Tapered Roller Bearing Market

The article discusses the current and future trends in the global market for tapered roller bearings. It forecasts an increase in market volume and value, with a CAGR of +2.5% and +4.8% respectively from 2022 to 2030. Consumption, production, imports, and exports are analyzed, with key countries such as China, the United States, and India highlighted for their significant roles. The data shows a pattern of growth in consumption, a decline in production in 2022, and a rise in exports in 2022. The average prices for imports and exports are also discussed, with notable differences among the major exporting countries.

Market Forecast

Driven by increasing demand for tapered roller bearings worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.5% for the period from 2022 to 2030, which is projected to bring the market volume to 1M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.8% for the period from 2022 to 2030, which is projected to bring the market value to $15.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Tapered Roller Bearings

In 2022, the amount of tapered roller bearings consumed worldwide fell slightly to 842K tons, waning by -4.4% on the previous year. The total consumption volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when the consumption volume increased by 8.6% against the previous year. Over the period under review, global consumption reached the peak volume at 911K tons in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global tapered roller bearing market revenue dropped slightly to $10.8B in 2022, with a decrease of -3.3% 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). The market value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the global market hit record highs at $11.4B 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 (158K tons), the United States (118K tons) and India (77K tons), together comprising 42% of global consumption.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +7.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest tapered roller bearing markets worldwide were the United States ($3B), China ($1.8B) and India ($1.2B), with a combined 55% share of the global market.

The United States, with a CAGR of +9.0%, recorded the highest rates of growth with regard to 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.

The countries with the highest levels of tapered roller bearing per capita consumption in 2022 were Canada (465 kg per 1000 persons), Germany (436 kg per 1000 persons) and Spain (361 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by the United States (with a CAGR of +6.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Tapered Roller Bearings

In 2022, the amount of tapered roller bearings produced worldwide declined to 822K tons, waning by -2.2% on 2021 figures. The total output volume increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2019 with an increase of 11%. As a result, production reached the peak volume of 896K tons. From 2020 to 2022, global production growth remained at a lower figure.

In value terms, tapered roller bearing production declined modestly to $10.5B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 when the production volume increased by 14%. Global production peaked at $11B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

China (258K tons) constituted the country with the largest volume of tapered roller bearing production, accounting for 31% of total volume. Moreover, tapered roller bearing production in China exceeded the figures recorded by the second-largest producer, India (85K tons), threefold. Japan (79K tons) ranked third in terms of total production with a 9.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +4.3%. In the other countries, the average annual rates were as follows: India (+4.0% per year) and Japan (-2.4% per year).

Imports

World Imports of Tapered Roller Bearings

In 2022, overseas purchases of tapered roller bearings increased by 2.5% to 482K tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +2.9% 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 was the most pronounced in 2021 with an increase of 29%. Over the period under review, global imports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, tapered roller bearing imports stood at $5.3B in 2022. The total import value increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 25% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports By Country

Germany (67K tons) and the United States (55K tons) represented roughly 25% of total imports in 2022. China (30K tons) ranks next in terms of the total imports with a 6.3% share, followed by Brazil (6.3%), France (5.5%) and Mexico (5.1%). Italy (20K tons), Sweden (13K tons), Turkey (12K tons), Australia (12K tons), India (12K tons), Russia (12K tons) and the Netherlands (11K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +9.2%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($650M), the United States ($621M) and China ($487M) appeared to be the countries with the highest levels of imports in 2022, with a combined 33% share of global imports. France, Mexico, Brazil, Italy, Australia, India, Sweden, Russia, Turkey and the Netherlands lagged somewhat behind, together comprising a further 32%.

Russia, with a CAGR of +6.8%, saw the highest rates of growth with regard to the value of imports, among 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

In 2022, the average tapered roller bearing import price amounted to $10,943 per ton, dropping by -1.5% against the previous year. Overall, the import price saw a slight decrease. The most prominent rate of growth was recorded in 2019 when the average import price increased by 3.7% against the previous year. Global import price peaked at $12,743 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 ($16,042 per ton), while Brazil ($6,838 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 (+1.7%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Tapered Roller Bearings

Global tapered roller bearing exports rose notably to 462K tons in 2022, increasing by 7.4% compared with 2021. The total export volume increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 32% 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 the near future.

In value terms, tapered roller bearing exports rose to $5.2B in 2022. Overall, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 22%. Over the period under review, the global exports attained the peak figure in 2022 and are likely to see steady growth in the near future.

Exports By Country

In 2022, China (130K tons) represented the main exporter of tapered roller bearings, creating 28% of total exports. Japan (54K tons) held the second position in the ranking, followed by Germany (45K tons), Romania (24K tons), France (24K tons) and Austria (22K tons). All these countries together took approx. 36% share of total exports. South Korea (20K tons), India (20K tons), Poland (15K tons), the United States (12K tons), the Netherlands (9.9K tons), Singapore (8.5K tons) and Italy (8.2K tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the tapered roller bearings exports, with a CAGR of +16.4% from 2012 to 2022. At the same time, India (+15.2%), Romania (+8.6%), South Korea (+8.6%), Singapore (+4.2%), the Netherlands (+3.7%), Poland (+3.0%), Germany (+2.4%) and Italy (+1.6%) displayed positive paces of growth. Japan and France experienced a relatively flat trend pattern. By contrast, Austria (-3.6%) and the United States (-9.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, India, Romania and South Korea increased by +20, +2.8, +2.1 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Germany ($683M), China ($681M) and the United States ($647M) were the countries with the highest levels of exports in 2022, together accounting for 39% of global exports. Japan, France, Romania, India, Austria, South Korea, Poland, Singapore, the Netherlands and Italy lagged somewhat behind, together comprising a further 47%.

India, with a CAGR of +12.2%, saw the highest growth rate of the value of exports, in terms of 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 tapered roller bearing export price stood at $11,175 per ton in 2022, shrinking by -4.4% against the previous year. In general, the export price saw a perceptible decrease. The pace of growth appeared the most rapid in 2018 an increase of 4.9% against the previous year. Over the period under review, the average export prices reached the maximum at $14,188 per ton in 2012; however, from 2013 to 2022, the export prices remained at a 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 ($54,921 per ton), while China ($5,233 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 (+11.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform