Azerbaijan: Tapered Roller Bearing Market 2024

Tapered Roller Bearing Market Size in Azerbaijan

After two years of decline, the Azerbaijani tapered roller bearing market increased by 56% to $X in 2021. Overall, consumption continues to indicate a prominent increase. Tapered roller bearing consumption peaked in 2021 and is expected to retain growth in the immediate term.

Tapered Roller Bearing Exports

Exports from Azerbaijan

In 2021, approx. X tons of tapered roller bearings were exported from Azerbaijan; surging by 1,090% against 2020 figures. Overall, exports showed a prominent increase. The pace of growth appeared the most rapid in 2017 with an increase of 1,129% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, tapered roller bearing exports skyrocketed to $X in 2021. In general, exports posted a strong increase. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X kg), Ukraine (X kg) and Kazakhstan (X kg) were the main destinations of tapered roller bearing exports from Azerbaijan, with a combined 97% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ukraine (with a CAGR of +61.0%), while the other leaders experienced more modest paces of growth.

In value terms, Ukraine ($X) remains the key foreign market for tapered roller bearings exports from Azerbaijan, comprising 58% of total exports. The second position in the ranking was taken by Russia ($X), with a 23% share of total exports. It was followed by Kazakhstan, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ukraine totaled +80.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+6.7% per year) and Kazakhstan (+64.7% per year).

Export Prices by Country

The average tapered roller bearing export price stood at $X per ton in 2021, increasing by 1.9% against the previous year. Over the period under review, the export price continues to indicate a modest expansion. The most prominent rate of growth was recorded in 2015 when the average export price increased by 93% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Georgia ($X per ton), while the average price for exports to Russia ($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 Kazakhstan (+26.8%), while the prices for the other major destinations experienced more modest paces of growth.

Tapered Roller Bearing Imports

Imports into Azerbaijan

Tapered roller bearing imports into Azerbaijan surged to X tons in 2021, increasing by 45% on the previous year's figure. Over the period under review, imports showed a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 253% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, tapered roller bearing imports skyrocketed to $X in 2021. In general, imports showed resilient growth. The most prominent rate of growth was recorded in 2016 when imports increased by 139%. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest supplier of tapered roller bearing to Azerbaijan, accounting for a 72% share of total imports. Moreover, tapered roller bearing imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, China (X tons), sevenfold. Russia (X tons) ranked third in terms of total imports with a 7.4% share.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates stood at +9.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+30.3% per year) and Russia (+20.2% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of tapered roller bearings to Azerbaijan, comprising 47% of total imports. The second position in the ranking was held by China ($X), with a 13% share of total imports. It was followed by Russia, with an 8% share.

From 2012 to 2021, the average annual growth rate of value from the United Arab Emirates amounted to +19.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+25.4% per year) and Russia (+13.8% per year).

Import Prices by Country

The average tapered roller bearing import price stood at $X per ton in 2021, with an increase of 22% against the previous year. In general, the import price continues to indicate mild growth. The pace of growth appeared the most rapid in 2014 an increase of 73%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+9.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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