Shaft Coupling Market

The article provides an in-depth analysis of the global shaft coupling market, forecasting an upward consumption trend over the next eight years. Key insights include projected market volume of 779K tons and value of $24.1B by 2030, a decline in consumption in 2022, leading consuming countries, production statistics, import/export trends, and price fluctuations. China emerges as a dominant player in production and exports, while the United States, Germany, and Italy are significant importers. The data highlights growth rates, trends, and variations in consumption, production, imports, and exports across different countries and over the last decade.

Market Forecast

Driven by rising demand for shaft coupling worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 779K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.4% for the period from 2022 to 2030, which is projected to bring the market value to $24.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Clutches And Shaft Couplings

For the third consecutive year, the global market recorded decline in consumption of clutches and shaft couplings, which decreased by -3.4% to 692K tons in 2022. Over the period under review, consumption continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 5.8%. Global consumption peaked at 775K tons in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

The global shaft coupling market value reduced slightly to $18.4B in 2022, waning by -1.9% 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, consumption continues to indicate a slight downturn. The growth pace was the most rapid in 2017 when the market value increased by 3.2% against the previous year. Over the period under review, the global market reached the peak level at $21.9B in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (160K tons), the United States (99K tons) and India (81K tons), together accounting for 49% of global consumption. Germany, Japan, Russia, Mexico, South Korea, Austria, Thailand, Democratic Republic of the Congo and Canada lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Germany (with a CAGR of +4.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest shaft coupling markets worldwide were the United States ($4.8B), China ($3.7B) and India ($2.8B), together accounting for 61% of the global market. Japan, Germany, Mexico, Russia, Democratic Republic of the Congo, Canada, Thailand, South Korea and Austria lagged somewhat behind, together comprising a further 24%.

Among the main consuming countries, Mexico, with a CAGR of +3.5%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of shaft coupling per capita consumption was registered in Austria (1,346 kg per 1000 persons), followed by Germany (495 kg per 1000 persons), Japan (324 kg per 1000 persons) and the United States (296 kg per 1000 persons), while the world average per capita consumption of shaft coupling was estimated at 1.2 kg per 1000 persons.

In Austria, shaft coupling per capita consumption shrank by an average annual rate of -2.3% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Germany (+3.6% per year) and Japan (+1.1% per year).

Production

World Production of Clutches And Shaft Couplings

In 2022, global shaft coupling production fell modestly to 707K tons, remaining stable against 2021. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 6.2%. Global production peaked at 731K tons in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

In value terms, shaft coupling production stood at $18.7B in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 4.6%. Over the period under review, global production hit record highs at $21.3B in 2013; however, from 2014 to 2022, production remained at a lower figure.

Production By Country

China (244K tons) remains the largest shaft coupling producing country worldwide, comprising approx. 35% of total volume. Moreover, shaft coupling production in China exceeded the figures recorded by the second-largest producer, the United States (82K tons), threefold. India (78K tons) ranked third in terms of total production with an 11% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +3.6%. The remaining producing countries recorded the following average annual rates of production growth: the United States (-5.1% per year) and India (+0.6% per year).

Imports

World Imports of Clutches And Shaft Couplings

In 2022, purchases abroad of clutches and shaft couplings increased by 11% to 197K tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +2.5% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 19%. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, shaft coupling imports amounted to $3.6B in 2022. The total import value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 16% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

Imports By Country

In 2022, the United States (24K tons), followed by Italy (13K tons), Mexico (12K tons) and Germany (12K tons) represented the major importers of clutches and shaft couplings, together achieving 31% of total imports. Nigeria (7.9K tons), China (7.1K tons), Indonesia (6.6K tons), Belgium (6.4K tons), Hungary (6.2K tons), Russia (5.8K tons), the UK (5.2K tons), the Czech Republic (4.8K tons) and Brazil (4.6K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +40.2%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest shaft coupling importing markets worldwide were the United States ($467M), China ($251M) and Mexico ($212M), together comprising 26% of global imports. Germany, Italy, the UK, Hungary, Belgium, Brazil, Russia, the Czech Republic, Indonesia and Nigeria lagged somewhat behind, together accounting for a further 25%.

In terms of the main importing countries, Nigeria, with a CAGR of +22.0%, saw the highest growth rate of the value of imports, 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 shaft coupling import price amounted to $18,174 per ton, dropping by -5.1% against the previous year. Over the period under review, the import price showed a slight slump. The most prominent rate of growth was recorded in 2018 an increase of 4.2%. Over the period under review, average import prices hit record highs at $20,580 per ton in 2014; however, from 2015 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 ($35,271 per ton), while Nigeria ($3,121 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+4.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Clutches And Shaft Couplings

In 2022, approx. 211K tons of clutches and shaft couplings were exported worldwide; growing by 26% against 2021. In general, total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +6.1% 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 +63.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 30%. The global exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, shaft coupling exports expanded significantly to $3.7B in 2022. The total export value increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 19%. Over the period under review, the global exports attained the maximum in 2022 and are expected to retain growth in years to come.

Exports By Country

China represented the key exporting country with an export of around 91K tons, which accounted for 43% of total exports. Italy (33K tons) ranks second in terms of the total exports with a 16% share, followed by Germany (13%). The following exporters - the United States (6.7K tons), Japan (6.3K tons), the Czech Republic (3.8K tons) and Canada (3.4K tons) - together made up 9.6% of total exports.

China was also the fastest-growing in terms of the clutches and shaft couplings exports, with a CAGR of +28.4% from 2012 to 2022. At the same time, Italy (+4.4%) and Canada (+2.8%) displayed positive paces of growth. Japan and Germany experienced a relatively flat trend pattern. By contrast, the Czech Republic (-2.8%) and the United States (-3.2%) illustrated a downward trend over the same period. While the share of China (+37 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Japan (-2.4 p.p.), the Czech Republic (-2.5 p.p.), Italy (-2.7 p.p.), the United States (-4.8 p.p.) and Germany (-11.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest shaft coupling supplying countries worldwide were Germany ($805M), China ($549M) and the United States ($514M), together accounting for 51% of global exports.

China, with a CAGR of +7.1%, saw the highest rates of growth with regard to 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 shaft coupling export price amounted to $17,315 per ton, declining by -16.6% against the previous year. In general, the export price recorded a noticeable reduction. The growth pace was the most rapid in 2018 when the average export price increased by 4.4%. Over the period under review, the average export prices attained the maximum at $26,165 per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($76,661 per ton), while China ($6,024 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 States (+6.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform