Roller Bearing Market

The article discusses the forecasted growth in the global roller bearing market from 2022 to 2030, with an expected increase in both volume and value. Countries like China, the United States, and India are highlighted as the leading consumers and producers in the market. Consumption, production, imports, and exports of roller bearings are analyzed, with fluctuations in trends observed over the years. The article also delves into average prices, growth rates, and shares of key players in the market.

Market Forecast

Driven by increasing demand for roller bearings worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market volume to 829K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.9% for the period from 2022 to 2030, which is projected to bring the market value to $43.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Roller Bearings

Global roller bearing consumption totaled 656K tons in 2022, flattening at the year before. The total consumption volume increased at an average annual rate of +4.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption attained the maximum volume in 2022 and is likely to see steady growth in the immediate term.

The global roller bearing market revenue skyrocketed to $27.3B in 2022, increasing by 38% 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). Overall, the total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +90.5% against 2017 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The country with the largest volume of roller bearing consumption was China (171K tons), accounting for 26% of total volume. Moreover, roller bearing consumption in China exceeded the figures recorded by the second-largest consumer, the United States (74K tons), twofold. The third position in this ranking was held by India (70K tons), with an 11% share.

In China, roller bearing consumption expanded at an average annual rate of +5.8% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+4.1% per year) and India (+6.4% per year).

In value terms, the United States ($6.3B), China ($3.6B) and India ($2.8B) constituted the countries with the highest levels of market value in 2022, together comprising 47% of the global market.

India, with a CAGR of +9.9%, saw the highest growth rate of market size in terms of 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 roller bearing per capita consumption in 2022 were Spain (368 kg per 1000 persons), Canada (328 kg per 1000 persons) and Italy (311 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 Italy (with a CAGR of +9.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Roller Bearings

In 2022, production of roller bearings increased by 2.5% to 640K tons, rising for the fifth consecutive year after two years of decline. The total output volume increased at an average annual rate of +4.9% over the period 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 2014 when the production volume increased by 18% against the previous year. Global production peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, roller bearing production amounted to $20.7B in 2022 estimated in export price. Overall, the total production indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.3% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 24%. As a result, production attained the peak level of $21.7B. From 2021 to 2022, global production growth remained at a lower figure.

Production By Country

China (203K tons) remains the largest roller bearing producing country worldwide, accounting for 32% of total volume. Moreover, roller bearing production in China exceeded the figures recorded by the second-largest producer, the United States (74K tons), threefold. The third position in this ranking was held by India (67K tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +7.9%. In the other countries, the average annual rates were as follows: the United States (+3.2% per year) and India (+6.8% per year).

Imports

World Imports of Roller Bearings

In 2022, purchases abroad of roller bearings increased by 1.7% to 95K tons, rising for the second consecutive year after two years of decline. Over the period under review, imports, however, showed a mild contraction. The most prominent rate of growth was recorded in 2021 when imports increased by 14% against the previous year. Global imports peaked at 117K tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, roller bearing imports dropped to $1.7B in 2022. Overall, imports, however, showed a perceptible setback. The pace of growth was the most pronounced in 2021 when imports increased by 15%. Over the period under review, global imports reached the peak figure at $2.2B in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports By Country

In 2022, Indonesia (12K tons), followed by Germany (6.9K tons) and Thailand (6.4K tons) represented the main importers of roller bearings, together making up 27% of total imports. India (4.2K tons), Italy (3.5K tons), Nigeria (3.5K tons), Canada (3.4K tons), South Korea (3.3K tons), Spain (2.5K tons), France (2.4K tons), Poland (2.1K tons), Singapore (1.8K tons) and Austria (1.8K tons) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Thailand (with a CAGR of +6.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($134M), India ($121M) and Indonesia ($114M) constituted the countries with the highest levels of imports in 2022, together accounting for 22% of global imports. Canada, Thailand, South Korea, Italy, France, Poland, Singapore, Austria, Spain and Nigeria lagged somewhat behind, together accounting for a further 27%.

Austria, with a CAGR of +3.8%, 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

The average roller bearing import price stood at $17,451 per ton in 2022, reducing by -3.7% against the previous year. Overall, the import price continues to indicate a slight curtailment. The pace of growth appeared the most rapid in 2014 when the average import price increased by 1.7% against the previous year. Global import price peaked at $19,581 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 Canada ($28,956 per ton), while Nigeria ($3,626 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+6.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Roller Bearings

In 2022, overseas shipments of roller bearings increased by 15% to 78K tons, rising for the second consecutive year after three years of decline. The total export volume increased at an average annual rate of +1.0% over the period 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 2021 when exports increased by 41% against the previous year. Over the period under review, the global exports attained the peak figure in 2022 and are likely to see steady growth in the immediate term.

In value terms, roller bearing exports fell to $1.4B in 2022. Over the period under review, exports, however, showed a mild curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 24% against the previous year. The global exports peaked at $1.6B in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

In 2022, China (33K tons) was the key exporter of roller bearings, mixing up 43% of total exports. It was distantly followed by Singapore (6.2K tons), Germany (5.5K tons), France (5.4K tons) and Slovakia (4.2K tons), together mixing up a 27% share of total exports. Italy (3.4K tons), Vietnam (3K tons), South Korea (1.9K tons), the United Arab Emirates (1.3K tons), Hong Kong SAR (1.2K tons) and Indonesia (1.2K tons) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to roller bearing exports from China stood at +22.6%. At the same time, Indonesia (+30.2%), Vietnam (+16.6%), the United Arab Emirates (+3.0%) and Slovakia (+1.1%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in the world, with a CAGR of +30.2% from 2012-2022. Singapore experienced a relatively flat trend pattern. By contrast, Italy (-1.8%), France (-2.1%), Germany (-2.1%), South Korea (-11.7%) and Hong Kong SAR (-13.7%) illustrated a downward trend over the same period. While the share of China (+36 p.p.) and Vietnam (+2.9 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Singapore (-1.7 p.p.), France (-2.6 p.p.), Germany (-2.6 p.p.), Hong Kong SAR (-5.9 p.p.) and South Korea (-6.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest roller bearing supplying countries worldwide were China ($248M), Germany ($157M) and Singapore ($155M), with a combined 40% share of global exports. Italy, Vietnam, France, Hong Kong SAR, Slovakia, South Korea, the United Arab Emirates and Indonesia lagged somewhat behind, together accounting for a further 29%.

Vietnam, with a CAGR of +17.1%, recorded the highest growth rate of the value of exports, among the main exporting countries 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 roller bearing export price amounted to $17,750 per ton, which is down by -15.7% against the previous year. Over the period under review, the export price showed a pronounced decrease. The pace of growth appeared the most rapid in 2018 an increase of 10%. As a result, the export price attained the peak level of $24,151 per ton. From 2019 to 2022, the average export prices remained 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 Hong Kong SAR ($38,856 per ton), while Indonesia ($2,415 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 (+9.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform