Tools For Bearing Market

The global market for balls, needles, and rollers used in ball or roller bearings is projected to experience growth in both volume and value over the period from 2022 to 2030. Consumption, production, imports, and exports trends are analyzed for various countries, with China, the United States, and India emerging as key players in the market. The market is forecasted to exhibit a steady expansion with certain fluctuations observed over the years. France, Germany, and the United States lead the way in terms of consumption and production, while China dominates the market in exports. Overall, the market is expected to maintain growth in the coming years, driven by increasing demand for these essential components in the bearing industry.

Market Forecast

Driven by increasing demand for balls, needles and rollers for ball or roller bearings worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.9% for the period from 2022 to 2030, which is projected to bring the market volume to 1.3M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market value to $12.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Balls, Needles And Rollers For Ball Or Roller Bearings

In 2022, the amount of balls, needles and rollers for ball or roller bearings consumed worldwide contracted modestly to 1.1M tons, remaining constant against the year before. The total consumption 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. Over the period under review, global consumption hit record highs at 1.2M tons in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

The global tools for bearing market revenue amounted to $9.6B in 2022, approximately mirroring 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, the total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.6% 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 +6.9% against 2020 indices. Over the period under review, the global market hit record highs in 2022 and is expected to retain growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (237K tons), the United States (157K tons) and India (105K tons), with a combined 44% share of global consumption. France, Japan, Germany, Indonesia, South Korea, Canada, Saudi Arabia, Thailand, Mexico and Slovakia lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +16.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($2.7B) led the market, alone. The second position in the ranking was held by China ($767M). It was followed by Japan.

In the United States, the tools for bearing market increased at an average annual rate of +3.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (+1.4% per year) and Japan (-0.7% per year).

In 2022, the highest levels of tools for bearing per capita consumption was registered in Slovakia (3,262 kg per 1000 persons), followed by France (1,496 kg per 1000 persons), Saudi Arabia (644 kg per 1000 persons) and Canada (637 kg per 1000 persons), while the world average per capita consumption of tools for bearing was estimated at 144 kg per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the tools for bearing per capita consumption in Slovakia totaled +4.2%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: France (+16.1% per year) and Saudi Arabia (+8.5% per year).

Production

World Production of Balls, Needles And Rollers For Ball Or Roller Bearings

In 2022, global tools for bearing production declined to 1.1M tons, remaining constant against 2021 figures. The total output volume increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 26%. Over the period under review, global production reached the maximum volume at 1.2M tons in 2018; however, from 2019 to 2022, production remained at a lower figure.

In value terms, tools for bearing production shrank modestly to $9B in 2022 estimated in export price. In general, the total production indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.4% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 25% against the previous year. Over the period under review, global production reached the peak level at $9.6B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

China (353K tons) remains the largest tools for bearing producing country worldwide, comprising approx. 32% of total volume. Moreover, tools for bearing production in China exceeded the figures recorded by the second-largest producer, the United States (146K tons), twofold. India (98K tons) ranked third in terms of total production with a 9.1% share.

In China, tools for bearing production increased at an average annual rate of +2.1% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (+0.8% per year) and India (+3.0% per year).

Imports

World Imports of Balls, Needles And Rollers For Ball Or Roller Bearings

In 2022, overseas purchases of balls, needles and rollers for ball or roller bearings increased by 0.5% to 336K 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 +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 35% against the previous year. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, tools for bearing imports declined modestly to $1.8B in 2022. The total import value increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 with an increase of 26% against the previous year. Over the period under review, global imports hit record highs at $1.8B in 2018; afterwards, it flattened through to 2022.

Imports By Country

In 2022, France (72K tons), distantly followed by Germany (31K tons), South Korea (25K tons), Mexico (18K tons), the United States (16K tons), Slovakia (16K tons) and India (15K tons) were the main importers of balls, needles and rollers for ball or roller bearings, together generating 58% of total imports. The following importers - Romania (14K tons), Italy (13K tons), China (12K tons), Thailand (8.8K tons), Austria (8K tons) and Japan (7.4K tons) - together made up 19% of total imports.

France was also the fastest-growing in terms of the balls, needles and rollers for ball or roller bearings imports, with a CAGR of +12.3% from 2012 to 2022. At the same time, India (+10.5%), South Korea (+6.3%), Thailand (+3.2%), Japan (+2.1%), Mexico (+1.5%), Italy (+1.4%) and Slovakia (+1.2%) displayed positive paces of growth. The United States, Romania, Austria, China and Germany experienced a relatively flat trend pattern. From 2012 to 2022, the share of France, India and South Korea increased by +12, +2.2 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest tools for bearing importing markets worldwide were Germany ($199M), South Korea ($148M) and China ($143M), together comprising 28% of global imports. Italy, the United States, France, Mexico, Slovakia, India, Romania, Thailand, Japan and Austria lagged somewhat behind, together comprising a further 45%.

Italy, with a CAGR of +8.0%, recorded 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 tools for bearing import price amounted to $5,217 per ton, almost unchanged from the previous year. In general, the import price continues to indicate a noticeable decrease. The pace of growth appeared the most rapid in 2017 an increase of 3.9%. Over the period under review, average import prices attained the maximum at $6,547 per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($11,554 per ton), while France ($1,320 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+6.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Balls, Needles And Rollers For Ball Or Roller Bearings

Global tools for bearing exports reduced to 284K tons in 2022, approximately mirroring 2021 figures. The total export volume increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 24%. The global exports peaked at 300K tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, tools for bearing exports shrank slightly to $1.7B in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 28% against the previous year. The global exports peaked at $1.8B in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

China represented the major exporter of balls, needles and rollers for ball or roller bearings in the world, with the volume of exports accounting for 128K tons, which was near 45% of total exports in 2022. Germany (24K tons) held an 8.4% share (based on physical terms) of total exports, which put it in second place, followed by Italy (7.2%), Poland (6.3%) and Japan (5.7%). India (8.9K tons), Spain (8.6K tons), Slovakia (7.4K tons), Hungary (6.2K tons), the United States (6K tons) and the Netherlands (5.2K tons) took a little share of total exports.

Exports from China increased at an average annual rate of +3.1% from 2012 to 2022. At the same time, India (+12.2%), Poland (+6.0%), Hungary (+2.3%) and Spain (+2.0%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in the world, with a CAGR of +12.2% from 2012-2022. Germany experienced a relatively flat trend pattern. By contrast, Slovakia (-1.1%), Italy (-1.4%), Japan (-1.6%), the Netherlands (-4.3%) and the United States (-4.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Poland and India increased by +6.1, +2.2 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($424M), Germany ($229M) and Japan ($153M) appeared to be the countries with the highest levels of exports in 2022, with a combined 48% share of global exports. The United States, Italy, Poland, Spain, India, Slovakia, the Netherlands and Hungary lagged somewhat behind, together comprising a further 32%.

In terms of the main exporting countries, India, with a CAGR of +10.9%, recorded the highest growth rate of 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 tools for bearing export price amounted to $5,922 per ton, which is down by -2.7% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 3.1% against the previous year. Over the period under review, the average export prices attained the maximum at $6,486 per ton in 2012; however, from 2013 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 the United States ($18,394 per ton), while China ($3,302 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 (+2.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform