Republic of Korea: Needle Roller Bearing Market 2024

Needle Roller Bearing Market Size in Republic of Korea

In 2022, the South Korean needle roller bearing market decreased by X% to $X, falling for the third year in a row after two years of growth. In general, consumption recorded a noticeable setback. South Korea consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Needle Roller Bearing Production in Republic of Korea

In value terms, needle roller bearing production fell modestly to $X in 2022 estimated in export price. In general, production, however, posted a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Needle Roller Bearing Exports

Exports from Republic of Korea

In 2022, the amount of needle roller bearings exported from South Korea contracted to X tons, shrinking by X% compared with the year before. Over the period under review, exports, however, saw strong growth. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, needle roller bearing exports fell to $X in 2022. In general, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then fell in the following year.

Exports by Country

In 2022, China (X tons), distantly followed by Japan (X tons), Germany (X tons), Slovakia (X tons) and France (X tons) were the largest exporters of needle roller bearings, together generating X% of total exports. The following exporters - the United States (X tons), Mexico (X tons), the Czech Republic (X tons), Romania (X tons) and the Netherlands (X tons) - together made up X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the Czech Republic (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest needle roller bearing supplying countries from South Korea were Germany ($X), Japan ($X) and China ($X), together comprising X% of total exports. Slovakia, the United States, France, the Netherlands, the Czech Republic, Mexico and Romania lagged somewhat behind, together accounting for a further X%.

In terms of the main exporting countries, the Czech Republic, with a CAGR of X%, saw the highest rates of growth with regard to 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 2022, the export price in South Korea amounted to $X per ton, approximately equating the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($X per ton), while Romania ($X 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 (X%), while the other leaders experienced more modest paces of growth.

Needle Roller Bearing Imports

Imports into Republic of Korea

Needle roller bearing imports into South Korea fell to X tons in 2022, reducing by X% on 2021 figures. Over the period under review, imports recorded a noticeable descent. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. South Korea imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, needle roller bearing imports contracted to $X in 2022. In general, imports showed a perceptible slump. The most prominent rate of growth was recorded in 2021 when imports increased by X%. South Korea imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Germany (X tons), distantly followed by the United States (X tons) and Mexico (X tons) represented the major importers of needle roller bearings, together mixing up X% of total imports. China (X tons), Nigeria (X tons), Thailand (X tons), Brazil (X tons), France (X tons), Indonesia (X tons), Japan (X tons), Italy (X tons), Spain (X tons) and the Netherlands (X tons) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Nigeria (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest needle roller bearing importing markets into South Korea were Germany ($X), the United States ($X) and Mexico ($X), together comprising X% of total imports. China, the Netherlands, Japan, Italy, Thailand, Brazil, France, Indonesia, Spain and Nigeria lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Nigeria, with a CAGR of X%, saw the highest growth rate of 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

In 2022, the import price in South Korea amounted to $X per ton, dropping by X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the import price increased by X%. South Korea import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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