Saudi Arabia: Ball Bearing Market 2024

Ball Bearing Market Size in Saudi Arabia

The Saudi ball bearing market fell remarkably to $X in 2021, which is down by -24.6% 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 showed a deep slump. The pace of growth appeared the most rapid in 2019 with an increase of 5.7%. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Ball Bearing Exports

Exports from Saudi Arabia

In 2021, exports of ball bearings from Saudi Arabia surged to X tons, with an increase of 30% against the previous year's figure. Overall, exports showed a significant increase. The pace of growth was the most pronounced in 2015 with an increase of 680%. The exports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, ball bearing exports reduced to $X in 2021. Over the period under review, exports recorded a resilient increase. The pace of growth appeared the most rapid in 2015 with an increase of 562% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2020, and then declined in the following year.

Exports by Country

Sudan (X tons), the United Arab Emirates (X tons) and Bahrain (X tons) were the main destinations of ball bearing exports from Saudi Arabia, with a combined 87% share of total exports. India and Kuwait lagged somewhat behind, together accounting for a further 8.8%.

From 2012 to 2021, the biggest increases were recorded for Kuwait (with a CAGR of +92.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for ball bearing exported from Saudi Arabia were the United Arab Emirates ($X), Sudan ($X) and Bahrain ($X), together comprising 44% of total exports. India and Kuwait lagged somewhat behind, together accounting for a further 11%.

Kuwait, with a CAGR of +73.0%, saw the highest growth rate of the value of exports, in terms of 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 2021, the average ball bearing export price amounted to $X per ton, reducing by -32.6% against the previous year. In general, the export price recorded a abrupt descent. The most prominent rate of growth was recorded in 2017 when the average export price increased by 66%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Kuwait ($X per ton), while the average price for exports to Sudan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bahrain (-10.0%), while the prices for the other major destinations experienced a decline.

Ball Bearing Imports

Imports into Saudi Arabia

In 2021, the amount of ball bearings imported into Saudi Arabia fell notably to X tons, which is down by -34.1% against the previous year's figure. In general, imports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2015 with an increase of 9.6%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, ball bearing imports declined markedly to $X in 2021. Overall, imports saw a abrupt curtailment. The most prominent rate of growth was recorded in 2019 when imports increased by 5.6% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Japan (X tons), China (X tons) and Germany (X tons) were the main suppliers of ball bearing imports to Saudi Arabia, with a combined 56% share of total imports. These countries were followed by Italy, the United States, Thailand, South Korea, France, India, Austria, Belgium and Romania, which together accounted for a further 30%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +0.4%), while imports for the other leaders experienced a decline.

In value terms, Japan ($X), the United States ($X) and Germany ($X) were the largest ball bearing suppliers to Saudi Arabia, together accounting for 49% of total imports. These countries were followed by Italy, China, France, Austria, Thailand, India, Belgium, South Korea and Romania, which together accounted for a further 33%.

Among the main suppliers, Thailand, with a CAGR of +7.7%, 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 a decline.

Import Prices by Country

The average ball bearing import price stood at $X per ton in 2021, jumping by 19% against the previous year. In general, import price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +8.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, ball bearing import price increased by +85.7% against 2015 indices. The pace of growth was the most pronounced in 2020 when the average import price increased by 33% against the previous year. The import price peaked in 2021 and is likely to continue growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+22.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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