Eastern Europe: Bearing Market 2024

Bearing Market Size in Eastern Europe

In 2021, the East European bearing market increased by 16% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Bearing Production in Eastern Europe

In value terms, bearing production expanded notably to $X in 2021 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Bearing Exports

Exports in Eastern Europe

Bearing exports expanded rapidly to X tons in 2021, surging by 7.9% on the previous year's figure. Overall, exports recorded a relatively flat trend pattern. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, bearing exports skyrocketed to $X in 2021. In general, exports recorded a relatively flat trend pattern. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Poland (X tons), Romania (X tons) and Slovakia (X tons) represented roughly 65% of total exports in 2021. Hungary (X tons) ranks next in terms of the total exports with a 7.6% share, followed by Russia (7.3%) and the Czech Republic (5.1%). Latvia (X tons) took a little share of total exports.

From 2012 to 2021, the biggest increases were recorded for Latvia (with a CAGR of +13.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest bearing supplying countries in Eastern Europe were Romania ($X), Slovakia ($X) and Poland ($X), together accounting for 68% of total exports. These countries were followed by the Czech Republic, Hungary, Russia and Latvia, which together accounted for a further 24%.

Latvia, with a CAGR of +19.4%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Eastern Europe stood at $X per ton in 2021, with an increase of 11% against the previous year. Overall, the export price saw a relatively flat trend pattern. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the Czech Republic ($X per ton), while Latvia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Latvia (+5.5%), while the other leaders experienced more modest paces of growth.

Bearing Imports

Imports in Eastern Europe

Bearing imports rose notably to X tons in 2021, increasing by 13% against the year before. The total import volume increased at an average annual rate of +1.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 when imports increased by 31% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, bearing imports surged to $X in 2021. The total import value increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Russia represented the major importing country with an import of around X tons, which accounted for 36% of total imports. Poland (X tons) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by the Czech Republic (9.6%), Romania (7.3%), Hungary (6.7%), Slovakia (6.7%), Ukraine (6.4%) and Belarus (4.9%).

Imports into Russia increased at an average annual rate of +2.1% from 2012 to 2021. At the same time, Romania (+6.0%), Slovakia (+5.5%), Poland (+4.4%) and Hungary (+3.3%) displayed positive paces of growth. Moreover, Romania emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of +6.0% from 2012-2021. The Czech Republic experienced a relatively flat trend pattern. By contrast, Ukraine (-1.8%) and Belarus (-9.7%) illustrated a downward trend over the same period. While the share of Poland (+3.5 p.p.), Romania (+2.3 p.p.), Slovakia (+1.9 p.p.) and Russia (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of the Czech Republic (-1.8 p.p.), Ukraine (-2.2 p.p.) and Belarus (-9.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X), Poland ($X) and the Czech Republic ($X) constituted the countries with the highest levels of imports in 2021, with a combined 59% share of total imports. Hungary, Romania, Ukraine, Slovakia and Belarus lagged somewhat behind, together comprising a further 36%.

Romania, with a CAGR of +7.0%, recorded 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 leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2021, picking up by 8.4% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 9.9% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belarus (+3.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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