Toothed wheels, chain sprockets and other transmission elements Market

The article presents a detailed analysis of the global market for toothed wheels, chain sprockets, and other transmission elements, highlighting consumption trends, production levels, imports, and exports. Forecasts suggest an upward consumption trend with an anticipated CAGR of +2.9% in market volume and +4.7% in market value from 2022 to 2030. Key findings include fluctuations in consumption patterns, peak volumes in 2018, and the highest consuming countries in 2022. The analysis also covers production levels, import and export trends, and average prices for these transmission elements.

Market Forecast

Driven by increasing demand for toothed wheels, chain sprockets and other transmission elements worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.9% for the period from 2022 to 2030, which is projected to bring the market volume to 2.8M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.7% for the period from 2022 to 2030, which is projected to bring the market value to $31.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Toothed wheels, chain sprockets and other transmission elements

Global consumption of toothed wheels, chain sprockets and other transmission elements declined slightly to 2.2M tons in 2022, reducing by -2.2% compared with 2021 figures. The total consumption volume increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption of attained the peak volume at 2.6M tons in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

The value of the market for toothed wheels, chain sprockets and other transmission elements worldwide dropped to $21.8B in 2022, remaining constant 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, showed a relatively flat trend pattern. Global consumption peaked at $25.3B in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (386K tons), the United States (332K tons) and Germany (304K tons), together accounting for 46% of global consumption. India, Japan, Brazil, Russia, Mexico, Turkey, Canada, Poland and Spain lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +6.4%), while elements for the other global leaders experienced more modest paces of growth.

In value terms, the largest toothed wheels, chain sprockets and other transmission elements markets worldwide were the United States ($3.1B), India ($3B) and Germany ($2.1B), with a combined 38% share of the global market.

In terms of the main consuming countries, India, with a CAGR of +8.6%, recorded the highest rates of growth with regard to market size over the period under review, while elements for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of per capita consumption of toothed wheels, chain sprockets and other transmission elements was registered in Germany (3,658 kg per 1000 persons), followed by Canada (1,064 kg per 1000 persons), Poland (1,004 kg per 1000 persons) and the United States (989 kg per 1000 persons), while the world average per capita consumption of toothed wheels, chain sprockets and other transmission elements was estimated at 282 kg per 1000 persons.

From 2012 to 2022, the average annual growth rate of the per capita consumption of toothed wheels, chain sprockets and other transmission elements in Germany was relatively modest. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Canada (+0.7% per year) and Poland (+6.6% per year).

Production

World Production of Toothed wheels, chain sprockets and other transmission elements

In 2022, global production of toothed wheels, chain sprockets and other transmission elements fell modestly to 2.1M tons, which is down by -3.2% on 2021 figures. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 14%. Global production peaked at 2.6M tons in 2018; however, from 2019 to 2022, production remained at a lower figure.

In value terms, production of toothed wheels, chain sprockets and other transmission elements fell modestly to $19.9B in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 15% against the previous year. Over the period under review, global production of attained the peak level at $23.2B in 2018; however, from 2019 to 2022, production remained at a lower figure.

Production By Country

China (885K tons) constituted the country with the largest volume of production of toothed wheels, chain sprockets and other transmission elements, accounting for 42% of total volume. Moreover, production of toothed wheels, chain sprockets and other transmission elements in China exceeded the figures recorded by the second-largest producer, Germany (256K tons), threefold. India (204K tons) ranked third in terms of total production with a 9.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +3.7%. In the other countries, the average annual rates were as follows: Germany (-1.2% per year) and India (+5.2% per year).

Imports

World Imports of Toothed wheels, chain sprockets and other transmission elements

In 2022, global imports of toothed wheels, chain sprockets and other transmission elements expanded to 1.7M tons, with an increase of 4.4% on the previous year's figure. In general, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +34.4% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 29% against the previous year. Global imports peaked in 2022 and are likely to continue growth in the near future.

In value terms, imports of toothed wheels, chain sprockets and other transmission elements rose to $15.6B in 2022. The total import value increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 25% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports By Country

In 2022, the United States (322K tons) and Germany (310K tons) were the main importers of toothed wheels, chain sprockets and other transmission elementsin the world, together comprising 38% of total imports. China (123K tons) took a 7.4% share (based on physical terms) of total imports, which put it in second place, followed by Italy (4.8%). The Czech Republic (59K tons), Japan (50K tons), Poland (48K tons), Mexico (43K tons), Canada (40K tons), France (38K tons), Brazil (33K tons), the UK (32K tons) and Thailand (29K tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +12.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest toothed wheels, chain sprockets and other transmission elements importing markets worldwide were the United States ($2.5B), Germany ($2.2B) and China ($1.9B), together accounting for 42% of global imports. Canada, Mexico, Poland, Italy, France, the UK, Japan, Thailand, Brazil and the Czech Republic lagged somewhat behind, together accounting for a further 27%.

Poland, with a CAGR of +11.8%, saw the highest rates of growth with regard to 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 import price for toothed wheels, chain sprockets and other transmission elements stood at $9,370 per ton in 2022, remaining stable against the previous year. Over the period under review, the import price showed a slight setback. The pace of growth was the most pronounced in 2013 an increase of 1.6% against the previous year. As a result, import price reached the peak level of $11,182 per ton. From 2014 to 2022, the average import prices failed to regain momentum.

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 ($15,836 per ton), while the Czech Republic ($4,667 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+2.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Toothed wheels, chain sprockets and other transmission elements

In 2022, shipments abroad of toothed wheels, chain sprockets and other transmission elements increased by 3.4% to 1.5M tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 29%. Over the period under review, the global exports of hit record highs in 2022 and are likely to continue growth in years to come.

In value terms, exports of toothed wheels, chain sprockets and other transmission elements amounted to $14B in 2022. The total export value increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 25%. Over the period under review, the global exports of hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports By Country

China was the key exporting country with an export of about 622K tons, which finished at 41% of total exports. It was distantly followed by Germany (263K tons) and the United States (72K tons), together constituting a 22% share of total exports. The following exporters - Italy (66K tons), South Korea (62K tons), the Czech Republic (47K tons), Poland (38K tons), India (28K tons), France (28K tons), Japan (27K tons), Thailand (26K tons), Mexico (26K tons) and Taiwan (Chinese) (24K tons) - together made up 24% of total exports.

From 2012 to 2022, average annual rates of growth with regard to toothed wheels, chain sprockets and other transmission elements exports from China stood at +4.9%. At the same time, Thailand (+16.8%), South Korea (+11.7%), Mexico (+11.6%), the Czech Republic (+11.4%), India (+9.5%), Italy (+7.5%), Poland (+5.2%), the United States (+2.6%), Germany (+2.3%), Taiwan (Chinese) (+1.9%) and France (+1.9%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in the world, with a CAGR of +16.8% from 2012-2022. By contrast, Japan (-1.2%) illustrated a downward trend over the same period. China (+2.7 p.p.) and South Korea (+2 p.p.) significantly strengthened its position in terms of the global exports, while Germany saw its share reduced by -3.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest toothed wheels, chain sprockets and other transmission elements supplying countries worldwide were China ($3.3B), Germany ($3B) and the United States ($1.7B), with a combined 57% share of global exports. Italy, Japan, Taiwan (Chinese), France, South Korea, Poland, India, the Czech Republic, Mexico and Thailand lagged somewhat behind, together accounting for a further 22%.

Mexico, with a CAGR of +10.7%, recorded 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

The average export price for toothed wheels, chain sprockets and other transmission elements stood at $9,137 per ton in 2022, approximately equating the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 3.5% against the previous year. As a result, the export price reached the peak level of $9,350 per ton. From 2021 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 the United States ($23,318 per ton), while the Czech Republic ($3,639 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+3.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform