Kenya: Market for Hot-Rolled Bars In Bearing Steels 2023

Market Size for Hot-Rolled Bars In Bearing Steels in Kenya

In 2021, after six years of decline, there was significant growth in the Kenyan hot-rolled bearing steel bar market, when its value increased by 28% to $X. Over the period under review, consumption, however, continues to indicate a slight decline. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Exports of Hot-Rolled Bars In Bearing Steels

Exports from Kenya

In 2021, shipments abroad of hot-rolled bars in bearing steels increased by 44% to X tons, rising for the third year in a row after three years of decline. Overall, exports recorded a significant expansion. The growth pace was the most rapid in 2013 when exports increased by 3,645%. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, hot-rolled bearing steel bar exports surged to $X in 2021. Over the period under review, exports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 2,821%. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Democratic Republic of the Congo (X tons), Tanzania (X tons) and Thailand (X tons) were the main destinations of hot-rolled bearing steel bar exports from Kenya, with a combined 93% share of total exports. These countries were followed by Uganda, which accounted for a further 6.6%.

From 2012 to 2021, the biggest increases were in Uganda (with a CAGR of +70.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Tanzania ($X), Democratic Republic of the Congo ($X) and Thailand ($X) appeared to be the largest markets for hot-rolled bearing steel bar exported from Kenya worldwide, with a combined 93% share of total exports. Uganda lagged somewhat behind, comprising a further 7.2%.

In terms of the main countries of destination, Uganda, with a CAGR of +58.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average hot-rolled bearing steel bar export price amounted to $X per ton, rising by 6.4% against the previous year. Overall, the export price, however, showed a abrupt contraction. The pace of growth appeared the most rapid in 2015 when the average export price increased by 119% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Thailand ($X per ton), while the average price for exports to Democratic Republic of the Congo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Tanzania (-0.7%), while the prices for the other major destinations experienced a decline.

Imports of Hot-Rolled Bars In Bearing Steels

Imports into Kenya

After six years of decline, overseas purchases of hot-rolled bars in bearing steels increased by 2.6% to X tons in 2021. Overall, imports, however, showed a pronounced slump. The pace of growth appeared the most rapid in 2014 when imports increased by 369% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, hot-rolled bearing steel bar imports surged to $X in 2021. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when imports increased by 281% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

China (X tons), India (X tons) and the United Arab Emirates (X tons) were the main suppliers of hot-rolled bearing steel bar imports to Kenya, together comprising 91% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +34.6%), while imports for the other leaders experienced mixed trend patterns.

In value terms, India ($X), China ($X) and the United Arab Emirates ($X) constituted the largest hot-rolled bearing steel bar suppliers to Kenya, together accounting for 86% of total imports.

Among the main suppliers, India, with a CAGR of +38.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average hot-rolled bearing steel bar import price amounted to $X per ton, surging by 33% against the previous year. Overall, import price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +3.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, hot-rolled bearing steel bar import price increased by +92.2% against 2014 indices. The pace of growth was the most pronounced in 2018 an increase of 33% against the previous year. The import price peaked in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was India ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

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