destination for cranks and crankshafts exports from Oman, accounting for a 54% share of total exports. Moreover, cranks and crankshafts exports to the United Arab Emirates exceeded the volume sent to the second major destination, Iran (X tons), twofold. Bahrain (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates stood at +104.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (+107.8% per year) and Bahrain (+104.9% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for cranks and crankshafts exports from Oman, comprising 70% of total exports. The second position in the ranking was taken by Iran ($X), with a 16% share of total exports. It was followed by Italy, with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates amounted to +129.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (+108.8% per year) and Italy (+67.3% per year).

Export Prices by Country

In 2022, the average cranks and crankshafts export price amounted to $X per ton, falling by -4.1% against the previous year. Over the period under review, export price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +9.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cranks and crankshafts export price decreased by -4.8% against 2020 indices. The growth pace was the most rapid in 2013 when the average export price increased by 77% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+12.2%), while the prices for the other major destinations experienced more modest paces of growth.

Cranks And Crankshafts Imports

Imports into Oman

In 2022, imports of cranks and crankshafts into Oman surged to X tons, jumping by 33% against 2021 figures. Overall, imports posted a significant increase. The growth pace was the most rapid in 2013 with an increase of 434% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, cranks and crankshafts imports expanded remarkably to $X in 2022. In general, imports posted significant growth. The pace of growth was the most pronounced in 2013 when imports increased by 446% against the previous year. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), the United Arab Emirates (X tons) and the United States (X tons) were the main suppliers of cranks and crankshafts imports to Oman, with a combined 71% share of total imports. Japan, Singapore, Germany and India lagged somewhat behind, together accounting for a further 12%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of +97.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constituted the largest supplier of cranks and crankshafts to Oman, comprising 43% of total imports. The second position in the ranking was taken by the United States ($X), with a 9.6% share of total imports. It was followed by Germany, with a 5.5% share.

From 2012 to 2022, the average annual growth rate of value from the United Arab Emirates amounted to +37.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+24.7% per year) and Germany (+14.5% per year).

Import Prices by Country

The average cranks and crankshafts import price stood at $X per ton in 2022, declining by -18.4% against the previous year. Overall, import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cranks and crankshafts import price increased by +13.2% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 39% against the previous year. As a result, import price reached the peak level of $X per ton, and then dropped remarkably in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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