Asia-Pacific: Market for Hot-Rolled Bars In Bearing Steels 2023

Market Size for Hot-Rolled Bars In Bearing Steels in Asia-Pacific

The Asia-Pacific hot-rolled bearing steel bar market totaled $X in 2021, stabilizing at the previous year. Over the period under review, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Production of Hot-Rolled Bars In Bearing Steels in Asia-Pacific

In value terms, hot-rolled bearing steel bar production stood at $X in 2021 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 40%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Exports of Hot-Rolled Bars In Bearing Steels

Exports in Asia-Pacific

After five years of decline, shipments abroad of hot-rolled bars in bearing steels increased by 12% to X tons in 2021. Overall, exports, however, saw a perceptible setback. The growth pace was the most rapid in 2014 with an increase of 114%. The volume of export peaked at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, hot-rolled bearing steel bar exports soared to $X in 2021. In general, exports, however, showed a perceptible slump. The most prominent rate of growth was recorded in 2014 when exports increased by 77% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China represented the major exporter of hot-rolled bars in bearing steels in Asia-Pacific, with the volume of exports resulting at X tons, which was near 73% of total exports in 2021. Japan (X tons) held the second position in the ranking, followed by South Korea (X tons). All these countries together held near 22% share of total exports. India (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to hot-rolled bearing steel bar exports from China stood at -5.7%. At the same time, India (+9.1%), South Korea (+8.1%) and Japan (+1.3%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +9.1% from 2012-2021. While the share of Japan (+5.4 p.p.), South Korea (+5.4 p.p.) and India (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of China (-13.1 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest hot-rolled bearing steel bar supplier in Asia-Pacific, comprising 67% of total exports. The second position in the ranking was held by Japan ($X), with an 18% share of total exports. It was followed by South Korea, with a 9.3% share.

From 2012 to 2021, the average annual growth rate of value in China totaled -3.7%. In the other countries, the average annual rates were as follows: Japan (-0.5% per year) and South Korea (+5.5% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, increasing by 40% against the previous year. Export price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in India ($X per ton) and Japan ($X per ton), while China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.2%), while the other leaders experienced mixed trends in the export price figures.

Imports of Hot-Rolled Bars In Bearing Steels

Imports in Asia-Pacific

After three years of decline, supplies from abroad of hot-rolled bars in bearing steels increased by 13% to X tons in 2021. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 30% against the previous year. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, hot-rolled bearing steel bar imports soared to $X in 2021. Overall, imports saw a relatively flat trend pattern. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

South Korea (X tons), Thailand (X tons), Indonesia (X tons), China (X tons) and Taiwan (Chinese) (X tons) represented roughly 69% of total imports in 2021. Vietnam (X tons) took the next position in the ranking, followed by India (X tons). All these countries together held approx. 13% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Taiwan (Chinese) (with a CAGR of +9.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), South Korea ($X) and Thailand ($X) were the countries with the highest levels of imports in 2021, with a combined 47% share of total imports. Indonesia, Taiwan (Chinese), India and Vietnam lagged somewhat behind, together accounting for a further 39%.

In terms of the main importing countries, Vietnam, with a CAGR of +10.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, growing by 30% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was China ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+1.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Market Intelligence Platform

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