Canada: Tools For Bearing Market 2024

Tools For Bearing Market Size in Canada

The Canadian tools for bearing market fell modestly to $X in 2022, which is down by -3.2% against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Tools For Bearing Production in Canada

In value terms, tools for bearing production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 35%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Tools For Bearing Exports

Exports from Canada

In 2022, shipments abroad of balls, needles and rollers for ball or roller bearings was finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. In general, exports, however, faced a deep setback. The growth pace was the most rapid in 2017 with an increase of 41% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, tools for bearing exports expanded modestly to $X in 2022. Over the period under review, exports, however, recorded a abrupt curtailment. The growth pace was the most rapid in 2017 with an increase of 27%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons), Germany (X tons) and Singapore (X tons) were the main destinations of tools for bearing exports from Canada, together accounting for 89% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +11.9%), while the other leaders experienced a decline.

In value terms, the United States ($X), Germany ($X) and Singapore ($X) were the largest markets for tools for bearing exported from Canada worldwide, with a combined 89% share of total exports.

Singapore, with a CAGR of +10.7%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average tools for bearing export price amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the export price continues to indicate a slight shrinkage. The pace of growth was the most pronounced in 2018 when the average export price increased by 9.9%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were the United States ($X per ton) and Germany ($X per ton), while the average price for exports to Singapore ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (-1.0%), while the prices for the other major destinations experienced a decline.

Tools For Bearing Imports

Imports into Canada

In 2022, overseas purchases of balls, needles and rollers for ball or roller bearings increased by 4.3% to X tons, rising for the second year in a row after two years of decline. In general, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 20%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, tools for bearing imports reached $X in 2022. Overall, imports, however, showed a noticeable contraction. The pace of growth appeared the most rapid in 2021 when imports increased by 20% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of tools for bearing to Canada, with a 65% share of total imports. Moreover, tools for bearing imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The third position in this ranking was held by Japan (X tons), with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at +2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.5% per year) and Japan (-16.0% per year).

In value terms, the United States ($X) constituted the largest supplier of balls, needles and rollers for ball or roller bearings to Canada, comprising 65% of total imports. The second position in the ranking was taken by China ($X), with a 15% share of total imports. It was followed by Japan, with a 6% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled -1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.2% per year) and Japan (-19.2% per year).

Import Prices by Country

In 2022, the average tools for bearing import price amounted to $X per ton, dropping by -4.1% against the previous year. In general, the import price recorded a noticeable reduction. The pace of growth appeared the most rapid in 2019 when the average import price increased by 8.2% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from China ($X per ton) and Japan ($X per ton), while the price for the United States ($X per ton) and India ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (-3.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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