Saudi Arabia: Bearing Market 2024

Bearing Market Size in Saudi Arabia

The Saudi bearing market reached $X in 2022, increasing by X% 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, continues to indicate a pronounced setback. The growth pace was the most rapid in 2019 when the market value increased by X% against the previous year. Bearing consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Bearing Exports

Exports from Saudi Arabia

In 2022, the amount of ball or roller bearings exported from Saudi Arabia totaled X tons, flattening at the previous year. Over the period under review, exports enjoyed measured growth. The pace of growth appeared the most rapid in 2015 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, bearing exports dropped to $X in 2022. Overall, exports saw a measured expansion. The pace of growth appeared the most rapid in 2020 when exports increased by X%. Over the period under review, the exports reached the maximum at $X in 2021, and then declined in the following year.

Exports by Country

The United Arab Emirates (X tons), India (X tons) and Bahrain (X tons) were the main destinations of bearing exports from Saudi Arabia.

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

In value terms, the United Arab Emirates ($X), Italy ($X) and India ($X) were the largest markets for bearing exported from Saudi Arabia worldwide.

Kuwait, with a CAGR of X%, recorded the highest rates of growth with regard to 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

The average bearing export price stood at $X per ton in 2021, growing by X% against the previous year. Over the period under review, export price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, bearing export price increased by X% against 2019 indices. The growth pace was the most rapid in 2020 when the average export price increased by X% against the previous year. The export price peaked in 2021 and is likely to see gradual growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Austria ($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 Italy (X%), while the prices for the other major destinations experienced more modest paces of growth.

Bearing Imports

Imports into Saudi Arabia

In 2022, overseas purchases of ball or roller bearings were finally on the rise to reach X tons after two years of decline. Over the period under review, imports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, bearing imports rose to $X in 2022. Overall, imports, however, continue to indicate a mild decline. The pace of growth was the most pronounced in 2013 with an increase of X%. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

China (X tons), Japan (X tons) and Italy (X tons) were the main suppliers of bearing imports to Saudi Arabia, with a combined X% share of total imports. Spain, Germany, India, the United States, Sweden, Thailand, France, South Korea, Austria and Romania lagged somewhat behind, together comprising a further X%.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest bearing suppliers to Saudi Arabia were Japan ($X), the United States ($X) and Italy ($X), together comprising X% of total imports. Germany, China, Spain, India, Sweden, France, Austria, Thailand, South Korea and Romania lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Spain, with a CAGR of X%, recorded the highest growth rate of 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

In 2021, the average bearing import price amounted to $X per ton, surging by X% against the previous year. Over the last nine years, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2016 an increase of X% against the previous year. The import price peaked in 2021 and is expected to retain growth in the immediate term.

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

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

Source: IndexBox Platform

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