GCC: Market for Toothed wheels, chain sprockets and other transmission elements 2024

Market Size for Toothed wheels, chain sprockets and other transmission elements in GCC

The GCC market for toothed wheels, chain sprockets and other transmission elements rose rapidly to $X in 2023, picking up by X% against the previous year. The total consumption indicated a pronounced increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. Over the period under review, the market hit record highs at $X in 2021; however, from 2022 to 2023, consumption failed to regain momentum.

Production of Toothed wheels, chain sprockets and other transmission elements in GCC

In value terms, production of toothed wheels, chain sprockets and other transmission elements reached $X in 2023 estimated in export price. Over the period under review, production enjoyed a prominent increase. The most prominent rate of growth was recorded in 2017 when the production volume increased by X%. The level of production peaked at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

Exports of Toothed wheels, chain sprockets and other transmission elements

Exports in GCC

In 2023, shipments abroad of toothed wheels, chain sprockets and other transmission elements increased by X% to X tons for the first time since 2019, thus ending a three-year declining trend. Overall, exports enjoyed a measured expansion. The pace of growth appeared the most rapid in 2014 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2015 to 2023, the growth of the exports of remained at a lower figure.

In value terms, exports of toothed wheels, chain sprockets and other transmission elements soared to $X in 2023. Over the period under review, exports, however, continue to indicate a mild reduction. The growth pace was the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports of reached the peak figure at $X in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates dominates elements structure, finishing at X tons, which was approx. X% of total exports in 2023. The following exporters - Saudi Arabia (X tons) and Oman (X tons) - each resulted at a X% share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of X% from 2012 to 2023. At the same time, Oman (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2023. By contrast, Saudi Arabia (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of the United Arab Emirates and Oman increased by X and X percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest toothed wheels, chain sprockets and other transmission elements supplier in GCC, comprising X% of total exports. The second position in the ranking was held by Oman ($X), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value in the United Arab Emirates stood at X%. In the other countries, the average annual rates were as follows: Oman (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, declining by X% against the previous year. Overall, the export price showed a perceptible downturn. The pace of growth appeared the most rapid in 2022 when the export price increased by X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Oman (X%), while the other leaders experienced a decline in the export price figures.

Imports of Toothed wheels, chain sprockets and other transmission elements

Imports in GCC

In 2023, after two years of decline, there was significant growth in purchases abroad of toothed wheels, chain sprockets and other transmission elements, when their volume increased by X% to X tons. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of X%. Over the period under review, imports of reached the peak figure at X tons in 2016; however, from 2017 to 2023, imports failed to regain momentum.

In value terms, imports of toothed wheels, chain sprockets and other transmission elements skyrocketed to $X in 2023. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. The level of import peaked at $X in 2016; however, from 2017 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, the United Arab Emirates (X tons) represented the largest importer of toothed wheels, chain sprockets and other transmission elements, comprising X% of total imports. Saudi Arabia (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (X%). The following importers - Oman (X tons) and Qatar (X tons) - together made up X% of total imports.

Imports into the United Arab Emirates increased at an average annual rate of X% from 2012 to 2023. At the same time, Kuwait (X%), Oman (X%) and Qatar (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. By contrast, Saudi Arabia (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.) and Kuwait (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Saudi Arabia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported toothed wheels, chain sprockets and other transmission elements in GCC, comprising X% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a X% share of total imports. It was followed by Kuwait, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in the United Arab Emirates stood at X%. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and Kuwait (X% per year).

Import Prices by Country

In 2023, the import price in GCC amounted to $X per ton, approximately reflecting the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the import price increased by X%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2023, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform