Saudi Arabia: Tapered Roller Bearing Market 2024

Tapered Roller Bearing Market Size in Saudi Arabia

In 2021, the Saudi tapered roller bearing market decreased by -8.7% to $X for the first time since 2017, thus ending a three-year rising trend. Over the period under review, consumption, however, showed a relatively flat trend pattern. Tapered roller bearing consumption peaked at $X in 2020, and then declined in the following year.

Tapered Roller Bearing Exports

Exports from Saudi Arabia

In 2021, exports of tapered roller bearings from Saudi Arabia skyrocketed to X tons, picking up by 130% against 2020 figures. Overall, exports saw a remarkable increase. The most prominent rate of growth was recorded in 2016 when exports increased by 852%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, tapered roller bearing exports skyrocketed to $X in 2021. In general, exports continue to indicate significant growth. The growth pace was the most rapid in 2016 when exports increased by 452%. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Italy (X tons) was the main destination for tapered roller bearing exports from Saudi Arabia, accounting for a 57% share of total exports. Moreover, tapered roller bearing exports to Italy exceeded the volume sent to the second major destination, Poland (X tons), threefold. Germany (X tons) ranked third in terms of total exports with a 19% share.

From 2012 to 2021, the average annual growth rate of volume to Italy totaled +76.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+27.6% per year) and Germany (+55.7% per year).

In value terms, Italy ($X) remains the key foreign market for tapered roller bearings exports from Saudi Arabia, comprising 71% of total exports. The second position in the ranking was taken by Poland ($X), with a 19% share of total exports. It was followed by Germany, with a 5.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Italy amounted to +48.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+27.1% per year) and Germany (+50.0% per year).

Export Prices by Country

In 2021, the average tapered roller bearing export price amounted to $X per ton, jumping by 123% against the previous year. Overall, the export price posted prominent growth. The pace of growth was the most pronounced in 2013 an increase of 347%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Italy ($X per ton), while the average price for exports to Germany ($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 Singapore (+23.3%), while the prices for the other major destinations experienced mixed trend patterns.

Tapered Roller Bearing Imports

Imports into Saudi Arabia

In 2021, after three years of growth, there was significant decline in supplies from abroad of tapered roller bearings, when their volume decreased by -7.6% to X tons. In general, total imports indicated a modest expansion from 2012 to 2021: its volume increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +131.4% against 2017 indices. The pace of growth appeared the most rapid in 2019 when imports increased by 71% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020, and then shrank in the following year.

In value terms, tapered roller bearing imports dropped to $X in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when imports increased by 35% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), India (X tons) and Germany (X tons) were the main suppliers of tapered roller bearing imports to Saudi Arabia, together accounting for 53% of total imports. Japan, Italy, Spain, the United States and France lagged somewhat behind, together comprising a further 33%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +22.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest tapered roller bearing suppliers to Saudi Arabia were Japan ($X), the United States ($X) and India ($X), together accounting for 46% of total imports. Germany, Italy, China, Spain and France lagged somewhat behind, together accounting for a further 37%.

In terms of the main suppliers, Italy, with a CAGR of +12.9%, saw 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 tapered roller bearing import price amounted to $X per ton, leveling off at the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the average import price increased by 46%. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: 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 the United States (+4.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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