Ball Bearing Market

The article discusses the projected growth of the global ball bearing market, with market volume expected to reach 2.4M tons by 2030. Consumption and value are forecasted to increase with a CAGR of +2.7% and +4.9% respectively from 2022 to 2030. It highlights trends in consumption, production, imports, and exports of ball bearings globally, with China leading in production and exports. The highest levels of consumption, production, imports, and exports are detailed for various countries, along with growth rates and trends in pricing over the years.

Market Forecast

Driven by increasing demand for ball bearings worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market volume to 2.4M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.9% for the period from 2022 to 2030, which is projected to bring the market value to $47.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Ball Bearings

In 2022, global ball bearing consumption fell to 1.9M tons, with a decrease of -5.3% against the year before. The total consumption volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. As a result, consumption attained the peak volume of 2.3M tons. From 2020 to 2022, the growth of the global consumption failed to regain momentum.

The global ball bearing market revenue dropped to $32.7B in 2022, waning by -4.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Global consumption peaked at $38.3B in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (397K tons), India (200K tons) and the United States (196K tons), with a combined 41% share of global consumption. Germany, Indonesia, Mexico, Japan, Turkey, Italy, South Korea, Democratic Republic of the Congo, Canada and Brazil lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Brazil (with a CAGR of +5.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest ball bearing markets worldwide were China ($6.1B), India ($4.9B) and the United States ($3.8B), with a combined 45% share of the global market. Indonesia, Germany, Japan, Democratic Republic of the Congo, Mexico, Canada, Turkey, Italy, South Korea and Brazil lagged somewhat behind, together accounting for a further 32%.

Brazil, with a CAGR of +4.3%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of ball bearing per capita consumption in 2022 were Canada (1,119 kg per 1000 persons), Germany (1,102 kg per 1000 persons) and South Korea (974 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Brazil (with a CAGR of +5.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Ball Bearings

In 2022, the amount of ball bearings produced worldwide reduced slightly to 2M tons, with a decrease of -2.4% compared with the year before. The total output volume increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 with an increase of 19%. As a result, production reached the peak volume of 2.2M tons. From 2020 to 2022, global production growth remained at a lower figure.

In value terms, ball bearing production shrank slightly to $35.1B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2019 when the production volume increased by 11%. As a result, production reached the peak level of $35.5B. From 2020 to 2022, global production growth failed to regain momentum.

Production By Country

China (855K tons) constituted the country with the largest volume of ball bearing production, comprising approx. 42% of total volume. Moreover, ball bearing production in China exceeded the figures recorded by the second-largest producer, India (184K tons), fivefold. Japan (157K tons) ranked third in terms of total production with a 7.8% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +7.3%. The remaining producing countries recorded the following average annual rates of production growth: India (+1.8% per year) and Japan (-3.1% per year).

Imports

World Imports of Ball Bearings

In 2022, purchases abroad of ball bearings increased by 4.8% to 1.1M tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 29% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, ball bearing imports reached $15.8B in 2022. The total import value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 28%. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports By Country

The countries with the highest levels of ball bearing imports in 2022 were Germany (128K tons), the United States (95K tons) and China (74K tons), together reaching 28% of total import. Italy (46K tons), Mexico (45K tons), the Netherlands (44K tons), Brazil (42K tons), France (32K tons), Indonesia (31K tons), Russia (29K tons), Belgium (28K tons), South Korea (26K tons) and India (22K tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Russia (with a CAGR of +9.9%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest ball bearing importing markets worldwide were Germany ($2B), China ($1.9B) and the United States ($1.4B), with a combined 33% share of global imports. Italy, Mexico, the Netherlands, India, France, South Korea, Brazil, Russia, Belgium and Indonesia lagged somewhat behind, together accounting for a further 27%.

Russia, with a CAGR of +9.0%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average ball bearing import price amounted to $14,902 per ton, declining by -3.1% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 3.2%. Global import price peaked at $16,230 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($26,126 per ton), while Indonesia ($7,813 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Ball Bearings

In 2022, shipments abroad of ball bearings increased by 10% to 1.1M tons, rising for the second year in a row after three years of decline. Overall, total exports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +60.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 45%. Over the period under review, the global exports hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, ball bearing exports stood at $15.2B in 2022. The total export value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by 27%. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports By Country

China represented the major exporting country with an export of about 532K tons, which resulted at 47% of total exports. Japan (107K tons) ranks second in terms of the total exports with a 9.3% share, followed by Germany (6.2%) and Italy (5.3%). South Korea (42K tons), France (36K tons), the Netherlands (35K tons), Poland (25K tons) and Thailand (19K tons) held a little share of total exports.

China was also the fastest-growing in terms of the ball bearings exports, with a CAGR of +18.5% from 2012 to 2022. At the same time, Thailand (+8.4%), the Netherlands (+5.5%), Poland (+4.4%), South Korea (+2.2%) and Italy (+1.1%) displayed positive paces of growth. Japan and Germany experienced a relatively flat trend pattern. By contrast, France (-1.3%) illustrated a downward trend over the same period. While the share of China (+32 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Italy (-2.6 p.p.), France (-2.8 p.p.), Germany (-3.8 p.p.) and Japan (-5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest ball bearing supplying countries worldwide were China ($3.6B), Germany ($1.9B) and Japan ($1.9B), together accounting for 49% of global exports. Italy, France, the Netherlands, Thailand, South Korea and Poland lagged somewhat behind, together accounting for a further 22%.

Among the main exporting countries, Thailand, with a CAGR of +8.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average ball bearing export price amounted to $13,322 per ton, dropping by -8.8% against the previous year. In general, the export price recorded a noticeable contraction. The pace of growth was the most pronounced in 2018 an increase of 8.5% against the previous year. Over the period under review, the average export prices reached the maximum at $19,940 per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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 Germany ($27,145 per ton), while China ($6,849 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+1.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform