Bearing Market

The article discusses the projected growth in the global market for ball or roller bearings, with an expected increase in consumption and value over the next eight years. It highlights key trends in market performance, such as forecasted CAGR rates and volume projections. The article also explores consumption patterns, production statistics, import and export trends, and the main countries driving the market. Detailed analysis of different types of bearings and their respective growth rates is included, along with insights into average import and export prices. Overall, the article provides a comprehensive overview of the ball or roller bearings market on a global scale.

Market Forecast

Driven by increasing demand 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 accelerate, expanding with an anticipated CAGR of +2.0% for the period from 2022 to 2030, which is projected to bring the market volume to 4.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market value to $87.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Ball Or Roller Bearings

In 2022, the amount of ball or roller bearings consumed worldwide reduced to 3.9M tons, waning by -4.5% on the year before. Overall, consumption, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the consumption volume increased by 8.7% against the previous year. As a result, consumption attained the peak volume of 4.5M tons. From 2020 to 2022, the growth of the global consumption failed to regain momentum.

The global bearing market size fell slightly to $63.2B in 2022, which is down by -3.7% 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 showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 6.3% against the previous year. Global consumption peaked at $71.1B in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (926K tons), the United States (486K tons) and Japan (472K tons), with a combined 48% share of global consumption. Indonesia, Mexico, Germany, Brazil, Russia, Turkey, South Korea, Italy, Democratic Republic of the Congo and Spain lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Spain (with a CAGR of +9.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($14B), the United States ($9.2B) and Japan ($8.1B) appeared to be the countries with the highest levels of market value in 2022, together accounting for 49% of the global market. Indonesia, Democratic Republic of the Congo, Mexico, Germany, Brazil, Turkey, Italy, Russia, South Korea and Spain lagged somewhat behind, together comprising a further 26%.

Spain, with a CAGR of +8.0%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of bearing per capita consumption was registered in Japan (3.8 kg per person), followed by South Korea (1.8 kg per person), Germany (1.7 kg per person) and Italy (1.6 kg per person), while the world average per capita consumption of bearing was estimated at 0.5 kg per person.

In Japan, bearing per capita consumption decreased by an average annual rate of -1.7% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: South Korea (+6.1% per year) and Germany (-1.0% per year).

Production

World Production of Ball Or Roller Bearings

In 2022, approx. 3.9M tons of ball or roller bearings were produced worldwide; falling by -2.1% compared with 2021 figures. The total output volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2019 with an increase of 13% against the previous year. As a result, production reached the peak volume of 4.2M tons. From 2020 to 2022, global production growth remained at a lower figure.

In value terms, bearing production shrank to $64.4B in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 6% against the previous year. Over the period under review, global production hit record highs at $67.3B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

China (1.6M tons) constituted the country with the largest volume of bearing production, accounting for 40% of total volume. Moreover, bearing production in China exceeded the figures recorded by the second-largest producer, Japan (647K tons), twofold. The United States (327K tons) ranked third in terms of total production with an 8.3% share.

In China, bearing production expanded at an average annual rate of +6.3% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Japan (-1.5% per year) and the United States (-0.7% per year).

Imports

World Imports of Ball Or Roller Bearings

In 2022, overseas purchases of ball or roller bearings increased by 2.9% to 2.1M 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 +2.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 26% against the previous year. Global imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, bearing imports reached $30.3B in 2022. Overall, imports continue to indicate a mild expansion. The growth pace was the most rapid in 2021 with an increase of 23%. Global imports peaked in 2022 and are likely to see steady growth in the near future.

Imports By Country

The countries with the highest levels of bearing imports in 2022 were Germany (247K tons), the United States (181K tons) and China (155K tons), together amounting to 28% of total import. Brazil (87K tons), Mexico (84K tons), Italy (81K tons), Russia (74K tons), France (73K tons), the Netherlands (62K tons), Belgium (60K tons), Indonesia (57K tons), India (52K tons) and South Korea (47K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +5.0%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, China ($3.6B), Germany ($3.6B) and the United States ($2.8B) appeared to be the countries with the highest levels of imports in 2022, with a combined 33% share of global imports. Mexico, Italy, France, India, Brazil, the Netherlands, South Korea, Belgium, Russia and Indonesia lagged somewhat behind, together accounting for a further 29%.

Russia, with a CAGR of +4.2%, saw 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.

Imports By Type

Ball bearings was the main type of ball or roller bearings in the world, with the volume of imports amounting to 1.1M tons, which was approx. 51% of total imports in 2022. Tapered roller bearings (482K tons) held a 23% share (based on physical terms) of total imports, which put it in second place, followed by cylindrical roller bearings (10%), spherical roller bearings (8.2%) and roller bearings (4.6%). Needle roller bearings (68K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to ball bearings imports of stood at +2.4%. At the same time, cylindrical roller bearings (+3.0%), tapered roller bearings (+2.9%), needle roller bearings (+2.4%) and spherical roller bearings (+1.8%) displayed positive paces of growth. Moreover, cylindrical roller bearings emerged as the fastest-growing type imported in the world, with a CAGR of +3.0% from 2012-2022. By contrast, roller bearings (-1.9%) illustrated a downward trend over the same period. Roller bearings (-2.3 p.p.) significantly weakened its position in terms of the global imports, while the shares of the other products remained relatively stable throughout the analyzed period.

In value terms, ball bearings ($15.8B) constitutes the largest type of ball or roller bearings imported worldwide, comprising 52% of global imports. The second position in the ranking was taken by tapered roller bearings ($5.3B), with a 17% share of global imports. It was followed by cylindrical roller bearings, with a 12% share.

From 2012 to 2022, the average annual growth rate of the value of ball bearings imports totaled +1.5%. For the other products, the average annual rates were as follows: tapered roller bearings (+1.4% per year) and cylindrical roller bearings (+1.8% per year).

Import Prices By Type

In 2022, the average bearing import price amounted to $14,714 per ton, shrinking by -2% against the previous year. Overall, the import price recorded a slight slump. The growth pace was the most rapid in 2014 when the average import price increased by 1.9%. As a result, import price attained the peak level of $16,428 per ton. From 2015 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by the product type; the product with the highest price was needle roller bearings ($21,443 per ton), while the price for tapered roller bearings ($10,943 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by ball bearing (-0.8%), while the other products experienced a decline in the import price figures.

Import Prices By Country

In 2022, the average bearing import price amounted to $14,714 per ton, shrinking by -2% against the previous year. Over the period under review, the import price continues to indicate a slight shrinkage. The pace of growth was the most pronounced in 2014 when the average import price increased by 1.9%. As a result, import price attained the peak level of $16,428 per ton. From 2015 to 2022, the average import prices remained at a lower figure.

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 China ($23,304 per ton), while Russia ($9,477 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+1.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Ball Or Roller Bearings

In 2022, approx. 2M tons of ball or roller bearings were exported worldwide; rising by 8.5% against the previous year's figure. The total export volume increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 34% against the previous year. Over the period under review, the global exports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, bearing exports reached $28.8B in 2022. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 22%. The global exports peaked in 2022 and are expected to retain growth in the near future.

Exports By Country

In 2022, China (781K tons) was the key exporter of ball or roller bearings, comprising 38% of total exports. Japan (206K tons) ranks second in terms of the total exports with a 10% share, followed by Germany (8.8%). Italy (78K tons), France (76K tons), South Korea (68K tons), Romania (56K tons), the Netherlands (51K tons), Poland (45K tons), Austria (36K tons), Slovakia (36K tons), Singapore (35K tons) and India (31K tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the ball or roller bearings exports, with a CAGR of +18.1% from 2012 to 2022. At the same time, India (+10.8%), the Netherlands (+4.8%), Poland (+4.0%), Romania (+3.7%), South Korea (+3.0%) and Italy (+1.0%) displayed positive paces of growth. Germany, Japan, Slovakia and France experienced a relatively flat trend pattern. By contrast, Austria (-3.0%) and Singapore (-5.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by +28 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($5.4B), Germany ($4.3B) and Japan ($3.4B) were the countries with the highest levels of exports in 2022, together accounting for 45% of global exports. France, Italy, the Netherlands, South Korea, Singapore, Romania, Austria, India, Slovakia and Poland lagged somewhat behind, together accounting for a further 27%.

In terms of the main exporting countries, India, with a CAGR of +9.6%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Ball bearings represented the largest type of ball or roller bearings in the world, with the volume of exports amounting to 1.1M tons, which was near 56% of total exports in 2022. Tapered roller bearings (462K tons) ranks second in terms of the total exports with a 23% share, followed by spherical roller bearings (7.9%) and cylindrical roller bearings (7%). Roller bearings (78K tons) and needle roller bearings (57K tons) held a relatively small share of total exports.

Ball bearings was also the fastest-growing in terms of exports, with a CAGR of +5.2% from 2012 to 2022. At the same time, needle roller bearings (+3.5%), tapered roller bearings (+3.2%), cylindrical roller bearings (+2.4%), spherical roller bearings (+1.4%) and roller bearings (+1.0%) displayed positive paces of growth. Ball bearings (+6.4 p.p.) significantly strengthened its position in terms of the global exports, while tapered roller bearings and spherical roller bearings saw its share reduced by -1.7% and -2.2% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, ball bearings ($15.2B) remains the largest type of ball or roller bearings supplied worldwide, comprising 53% of global exports. The second position in the ranking was taken by tapered roller bearings ($5.2B), with an 18% share of global exports. It was followed by cylindrical roller bearings, with a 12% share.

For ball bearings, exports increased at an average annual rate of +1.3% over the period from 2012-2022. For the other products, the average annual rates were as follows: tapered roller bearings (+0.7% per year) and cylindrical roller bearings (+1.6% per year).

Export Prices By Type

The average bearing export price stood at $14,116 per ton in 2022, waning by -6.9% against the previous year. Overall, the export price saw a pronounced slump. The growth pace was the most rapid in 2018 when the average export price increased by 7.1%. The global export price peaked at $19,278 per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was needle roller bearings ($23,978 per ton), while the average price for exports of tapered roller bearings ($11,175 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by cylindrical roller bearing (-0.8%), while the other products experienced a decline in the export price figures.

Export Prices By Country

The average bearing export price stood at $14,116 per ton in 2022, which is down by -6.9% against the previous year. Overall, the export price continues to indicate a noticeable shrinkage. The pace of growth was the most pronounced in 2018 when the average export price increased by 7.1%. The global export price peaked at $19,278 per ton in 2013; however, from 2014 to 2022, the export prices stood 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 Germany ($23,854 per ton), while China ($6,871 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+4.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform