Middle East: Bearing Market 2024

Bearing Market Size in the Middle East

The Middle Eastern bearing market contracted modestly to $X in 2022, remaining constant against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2021, and then contracted in the following year.

Bearing Production in the Middle East

In value terms, bearing production shrank modestly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of X%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

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Bearing Exports

Exports in the Middle East

In 2022, the amount of ball or roller bearings exported in the Middle East soared to X tons, jumping by X% against the year before. Over the period under review, exports showed a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, bearing exports soared to $X in 2022. Overall, exports recorded a resilient expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates was the key exporter of ball or roller bearings in the Middle East, with the volume of exports finishing at X tons, which was near X% of total exports in 2022. It was distantly followed by Turkey (X tons), constituting a X% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the ball or roller bearings exports, with a CAGR of X% from 2012 to 2022. At the same time, Turkey (X%) displayed positive paces of growth. The United Arab Emirates (X p.p.) significantly strengthened its position in terms of the total exports, while Turkey saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, the largest bearing supplying countries in the Middle East were the United Arab Emirates ($X) and Turkey ($X).

In terms of the main exporting countries, the United Arab Emirates, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, rising by X% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Bearing Imports

Imports in the Middle East

In 2022, imports of ball or roller bearings in the Middle East expanded rapidly to X tons, rising by X% against the year before. Total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2018 indices. The pace of growth was the most pronounced in 2019 when imports increased by X%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, bearing imports expanded significantly to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by X%. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Imports by Country

Turkey (X tons) and the United Arab Emirates (X tons) represented roughly X% of total imports in 2022. It was distantly followed by Iran (X tons), making up an X% share of total imports. Saudi Arabia (X tons), Iraq (X tons) and Israel (X tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), the United Arab Emirates ($X) and Iran ($X) constituted the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Saudi Arabia, Israel and Iraq lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Iraq, with a CAGR of X%, saw the highest rates of growth with regard to 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 2022, the import price in the Middle East amounted to $X per ton, dropping by X% against the previous year. In general, the import price showed a noticeable downturn. The pace of growth appeared the most rapid in 2017 an increase of X% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Israel ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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