Asia: Bearing Market 2024

Bearing Market Size in Asia

In 2022, the Asian bearing market decreased by X% to $X, falling for the third year in a row after five years of growth. Over the period under review, consumption recorded a slight decline. The pace of growth appeared the most rapid in 2019 with an increase of X%. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Bearing Production in Asia

In value terms, bearing production shrank to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Bearing Exports

Exports in Asia

For the seventh year in a row, Asia recorded growth in shipments abroad of ball or roller bearings, which increased by X% to X tons in 2022. Overall, exports showed strong growth. The growth pace was the most rapid in 2021 with an increase of X%. The volume of export peaked in 2022 and is likely to see gradual growth in the immediate term.

In value terms, bearing exports rose to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of X%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

China was the main exporting country with an export of about X tons, which recorded X% of total exports. Japan (X tons) ranks second in terms of the total exports with a X% share, followed by South Korea (X%). The following exporters - Singapore (X tons), India (X tons), Thailand (X tons) and the United Arab Emirates (X tons) - together made up X% of total exports.

From 2012 to 2022, average annual rates of growth with regard to bearing exports from China stood at X%. At the same time, the United Arab Emirates (X%), Thailand (X%), India (X%) and South Korea (X%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2022. Japan experienced a relatively flat trend pattern. By contrast, Singapore (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest bearing supplying countries in Asia were China ($X), Japan ($X) and South Korea ($X), together comprising X% of total exports. Singapore, Thailand, India and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

The United Arab Emirates, with a CAGR of X%, saw 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 Asia amounted to $X per ton, which is down by X% against the previous year. Overall, the export price continues to indicate a deep slump. The pace of growth appeared the most rapid in 2018 an increase of X%. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, 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 Asia

In 2022, the amount of ball or roller bearings imported in Asia dropped slightly to X tons, waning by X% compared with the previous year's figure. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of X tons, and then shrank modestly in the following year.

In value terms, bearing imports contracted to $X in 2022. Over the period under review, imports, however, showed a slight expansion. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then dropped in the following year.

Imports by Country

China was the key importing country with an import of about X tons, which recorded X% of total imports. It was distantly followed by Indonesia (X tons), India (X tons), South Korea (X tons), Turkey (X tons), Thailand (X tons), Japan (X tons), Singapore (X tons) and the United Arab Emirates (X tons), together making up a X% share of total imports. The following importers - Hong Kong SAR (X tons), Malaysia (X tons), Iran (X tons) and Taiwan (Chinese) (X tons) - each accounted for a X% share of total imports.

Imports into China increased at an average annual rate of X% from 2012 to 2022. At the same time, the United Arab Emirates (X%), Iran (X%), Turkey (X%), Thailand (X%), India (X%), Indonesia (X%), Malaysia (X%) and Japan (X%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in Asia, with a CAGR of X% from 2012-2022. South Korea experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (X%), Hong Kong SAR (X%) and Singapore (X%) illustrated a downward trend over the same period. While the share of Turkey (X p.p.) and the United Arab Emirates (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of South Korea (X p.p.), Hong Kong SAR (X p.p.) and Singapore (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported ball or roller bearings in Asia, comprising X% of total imports. The second position in the ranking was taken by India ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: India (X% per year) and South Korea (X% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, waning by X% against the previous year. Over the period under review, the import price showed a mild contraction. The pace of growth was the most pronounced in 2020 an increase of X%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Iran ($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 other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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