Philippines: Ball Bearing Market 2024

Ball Bearing Market Size in the Philippines

The Philippine ball bearing market surged to $X in 2021, growing by 18% 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). In general, consumption posted a significant increase. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Ball Bearing Exports

Exports from the Philippines

In 2021, shipments abroad of ball bearings was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. In general, exports, however, recorded a deep contraction. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, ball bearing exports skyrocketed to $X in 2021. Over the period under review, exports, however, showed a mild contraction. The most prominent rate of growth was recorded in 2014 with an increase of 999% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Thailand (X tons), the United States (X tons) and the Netherlands (X tons) were the main destinations of ball bearing exports from the Philippines, with a combined 65% share of total exports. These countries were followed by Indonesia, Mexico, Singapore, India and Malaysia, which together accounted for a further 30%.

From 2012 to 2021, the biggest increases were recorded for Mexico (with a CAGR of +0.2%), while shipments for the other leaders experienced a decline.

In value terms, Thailand ($X), the United States ($X) and the Netherlands ($X) constituted the largest markets for ball bearing exported from the Philippines worldwide, together comprising 65% of total exports. Indonesia, Mexico, Singapore, India and Malaysia lagged somewhat behind, together comprising a further 30%.

In terms of the main countries of destination, Mexico, with a CAGR of +10.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average ball bearing export price amounted to $X per ton, increasing by 16% against the previous year. Overall, the export price saw a resilient increase. The most prominent rate of growth was recorded in 2014 when the average export price increased by 926% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2021, the countries with the highest prices were Mexico ($X per ton) and the United States ($X per ton), while the average price for exports to Singapore ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+10.0%), while the prices for the other major destinations experienced more modest paces of growth.

Ball Bearing Imports

Imports into the Philippines

Ball bearing imports into the Philippines rose remarkably to X tons in 2021, increasing by 9.5% against the year before. Over the period under review, imports posted a strong increase. The pace of growth appeared the most rapid in 2016 with an increase of 81%. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, ball bearing imports soared to $X in 2021. In general, imports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2016 with an increase of 131% against the previous year. 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

Thailand (X tons), Singapore (X tons) and China (X tons) were the main suppliers of ball bearing imports to the Philippines, together comprising 73% of total imports. Japan, Malaysia, South Korea, Germany and India lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +95.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest ball bearing suppliers to the Philippines were Thailand ($X), Singapore ($X) and China ($X), with a combined 73% share of total imports. Japan, Malaysia, South Korea, Germany and India lagged somewhat behind, together comprising a further 23%.

Among the main suppliers, Malaysia, with a CAGR of +83.8%, 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

The average ball bearing import price stood at $X per ton in 2021, picking up by 9.5% against the previous year. Overall, the import price showed a remarkable increase. The pace of growth was the most pronounced in 2016 an increase of 27%. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, the highest price was recorded for prices from India ($X per ton) and Japan ($X per ton), while the price for Singapore ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+32.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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