Saudi Arabia: Needle Roller Bearing Market 2024

Needle Roller Bearing Market Size in Saudi Arabia

In 2021, the Saudi needle roller bearing market decreased by -8.9% to $X for the first time since 2017, thus ending a three-year rising trend. In general, consumption, however, posted a resilient increase. Needle roller bearing consumption peaked at $X in 2020, and then reduced in the following year.

Needle Roller Bearing Production in Saudi Arabia

In value terms, needle roller bearing production fell to $X in 2021 estimated in export price. Overall, production, however, enjoyed resilient growth. The pace of growth was the most pronounced in 2013 with an increase of 92% against the previous year. Needle roller bearing production peaked at $X in 2020, and then declined in the following year.

Needle Roller Bearing Exports

Exports from Saudi Arabia

In 2021, needle roller bearing exports from Saudi Arabia soared to X kg, growing by 181% on 2020. Overall, exports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 4,819% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, needle roller bearing exports soared to $X in 2021. Over the period under review, exports, however, saw a abrupt setback. The growth pace was the most rapid in 2018 with an increase of 3,183%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

India (X kg) was the main destination for needle roller bearing exports from Saudi Arabia, with a 67% share of total exports. Moreover, needle roller bearing exports to India exceeded the volume sent to the second major destination, Belgium (X kg), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to India stood at -17.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+146.6% per year) and Oman (-19.2% per year).

In value terms, India ($X) remains the key foreign market for needle roller bearing exports from Saudi Arabia, comprising 83% of total exports. The second position in the ranking was held by Belgium ($X), with an 11% share of total exports.

From 2012 to 2021, the average annual growth rate of value to India stood at -19.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+316.8% per year) and Oman (-23.7% per year).

Export Prices by Country

In 2021, the average needle roller bearing export price amounted to $X per ton, declining by -20% against the previous year. In general, the export price continues to indicate a abrupt curtailment. The growth pace was the most rapid in 2015 an increase of 229%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was India ($X per ton), while the average price for exports to Oman ($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 Belgium (+65.3%), while the prices for the other major destinations experienced more modest paces of growth.

Needle Roller Bearing Imports

Imports into Saudi Arabia

Needle roller bearing imports into Saudi Arabia stood at X tons in 2016, stabilizing at the year before. Over the period under review, imports saw a deep reduction. The pace of growth was the most pronounced in 2014 when imports increased by 53% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2016, imports remained at a lower figure.

In value terms, needle roller bearing imports stood at $X in 2016. In general, imports recorded a notable increase. The pace of growth was the most pronounced in 2014 with an increase of 91%. As a result, imports reached the peak of $X. From 2015 to 2016, the growth of imports failed to regain momentum.

Imports by Country

Austria (X tons), the United States (X tons) and Japan (X tons) were the main suppliers of needle roller bearing imports to Saudi Arabia, together comprising 74% of total imports.

From 2012 to 2016, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +30.5%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the United States ($X) constituted the largest supplier of needle roller bearing to Saudi Arabia, comprising 50% of total imports. The second position in the ranking was taken by Austria ($X), with a 19% share of total imports.

From 2012 to 2016, the average annual rate of growth in terms of value from the United States stood at +43.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (-20.8% per year) and Japan (+20.9% per year).

Import Prices by Country

In 2016, the average needle roller bearing import price amounted to $X per ton, remaining stable against the previous year. Overall, the import price showed a buoyant expansion. The growth pace was the most rapid in 2013 an increase of 29%. Over the period under review, average import prices reached the peak figure in 2016 and is expected to retain growth in years to come.

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

From 2012 to 2016, the most notable rate of growth in terms of prices was attained by the United States (+17.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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