Norway: Needle Roller Bearing Market 2024

Needle Roller Bearing Market Size in Norway

The Norwegian needle roller bearing market soared to $X in 2021, jumping by 40% 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 showed a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Needle Roller Bearing Exports

Exports from Norway

In 2021, after two years of decline, there was significant growth in overseas shipments of needle roller bearings, when their volume increased by 47% to X kg. Overall, exports showed a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of 508%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, needle roller bearing exports soared to $X in 2021. Over the period under review, exports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2018 when exports increased by 285%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Denmark (X kg) was the main destination for needle roller bearing exports from Norway, with a 27% share of total exports. Moreover, needle roller bearing exports to Denmark exceeded the volume sent to the second major destination, France (X kg), twofold. The Netherlands (X kg) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Denmark totaled +55.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+7.2% per year) and the Netherlands (+29.0% per year).

In value terms, Denmark ($X) emerged as the key foreign market for needle roller bearing exports from Norway, comprising 39% of total exports. The second position in the ranking was held by Brazil ($X), with a 9.5% share of total exports. It was followed by Turkey, with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Denmark totaled +42.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+34.4% per year) and Turkey (+115.4% per year).

Export Prices by Country

The average needle roller bearing export price stood at $X per ton in 2021, almost unchanged from the previous year. Overall, the export price, however, continues to indicate a perceptible decline. The pace of growth appeared the most rapid in 2019 an increase of 74%. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Turkey ($X per ton), while the average price for exports to France ($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 Turkey (+40.2%), while the prices for the other major destinations experienced mixed trend patterns.

Needle Roller Bearing Imports

Imports into Norway

In 2021, purchases abroad of needle roller bearings was finally on the rise to reach X tons after two years of decline. In general, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when imports increased by 221%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, needle roller bearing imports surged to $X in 2021. Over the period under review, imports posted a slight increase. The most prominent rate of growth was recorded in 2013 with an increase of 63%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest needle roller bearing supplier to Norway, with a 59% share of total imports. Moreover, needle roller bearing imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), eightfold. Slovakia (X tons) ranked third in terms of total imports with a 6.3% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-10.9% per year) and Slovakia (-2.9% per year).

In value terms, Germany ($X), Slovakia ($X) and the UK ($X) appeared to be the largest needle roller bearing suppliers to Norway, together accounting for 45% of total imports. China, Japan, the United States, Italy, Sweden, Romania, Belgium, Austria and France lagged somewhat behind, together accounting for a further 47%.

In terms of the main suppliers, Romania, with a CAGR of +139.3%, saw the highest rates of growth with regard to 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

The average needle roller bearing import price stood at $X per ton in 2021, falling by -23.7% against the previous year. Overall, the import price, however, showed slight growth. The growth pace was the most rapid in 2014 an increase of 132% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was the UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+7.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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