Estonia: Bearing Market 2024

Bearing Market Size in Estonia

After three years of growth, the Estonian bearing market decreased by X% to $X in 2022. In general, the total consumption indicated mild growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Bearing Production in Estonia

In value terms, bearing production rose slightly to $X in 2022 estimated in export price. Overall, production enjoyed a moderate increase. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Bearing Exports

Exports from Estonia

In 2022, after two years of decline, there was significant growth in overseas shipments of ball or roller bearings, when their volume increased by X% to X tons. Overall, exports recorded tangible growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, bearing exports surged to $X in 2022. In general, exports saw a buoyant increase. The pace of growth appeared the most rapid in 2018 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

Russia (X tons) was the main destination for bearing exports from Estonia, accounting for a X% share of total exports. Moreover, bearing exports to Russia exceeded the volume sent to the second major destination, Germany (X tons), more than tenfold. Belarus (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2021, the average annual growth rate of volume to Russia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Belarus (X% per year).

In value terms, Russia ($X) remains the key foreign market for ball or roller bearings exports from Estonia, comprising X% of total exports. The second position in the ranking was held by Germany ($X), with a X% share of total exports. It was followed by Belarus, with an X% share.

From 2012 to 2021, the average annual growth rate of value to Russia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Belarus (X% per year).

Export Prices by Country

In 2021, the average bearing export price amounted to $X per ton, picking up by X% against the previous year. Overall, the export price enjoyed buoyant growth. The growth pace was the most rapid in 2014 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Russia ($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 Latvia (X%), while the prices for the other major destinations experienced mixed trend patterns.

Bearing Imports

Imports into Estonia

In 2022, supplies from abroad of ball or roller bearings increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, imports, however, showed a noticeable reduction. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, bearing imports rose rapidly to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when imports increased by X%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Germany (X tons), Sweden (X tons) and Finland (X tons) were the main suppliers of bearing imports to Estonia, together accounting for X% of total imports. Italy, China, Poland, France, Lithuania, Latvia, Slovakia and Russia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest bearing suppliers to Estonia were Germany ($X), Sweden ($X) and Poland ($X), together accounting for X% of total imports.

Poland, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average bearing import price amounted to $X per ton, picking up by X% against the previous year. Overall, import price indicated pronounced growth from 2012 to 2021: its price increased at an average annual rate of X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, bearing import price increased by X% against 2013 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by X%. Over the period under review, average import prices hit record highs in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Sweden ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Lithuania (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform