MENA: Bearing Market 2024

Bearing Market Size in MENA

The MENA's bearing market soared to $X in 2023, jumping by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The level of consumption peaked at $X in 2019; however, from 2020 to 2023, consumption stood at a somewhat lower figure.

Bearing Production in MENA

In value terms, bearing production rose slightly to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2023, production remained at a lower figure.

Bearing Exports

Exports in MENA

In 2023, approx. X tons of ball and roller bearings were exported in MENA; surging by X% on the year before. The total export volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2023, the growth of the exports remained at a lower figure.

In value terms, bearing exports surged to $X in 2023. Total exports indicated a prominent expansion 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, exports increased by X% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey was the key exporter of ball and roller bearings in MENA, with the volume of exports amounting to X tons, which was approx. X% of total exports in 2023. It was distantly followed by the United Arab Emirates (X tons), committing a X% share of total exports. The following exporters - Israel (X tons) and Oman (X tons) - each reached a X% share of total exports.

From 2012 to 2023, average annual rates of growth with regard to bearing exports from Turkey stood at X%. At the same time, Israel (X%) and Oman (X%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing exporter exported in MENA, with a CAGR of X% from 2012-2023. By contrast, the United Arab Emirates (X%) illustrated a downward trend over the same period. Turkey (X p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest bearing supplier in MENA, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports. It was followed by Israel, with a X% share.

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

Export Prices by Country

The export price in MENA stood at $X per ton in 2023, surging by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The growth pace was the most rapid in 2016 an increase of X% against the previous year. Over the period under review, the export prices reached the maximum in 2023 and is expected to retain growth in years to come.

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 Israel ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced mixed trends in the export price figures.

Bearing Imports

Imports in MENA

In 2023, approx. X tons of ball and roller bearings were imported in MENA; growing by X% compared with 2022. Total imports indicated a perceptible expansion from 2012 to 2023: its volume 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. The pace of growth was the most pronounced in 2019 with an increase of X%. As a result, imports attained the peak of X tons. From 2020 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, bearing imports soared to $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The countries with the highest levels of bearing imports in 2023 were Turkey (X tons), the United Arab Emirates (X tons) and Iran (X tons), together resulting at X% of total import. Saudi Arabia (X tons) and Algeria (X tons) followed a long way behind the leaders.

From 2012 to 2023, 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 ($X) constitutes the largest market for imported ball and roller bearings in MENA, comprising X% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total imports. It was followed by Iran, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Turkey amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Iran (X% per year).

Import Prices by Country

In 2023, the import price in MENA amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the import price recorded a perceptible decrease. The most prominent rate of growth was recorded in 2022 an increase of X% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while Iran ($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 mixed trends in the import price figures.

Source: IndexBox Platform