GCC: Hollow Drill Bar Market 2024

Hollow Drill Bar Market Size in GCC

The GCC hollow drill bar market rose remarkably to $X in 2023, picking up by X% against the previous year. Over the period under review, consumption, however, recorded a abrupt descent. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2023, consumption stood at a somewhat lower figure.

Hollow Drill Bar Production in GCC

In value terms, hollow drill bar production soared to $X in 2023 estimated in export price. Over the period under review, production continues to indicate a buoyant increase. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Hollow Drill Bar Exports

Exports in GCC

In 2023, hollow drill bar exports in GCC contracted sharply to X tons, reducing by X% on 2022 figures. In general, exports continue to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2013 when exports increased by X%. The volume of export peaked at X tons in 2015; however, from 2016 to 2023, the exports remained at a lower figure.

In value terms, hollow drill bar exports dropped to $X in 2023. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, recording X tons, which was near X% of total exports in 2023. It was distantly followed by Kuwait (X tons), comprising an X% share of total exports. Bahrain (X tons) took a minor share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of X% from 2012 to 2023. At the same time, Kuwait (X%) and Bahrain (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Kuwait and Bahrain increased by X and X percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest hollow drill bar supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Kuwait ($X), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value in the United Arab Emirates was relatively modest. In the other countries, the average annual rates were as follows: Kuwait (X% per year) and Bahrain (X% per year).

Export Prices by Country

In 2023, the export price in GCC amounted to $X per ton, surging by X% against the previous year. In general, the export price posted a perceptible increase. The level of export peaked at $X per ton in 2015; however, from 2016 to 2023, 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 Kuwait ($X per ton), while Bahrain ($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.

Hollow Drill Bar Imports

Imports in GCC

Hollow drill bar imports fell dramatically to X tons in 2023, reducing by X% on 2022 figures. Over the period under review, imports continue to indicate a sharp decline. The pace of growth was the most pronounced in 2017 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2023, the growth of imports remained at a lower figure.

In value terms, hollow drill bar imports declined remarkably to $X in 2023. In general, imports showed a dramatic decline. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2023, the growth of imports remained at a lower figure.

Imports by Country

Oman was the major importer of hollow drill bars and rods in GCC, with the volume of imports reaching X tons, which was approx. X% of total imports in 2023. It was distantly followed by Bahrain (X tons) and the United Arab Emirates (X tons), together generating a X% share of total imports. Kuwait (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to hollow drill bar imports into Oman stood at X%. At the same time, Bahrain (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. By contrast, the United Arab Emirates (X%) and Kuwait (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Oman, Bahrain and the United Arab Emirates increased by X, X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest hollow drill bar importing markets in GCC were Oman ($X), the United Arab Emirates ($X) and Bahrain ($X), together comprising X% of total imports.

Bahrain, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2023, the import price in GCC amounted to $X per ton, picking up by X% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by X%. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2023, import prices stood 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 the United Arab Emirates ($X per ton), while Oman ($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 more modest paces of growth.

Source: IndexBox Platform