Kuwait: Market for Hot-Rolled Bars In Bearing Steels 2023

Market Size for Hot-Rolled Bars In Bearing Steels in Kuwait

For the fifth consecutive year, the Kuwaiti hot-rolled bearing steel bar market recorded decline in sales value, which decreased by -21.2% to $X in 2021. Overall, consumption recorded a abrupt decline. Hot-rolled bearing steel bar consumption peaked at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Production of Hot-Rolled Bars In Bearing Steels in Kuwait

In value terms, hot-rolled bearing steel bar production stood at $X in 2021 estimated in export price. Over the period under review, the total production indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -30.0% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 38%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Exports of Hot-Rolled Bars In Bearing Steels

Exports from Kuwait

In 2021, after two years of decline, there was significant growth in overseas shipments of hot-rolled bars in bearing steels, when their volume increased by 77% to X tons. Overall, exports, however, faced a dramatic decline. The most prominent rate of growth was recorded in 2016 with an increase of 399% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, hot-rolled bearing steel bar exports surged to $X in 2021. Over the period under review, exports, however, recorded a sharp decrease. The pace of growth appeared the most rapid in 2016 with an increase of 819% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Qatar (X tons) and Saudi Arabia (X tons) were the main destinations of hot-rolled bearing steel bar exports from Kuwait.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Saudi Arabia (with a CAGR of -7.6%).

In value terms, Qatar ($X) and Saudi Arabia ($X) constituted the largest markets for hot-rolled bearing steel bar exported from Kuwait worldwide.

Among the main countries of destination, Saudi Arabia, with a CAGR of +8.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2021, the average hot-rolled bearing steel bar export price amounted to $X per ton, growing by 62% against the previous year. In general, export price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 an increase of 84% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2021, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Qatar totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+17.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Bars In Bearing Steels

Imports into Kuwait

For the fifth consecutive year, Kuwait recorded decline in purchases abroad of hot-rolled bars in bearing steels, which decreased by -27.8% to X tons in 2021. Overall, imports faced a abrupt contraction. The pace of growth was the most pronounced in 2014 with an increase of 471%. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, hot-rolled bearing steel bar imports dropped markedly to $X in 2021. In general, imports continue to indicate a pronounced descent. The most prominent rate of growth was recorded in 2016 when imports increased by 543% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Bahrain (X tons) constituted the largest supplier of hot-rolled bearing steel bar to Kuwait, with a 56% share of total imports. Moreover, hot-rolled bearing steel bar imports from Bahrain exceeded the figures recorded by the second-largest supplier, South Korea (X tons), sevenfold. The third position in this ranking was held by China (X tons), with a 6.4% share.

From 2012 to 2021, the average annual growth rate of volume from Bahrain amounted to +91.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-2.9% per year) and China (-33.5% per year).

In value terms, the largest hot-rolled bearing steel bar suppliers to Kuwait were South Korea ($X), Bahrain ($X) and Germany ($X), with a combined 54% share of total imports.

Bahrain, with a CAGR of +44.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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 hot-rolled bearing steel bar import price amounted to $X per ton, picking up by 17% against the previous year. Overall, the import price continues to indicate buoyant growth. The growth pace was the most rapid in 2016 an increase of 132% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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