Finland: Spherical Roller Bearing Market 2024

Spherical Roller Bearing Market Size in Finland

The Finnish spherical roller bearing market skyrocketed to $X in 2021, increasing by 27% against the previous year. Overall, the total consumption indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +131.3% against 2017 indices. Spherical roller bearing consumption peaked in 2021 and is likely to continue growth in the immediate term.

Spherical Roller Bearing Production in Finland

In value terms, spherical roller bearing production soared to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a significant contraction. Spherical roller bearing production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Spherical Roller Bearing Exports

Exports from Finland

In 2021, overseas shipments of spherical roller bearings were finally on the rise to reach X tons after two years of decline. Overall, exports saw noticeable growth. The most prominent rate of growth was recorded in 2018 with an increase of 139%. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, spherical roller bearing exports skyrocketed to $X in 2021. In general, exports posted a buoyant expansion. The growth pace was the most rapid in 2018 when exports increased by 146%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for spherical roller bearing exports from Finland, with a 30% share of total exports. Moreover, spherical roller bearing exports to the Netherlands exceeded the volume sent to the second major destination, South Korea (X tons), threefold. Russia (X tons) ranked third in terms of total exports with an 8.1% share.

From 2012 to 2021, the average annual growth rate of volume to the Netherlands totaled +23.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+40.2% per year) and Russia (-9.9% per year).

In value terms, the Netherlands ($X) remains the key foreign market for spherical roller bearings exports from Finland, comprising 26% of total exports. The second position in the ranking was taken by South Korea ($X), with a 13% share of total exports. It was followed by Russia, with a 6.8% share.

From 2012 to 2021, the average annual growth rate of value to the Netherlands totaled +26.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+42.9% per year) and Russia (-11.8% per year).

Export Prices by Country

The average spherical roller bearing export price stood at $X per ton in 2021, surging by 41% against the previous year. In general, export price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, spherical roller bearing export price increased by +65.8% against 2016 indices. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Norway ($X per ton), while the average price for exports to Estonia ($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 South Africa (+12.7%), while the prices for the other major destinations experienced more modest paces of growth.

Spherical Roller Bearing Imports

Imports into Finland

In 2021, purchases abroad of spherical roller bearings was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by 69%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, spherical roller bearing imports soared to $X in 2021. In general, total imports indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when imports increased by 75% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Sweden (X tons) constituted the largest spherical roller bearing supplier to Finland, accounting for a 41% share of total imports. Moreover, spherical roller bearing imports from Sweden exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. The third position in this ranking was held by Belgium (X tons), with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Sweden amounted to +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-7.0% per year) and Belgium (+28.6% per year).

In value terms, Sweden ($X) constituted the largest supplier of spherical roller bearings to Finland, comprising 47% of total imports. The second position in the ranking was taken by Belgium ($X), with an 18% share of total imports. It was followed by Germany, with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Sweden amounted to +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+36.6% per year) and Germany (-9.1% per year).

Import Prices by Country

The average spherical roller bearing import price stood at $X per ton in 2021, growing by 9.3% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the average import price increased by 12%. Over the period under review, average import prices reached the maximum in 2021 and is likely to see steady growth in years to come.

Prices varied noticeably country of origin: 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 Belgium (+6.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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