Kuwait: Market for Hot-Rolled Bars In Bearing Steels 2024

Market Size for Hot-Rolled Bars In Bearing Steels in Kuwait

The Kuwaiti hot-rolled bearing steel bar market skyrocketed to $X in 2022, growing by X% against the previous year. Overall, consumption, however, recorded a perceptible contraction. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Production of Hot-Rolled Bars In Bearing Steels in Kuwait

In value terms, hot-rolled bearing steel bar production soared to $X in 2022 estimated in export price. In general, production, however, showed a mild descent. The growth pace was the most rapid in 2020 with an increase of X%. Hot-rolled bearing steel bar production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

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Exports of Hot-Rolled Bars In Bearing Steels

Exports from Kuwait

In 2022, approx. X tons of hot-rolled bars in bearing steels were exported from Kuwait; which is down by X% on the previous year. Over the period under review, exports saw a dramatic curtailment. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, hot-rolled bearing steel bar exports contracted markedly to $X in 2022. In general, exports continue to indicate a precipitous contraction. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Turkey (X tons), Saudi Arabia (X tons) and Qatar (X tons) were the main destinations of hot-rolled bearing steel bar exports from Kuwait.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Turkey (with a CAGR of X%), while the other leaders experienced a decline.

In value terms, Qatar ($X), Saudi Arabia ($X) and Turkey ($X) were the largest markets for hot-rolled bearing steel bar exported from Kuwait worldwide.

In terms of the main countries of destination, Saudi Arabia, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average hot-rolled bearing steel bar export price amounted to $X per ton, picking up by X% against the previous year. In general, the export price, however, recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2016 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Hot-Rolled Bars In Bearing Steels

Imports into Kuwait

In 2022, purchases abroad of hot-rolled bars in bearing steels was finally on the rise to reach X tons after two years of decline. Over the period under review, imports, however, recorded a abrupt downturn. The pace of growth was the most pronounced in 2019 with an increase of X%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, hot-rolled bearing steel bar imports rose markedly to $X in 2022. In general, imports, however, showed a perceptible decline. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Bahrain (X tons) constituted the largest supplier of hot-rolled bearing steel bar to Kuwait, accounting for a X% share of total imports. Moreover, hot-rolled bearing steel bar imports from Bahrain exceeded the figures recorded by the second-largest supplier, France (X tons), more than tenfold. South Korea (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Bahrain amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: France (X% per year) and South Korea (X% per year).

In value terms, Bahrain ($X) constituted the largest supplier of hot-rolled bars in bearing steels to Kuwait, comprising X% of total imports. The second position in the ranking was held by South Korea ($X), with a X% share of total imports. It was followed by France, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Bahrain totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (X% per year) and France (X% per year).

Import Prices by Country

The average hot-rolled bearing steel bar import price stood at $X per ton in 2022, dropping by X% against the previous year. In general, the import price, however, saw a strong increase. The pace of growth was the most pronounced in 2020 when the average import price increased by X%. Over the period under review, average import prices attained the maximum at $X per ton in 2021, and then declined notably in the following year.

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

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

Source: IndexBox Platform

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