Turkey: Boring Machinery Market 2024

Boring Machinery Market Size in Turkey

In 2022, after two years of decline, there was significant growth in the Turkish boring machinery market, when its value increased by 24% to $X. In general, consumption posted a tangible increase. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Boring Machinery Production in Turkey

In value terms, boring machinery production dropped markedly to $X in 2022 estimated in export price. Overall, production continues to indicate a buoyant expansion. The pace of growth was the most pronounced in 2013 when the production volume increased by 152%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Boring Machinery Exports

Exports from Turkey

After two years of growth, overseas shipments of boring or sinking machinery decreased by -9.5% to X units in 2022. Overall, exports, however, saw moderate growth. The most prominent rate of growth was recorded in 2015 when exports increased by 121%. Over the period under review, the exports hit record highs at X units in 2021, and then shrank in the following year.

In value terms, boring machinery exports declined rapidly to $X in 2022. Over the period under review, exports, however, enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2015 with an increase of 291% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Algeria (X units) was the main destination for boring machinery exports from Turkey, with a 39% share of total exports. Moreover, boring machinery exports to Algeria exceeded the volume sent to the second major destination, the United Arab Emirates (X units), threefold. Morocco (X units) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Algeria totaled +97.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+75.5% per year) and Morocco (+75.1% per year).

In value terms, the largest markets for boring machinery exported from Turkey were Algeria ($X), the United Arab Emirates ($X) and Russia ($X), with a combined 51% share of total exports.

In terms of the main countries of destination, Algeria, with a CAGR of +138.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average boring machinery export price stood at $X per unit in 2022, declining by -34.9% against the previous year. Over the period under review, the export price, however, posted a measured increase. The most prominent rate of growth was recorded in 2021 when the average export price increased by 98% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Sudan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+12.8%), while the prices for the other major destinations experienced more modest paces of growth.

Boring Machinery Imports

Imports into Turkey

In 2022, after four years of decline, there was significant growth in supplies from abroad of boring or sinking machinery, when their volume increased by 83% to X units. Overall, imports, however, continue to indicate a abrupt descent. The growth pace was the most rapid in 2014 with an increase of 202%. As a result, imports attained the peak of X units. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, boring machinery imports surged to $X in 2022. Over the period under review, imports, however, continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2014 when imports increased by 125%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Hungary (X units) constituted the largest supplier of boring machinery to Turkey, accounting for a 59% share of total imports. Moreover, boring machinery imports from Hungary exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The third position in this ranking was held by the United States (X units), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from Hungary was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (-8.5% per year) and the United States (-2.7% per year).

In value terms, the largest boring machinery suppliers to Turkey were Hungary ($X), Sweden ($X) and the United States ($X), together comprising 85% of total imports.

Sweden, with a CAGR of +5.3%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average boring machinery import price stood at $X per unit in 2022, reducing by -8.4% against the previous year. Overall, the import price saw a drastic downturn. The pace of growth appeared the most rapid in 2015 when the average import price increased by 68% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Sweden ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+20.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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