Oman: Endless Machinery Band Market 2024

Endless Machinery Band Market Size in Oman

The Omani endless machinery band market fell significantly to $X in 2021, declining by -59.1% 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). Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Endless Machinery Band Exports

Exports from Oman

In 2021, shipments abroad of endless bands for machinery, of stainless steel increased by 0.5% to X square meters, rising for the second consecutive year after four years of decline. In general, exports posted significant growth. The pace of growth appeared the most rapid in 2020 with an increase of 589%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, endless machinery band exports stood at $X in 2021. Over the period under review, exports saw a prominent increase. The most prominent rate of growth was recorded in 2020 when exports increased by 251% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X square meters) was the main destination for endless machinery band exports from Oman, accounting for a 78% share of total exports. Moreover, endless machinery band exports to the United Arab Emirates exceeded the volume sent to the second major destination, Qatar (X square meters), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to +18.7%.

In value terms, Qatar ($X) and the United Arab Emirates ($X) constituted the largest markets for endless machinery band exported from Oman worldwide.

Qatar, with a CAGR of +37.2%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review.

Export Prices by Country

In 2021, the average endless machinery band export price amounted to $X per square meter, stabilizing at the previous year. Overall, the export price, however, showed a deep reduction. The pace of growth appeared the most rapid in 2018 when the average export price increased by 49% against the previous year. The export price peaked at $X per square meter in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Qatar ($X per square meter), while the average price for exports to the United Arab Emirates totaled $X per square meter.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Yemen (+158.4%), while the prices for the other major destinations experienced a decline.

Endless Machinery Band Imports

Imports into Oman

In 2021, overseas purchases of endless bands for machinery, of stainless steel decreased by -30.1% to X square meters for the first time since 2017, thus ending a three-year rising trend. Overall, imports, however, posted buoyant growth. The most prominent rate of growth was recorded in 2020 when imports increased by 424% against the previous year. Imports peaked at X square meters in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, endless machinery band imports reduced dramatically to $X in 2021. In general, imports, however, posted a tangible increase. The pace of growth was the most pronounced in 2020 when imports increased by 417%. As a result, imports attained the peak of $X, and then shrank notably in the following year.

Imports by Country

In 2021, the United Arab Emirates (X square meters) constituted the largest supplier of endless machinery band to Oman, accounting for a 48% share of total imports. Moreover, endless machinery band imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Turkey (X square meters), twofold. China (X square meters) ranked third in terms of total imports with a 10% share.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates amounted to +17.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+34.4% per year) and China (-7.0% per year).

In value terms, the largest endless machinery band suppliers to Oman were the United Arab Emirates ($X), China ($X) and the United States ($X), together accounting for 66% of total imports. Turkey, the UK, the Netherlands and Italy lagged somewhat behind, together accounting for a further 30%.

In terms of the main suppliers, the UK, with a CAGR of +32.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average endless machinery band import price stood at $X per square meter in 2021, leveling off at the previous year. Over the period under review, the import price, however, continues to indicate a deep downturn. The pace of growth was the most pronounced in 2014 when the average import price increased by 47% against the previous year. Over the period under review, average import prices reached the peak figure at $X per square meter in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per square meter), while the price for the United Arab Emirates ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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