Norway: Ball Bearing Market 2024

Ball Bearing Market Size in Norway

The Norwegian ball bearing market skyrocketed to $X in 2021, growing by 21% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a relatively flat trend pattern. Ball bearing consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Ball Bearing Exports

Exports from Norway

In 2021, approx. X tons of ball bearings were exported from Norway; jumping by 41% against 2020. Over the period under review, exports, however, continue to indicate a abrupt contraction. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, ball bearing exports expanded rapidly to $X in 2021. In general, exports, however, recorded a deep downturn. The growth pace was the most rapid in 2018 with an increase of 23%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Poland (X tons), Sweden (X tons) and Germany (X tons) were the main destinations of ball bearing exports from Norway, together accounting for 36% of total exports. These countries were followed by the UK, Brazil, the Netherlands, Latvia, Vietnam, Azerbaijan, Denmark, France, China and the United States, which together accounted for a further 43%.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +73.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for ball bearing exported from Norway were Germany ($X), the United States ($X) and Poland ($X), with a combined 27% share of total exports. The UK, Brazil, Azerbaijan, Sweden, the Netherlands, Denmark, China, Vietnam, France and Latvia lagged somewhat behind, together accounting for a further 41%.

Azerbaijan, with a CAGR of +47.0%, recorded 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

The average ball bearing export price stood at $X per ton in 2021, with a decrease of -22.5% against the previous year. Over the period under review, export price indicated a tangible increase from 2012 to 2021: its price increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the average export price increased by 58% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2020, and then shrank rapidly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Latvia ($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 China (+3.0%), while the prices for the other major destinations experienced more modest paces of growth.

Ball Bearing Imports

Imports into Norway

Ball bearing imports into Norway expanded notably to X tons in 2021, surging by 15% against 2020. Overall, imports, however, continue to indicate a pronounced reduction. The pace of growth was the most pronounced in 2018 with an increase of 19% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, ball bearing imports surged to $X in 2021. Over the period under review, imports, however, showed a slight contraction. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), Germany (X tons) and Latvia (X tons) were the main suppliers of ball bearing imports to Norway, together accounting for 52% of total imports.

From 2012 to 2021, the biggest increases were recorded for Latvia (with a CAGR of +83.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), France ($X) and the United States ($X) were the largest ball bearing suppliers to Norway, with a combined 39% share of total imports. China, Italy, Japan, Sweden, Austria, Latvia, Slovakia, Slovenia and Hungary lagged somewhat behind, together accounting for a further 40%.

In terms of the main suppliers, Slovenia, with a CAGR of +59.3%, recorded the highest growth rate of the value of imports, 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 ball bearing import price amounted to $X per ton, surging by 9.2% against the previous year. Over the last nine years, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2016 an increase of 16%. Over the period under review, average import prices hit record highs in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for Hungary ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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