GCC: Metal Self-Locking Nut Market 2024

Metal Self-Locking Nut Market Size in GCC

The GCC metal self-locking nut market expanded significantly to $X in 2023, surging by X% against the previous year. The total consumption indicated a temperate 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. As a result, consumption attained the peak level of $X. From 2014 to 2023, the growth of the market remained at a lower figure.

Metal Self-Locking Nut Production in GCC

In value terms, metal self-locking nut production totaled $X in 2023 estimated in export price. In general, production posted a prominent increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Metal Self-Locking Nut Exports

Exports in GCC

In 2023, approx. X tons of iron or steel nuts (including self-locking nuts) were exported in GCC; declining by X% on the previous year's figure. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2023, the exports stood at a somewhat lower figure.

In value terms, metal self-locking nut exports reduced slightly to $X in 2023. Overall, exports, however, showed a strong expansion. The pace of growth was the most pronounced in 2013 when exports increased by X%. The level of export peaked at $X in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, finishing at X tons, which was near X% of total exports in 2023. Oman (X tons) held a relatively small share of total exports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of exports of iron or steel nuts (including self-locking nuts). 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. From 2012 to 2023, the share of the United Arab Emirates increased by X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest metal self-locking nut supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Oman ($X), with a X% share of total exports.

In the United Arab Emirates, metal self-locking nut exports increased at an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, rising by X% against the previous year. Overall, the export price enjoyed a strong increase. The pace of growth was the most pronounced in 2019 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2023, the export prices remained at a somewhat 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 amounted to $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Metal Self-Locking Nut Imports

Imports in GCC

For the third year in a row, GCC recorded decline in supplies from abroad of iron or steel nuts (including self-locking nuts), which decreased by X% to X tons in 2023. Overall, imports recorded a noticeable decline. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2023, the growth of imports remained at a lower figure.

In value terms, metal self-locking nut imports reduced to $X in 2023. Over the period under review, imports recorded a perceptible decline. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2023, the growth of imports failed to regain momentum.

Imports by Country

In 2023, the United Arab Emirates (X tons) was the major importer of iron or steel nuts (including self-locking nuts), creating X% of total imports. It was distantly followed by Saudi Arabia (X tons), committing a X% share of total imports. The following importers - Qatar (X tons), Oman (X tons) and Kuwait (X tons) - together made up X% of total imports.

From 2012 to 2023, average annual rates of growth with regard to metal self-locking nut imports into the United Arab Emirates stood at X%. At the same time, Qatar (X%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. Oman experienced a relatively flat trend pattern. By contrast, Kuwait (X%) and Saudi Arabia (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.) and Qatar (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 ($X) constitutes the largest market for imported iron or steel nuts (including self-locking nuts) in GCC, comprising X% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a X% share of total imports. It was followed by Qatar, 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 Qatar (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, with a decrease of X% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2023, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Kuwait ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform