India: Market for Hot-Rolled Bars In Bearing Steels 2024

Market Size for Hot-Rolled Bars In Bearing Steels in India

In 2022, the Indian hot-rolled bearing steel bar market decreased by -4.4% to $X, falling for the fourth consecutive year after two years of growth. Overall, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Hot-Rolled Bars In Bearing Steels in India

In value terms, hot-rolled bearing steel bar production shrank to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 18%. Hot-rolled bearing steel bar production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Hot-Rolled Bars In Bearing Steels

Exports from India

In 2022, shipments abroad of hot-rolled bars in bearing steels increased by 3% to X tons, rising for the second year in a row after three years of decline. Over the period under review, exports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 179% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, hot-rolled bearing steel bar exports contracted to $X in 2022. In general, exports saw a strong expansion. The pace of growth was the most pronounced in 2021 when exports increased by 310%. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

Italy (X tons), Egypt (X tons) and the United Arab Emirates (X tons) were the main destinations of hot-rolled bearing steel bar exports from India, with a combined 55% share of total exports. Thailand, the UK, Mexico, Malaysia, Kenya, Brazil, Indonesia, Colombia, Belgium and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +62.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Egypt ($X) and the United Arab Emirates ($X) were the largest markets for hot-rolled bearing steel bar exported from India worldwide, with a combined 48% share of total exports.

Italy, with a CAGR of +60.3%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average hot-rolled bearing steel bar export price amounted to $X per ton, waning by -10.8% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 47% against the previous year. As a result, the export price reached the peak level of $X per ton, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Egypt ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (+3.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Bars In Bearing Steels

Imports into India

In 2022, approx. X tons of hot-rolled bars in bearing steels were imported into India; declining by -18.4% on 2021 figures. In general, imports, however, enjoyed a tangible expansion. The growth pace was the most rapid in 2014 with an increase of 254%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, hot-rolled bearing steel bar imports amounted to $X in 2022. Overall, imports, however, recorded a perceptible increase. The most prominent rate of growth was recorded in 2014 when imports increased by 114%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Japan (X tons), China (X tons) and South Korea (X tons) were the main suppliers of hot-rolled bearing steel bar imports to India, with a combined 87% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +26.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled bearing steel bar suppliers to India were Japan ($X), China ($X) and South Korea ($X), together comprising 82% of total imports.

South Korea, with a CAGR of +26.8%, 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

The average hot-rolled bearing steel bar import price stood at $X per ton in 2022, growing by 25% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 34%. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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