Ireland: Bearing Market 2024

Bearing Market Size in Ireland

In 2021, the Irish bearing market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption saw a buoyant increase. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Bearing Exports

Exports from Ireland

In 2021, the amount of ball and roller bearings exported from Ireland soared to X tons, growing by 67% on 2020. Overall, exports posted a strong expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 253% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, bearing exports skyrocketed to $X in 2021. In general, exports showed a prominent increase. The pace of growth was the most pronounced in 2018 when exports increased by 80% against the previous year. The exports peaked in 2021 and are likely to see steady growth in years to come.

Exports by Country

The UK (X kg) was the main destination for bearing exports from Ireland, accounting for a 0.8% share of total exports. Moreover, bearing exports to the UK exceeded the volume sent to the second major destination, Romania (X kg), twofold. The third position in this ranking was held by the United States (X kg), with a 0.3% share.

From 2012 to 2020, the average annual rate of growth in terms of volume to the UK amounted to +7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+70.1% per year) and the United States (+9.1% per year).

In value terms, the UK ($X) remains the key foreign market for ball and roller bearings exports from Ireland, comprising 41% of total exports. The second position in the ranking was held by Romania ($X), with an 18% share of total exports. It was followed by the United States, with a 17% share.

From 2012 to 2020, the average annual growth rate of value to the UK totaled +19.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+86.3% per year) and the United States (+22.1% per year).

Export Prices by Country

In 2020, the average bearing export price amounted to $X per ton, jumping by 152% against the previous year. Over the period under review, the export price recorded a perceptible expansion. The export price peaked at $X per ton in 2018; however, from 2019 to 2020, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2020, amid the top suppliers, the countries with the highest prices were the UK ($X per ton) and Romania ($X per ton), while the average price for exports to Spain ($X per ton) and Australia ($X per ton) were amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Romania (+13.6%), while the prices for the other major destinations experienced more modest paces of growth.

Bearing Imports

Imports into Ireland

Bearing imports into Ireland skyrocketed to X tons in 2021, with an increase of 106% compared with 2020. In general, imports saw buoyant growth. The most prominent rate of growth was recorded in 2016 with an increase of 168% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, bearing imports amounted to $X in 2021. The total import value increased at an average annual rate of +3.5% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2018 when imports increased by 14%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2020, the UK (X tons) constituted the largest supplier of bearing to Ireland, accounting for a 1.5% share of total imports. Moreover, bearing imports from the UK exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. Germany (X tons) ranked third in terms of total imports with a 0.3% share.

From 2012 to 2020, the average annual growth rate of volume from the UK amounted to +22.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+32.3% per year) and Germany (+32.9% per year).

In value terms, the UK ($X) constituted the largest supplier of ball and roller bearings to Ireland, comprising 65% of total imports. The second position in the ranking was taken by the United States ($X), with a 15% share of total imports. It was followed by Germany, with a 14% share.

From 2012 to 2020, the average annual growth rate of value from the UK totaled +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+9.9% per year) and Germany (+10.4% per year).

Import Prices by Country

The average bearing import price stood at $X per ton in 2020, growing by 26% against the previous year. Over the period under review, the import price, however, recorded a slight shrinkage. The most prominent rate of growth was recorded in 2017 an increase of 144% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2020, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2020, amid the top importers, the countries with the highest prices were the UK ($X per ton) and the United States ($X per ton), while the price for China ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by the Netherlands (-16.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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