Lithuania: Roller Bearing Market 2024

Roller Bearing Market Size in Lithuania

In 2022, the Lithuanian roller bearing market increased by 34% to $X, rising for the second year in a row after two years of decline. Overall, consumption posted buoyant growth. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in years to come.

Roller Bearing Production in Lithuania

In value terms, roller bearing production surged to $X in 2022 estimated in export price. In general, production enjoyed significant growth. The pace of growth appeared the most rapid in 2020 with an increase of 98%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Roller Bearing Exports

Exports from Lithuania

In 2022, roller bearing exports from Lithuania soared to X tons, with an increase of 16% compared with 2021 figures. In general, total exports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -26.2% against 2020 indices. The growth pace was the most rapid in 2013 when exports increased by 70%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, roller bearing exports reduced to $X in 2022. Over the period under review, exports enjoyed a remarkable increase. The growth pace was the most rapid in 2020 when exports increased by 68% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China was the key exporter of roller bearings in the world, with the volume of exports recording X tons, which was near 43% of total exports in 2022. Singapore (X tons) held a 9.7% share (based on physical terms) of total exports, which put it in second place, followed by Germany (7.2%), France (6.9%), Slovakia (5.4%) and the United States (0.8%). Italy (X tons), South Korea (X tons), Indonesia (X tons), Hong Kong SAR (X tons), Turkey (X tons), Austria (X tons) and Romania (X tons) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +22.6% from 2012 to 2022. At the same time, Indonesia (+35.7%), Turkey (+8.5%), Singapore (+1.2%) and Slovakia (+1.1%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in the world, with a CAGR of +35.7% from 2012-2022. By contrast, Italy (-1.9%), Germany (-2.0%), France (-2.2%), South Korea (-9.7%), Hong Kong SAR (-13.7%), the United States (-18.4%), Austria (-22.3%) and Romania (-22.4%) illustrated a downward trend over the same period. While the share of China (+37 p.p.) and Indonesia (+2.2 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Italy (-1.5 p.p.), Germany (-2.6 p.p.), France (-2.7 p.p.), Romania (-4.9 p.p.), Hong Kong SAR (-6 p.p.), South Korea (-6.3 p.p.), the United States (-6.4 p.p.) and Austria (-7.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest roller bearing supplying countries from Lithuania were China ($X), Singapore ($X) and Germany ($X), together comprising 45% of total exports. Italy, the United States, France, Hong Kong SAR, Slovakia, South Korea, Austria, Turkey, Indonesia and Romania lagged somewhat behind, together comprising a further 31%.

Indonesia, with a CAGR of +16.1%, recorded the highest rates of growth with regard to the value of exports, among 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

In 2022, the export price in Lithuania amounted to $X per ton, waning by -24.9% against the previous year. In general, the export price, however, continues to indicate a prominent expansion. The pace of growth was the most pronounced in 2016 when the export price increased by 50% against the previous year. The Lithuania export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+16.3%), while the other leaders experienced more modest paces of growth.

Roller Bearing Imports

Imports into Lithuania

In 2022, supplies from abroad of roller bearings increased by 30% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +39.3% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, roller bearing imports soared to $X in 2022. Overall, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +50.0% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 29%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Thailand (X tons) and Indonesia (X tons) represented the main importers of roller bearings in 2022, accounting for near 17% and 15% of total imports, respectively. It was distantly followed by Germany (X tons), constituting a 6.2% share of total imports. India (X tons), Italy (X tons), Canada (X tons), Malaysia (X tons), Spain (X tons), South Korea (X tons), France (X tons), Singapore (X tons), Poland (X tons) and Austria (X tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Thailand (with a CAGR of +18.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Germany ($X) and India ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 24% of total imports.

Indonesia, with a CAGR of +4.2%, saw the highest rates of growth with regard to 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

In 2022, the import price in Lithuania amounted to $X per ton, almost unchanged from the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the import price increased by 24% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+6.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform