Oman: Transmission Shaft Market 2024

Transmission Shaft Market Size in Oman

The Omani transmission shaft market rose markedly to $X in 2022, surging by 9.3% 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 posted prominent growth. Transmission shaft consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Transmission Shaft Exports

Exports from Oman

Transmission shaft exports from Oman contracted modestly to X tons in 2022, waning by -3.7% on the previous year's figure. In general, exports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 38% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, transmission shaft exports dropped slightly to $X in 2022. Over the period under review, exports recorded a perceptible descent. The pace of growth appeared the most rapid in 2014 when exports increased by 46%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons), Hungary (X tons) and Iran (X tons) were the main destinations of transmission shaft exports from Oman, with a combined 68% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Iran (with a CAGR of +129.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for transmission shaft exported from Oman were the United Arab Emirates ($X), Iran ($X) and Hungary ($X), with a combined 68% share of total exports.

Iran, with a CAGR of +138.4%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average transmission shaft export price amounted to $X per ton, with an increase of 1.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.9%. The most prominent rate of growth was recorded in 2020 an increase of 15% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Bahrain ($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 Yemen (+14.0%), while the prices for the other major destinations experienced more modest paces of growth.

Transmission Shaft Imports

Imports into Oman

Transmission shaft imports into Oman expanded significantly to X tons in 2022, picking up by 13% compared with 2021 figures. In general, imports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of 121%. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, transmission shaft imports stood at $X in 2022. Overall, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -5.1% against 2020 indices. The pace of growth was the most pronounced in 2014 when imports increased by 74% against the previous year. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest transmission shaft supplier to Oman, with a 57% share of total imports. Moreover, transmission shaft imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, China (X tons), sevenfold. The third position in this ranking was taken by India (X tons), with a 3.3% share.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates amounted to +15.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-4.2% per year) and India (-1.2% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain to Oman, comprising 32% of total imports. The second position in the ranking was held by Germany ($X), with a 7.4% share of total imports. It was followed by the United States, with a 6.7% share.

From 2012 to 2022, the average annual growth rate of value from the United Arab Emirates totaled +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+3.2% per year) and the United States (+3.1% per year).

Import Prices by Country

The average transmission shaft import price stood at $X per ton in 2022, reducing by -6% against the previous year. In general, the import price continues to indicate a pronounced slump. The pace of growth appeared the most rapid in 2021 when the average import price increased by 22% against the previous year. The import price 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 supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+4.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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