Middle East: Interchangeable Tool Market 2024

Interchangeable Tool Market Size in the Middle East

In 2022, the Middle Eastern interchangeable tool market decreased by X% to $X, falling for the third consecutive year after two years of growth. Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Interchangeable Tool Production in the Middle East

In value terms, interchangeable tool production rose notably to $X in 2022 estimated in export price. The total production indicated a tangible expansion from 2012 to 2022: its value 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, production increased by X% against 2020 indices. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

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Interchangeable Tool Exports

Exports in the Middle East

In 2022, overseas shipments of interchangeable tools for hand tools increased by X% to X tons, rising for the fourth year in a row after two years of decline. Overall, exports enjoyed buoyant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, interchangeable tool exports surged to $X in 2022. In general, exports posted buoyant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey represented the major exporting country with an export of around X tons, which reached X% of total exports. It was distantly followed by the United Arab Emirates (X tons), generating a X% share of total exports. Israel (X tons) and Saudi Arabia (X tons) held a little share of total exports.

Turkey was also the fastest-growing in terms of the interchangeable tools for hand tools exports, with a CAGR of X% from 2012 to 2022. At the same time, the United Arab Emirates (X%) and Saudi Arabia (X%) displayed positive paces of growth. By contrast, Israel (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey and the United Arab Emirates increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest interchangeable tool supplying countries in the Middle East were Turkey ($X), Israel ($X) and the United Arab Emirates ($X), together comprising X% of total exports.

Turkey, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, falling by X% against the previous year. Overall, the export price saw a mild shrinkage. The pace of growth was the most pronounced in 2017 when the export price increased by X%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Israel ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (X%), while the other leaders experienced more modest paces of growth.

Interchangeable Tool Imports

Imports in the Middle East

For the fourth consecutive year, the Middle East recorded growth in supplies from abroad of interchangeable tools for hand tools, which increased by X% to X tons in 2022. Overall, imports saw strong growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, interchangeable tool imports surged to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey was the key importing country with an import of about X tons, which resulted at X% of total imports. Saudi Arabia (X tons) held the second position in the ranking, distantly followed by the United Arab Emirates (X tons), Kuwait (X tons) and Oman (X tons). All these countries together took near X% share of total imports. Iran (X tons) and Iraq (X tons) took a minor share of total imports.

Imports into Turkey increased at an average annual rate of X% from 2012 to 2022. At the same time, Kuwait (X%), Oman (X%), Saudi Arabia (X%), Iraq (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2022. By contrast, Iran (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey and Kuwait increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported interchangeable tools for hand tools in the Middle East, comprising X% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with an X% share of total imports. It was followed by the United Arab Emirates, with an X% share.

In Turkey, interchangeable tool imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, falling by X% against the previous year. Overall, the import price showed a pronounced contraction. The pace of growth was the most pronounced in 2018 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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