Philippines: Market for Bearing Housings Incorporating Ball Or Roller Bearings 2024

Market Size for Bearing Housings Incorporating Ball Or Roller Bearings in the Philippines

In 2022, the Philippine market for bearing housings incorporating ball or roller bearings decreased by -32.2% to $X, falling for the fourth year in a row after four years of growth. Over the period under review, consumption, however, posted a slight expansion. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Exports of Bearing Housings Incorporating Ball Or Roller Bearings

Exports from the Philippines

Bearing housing with ball bearing exports from the Philippines surged to X tons in 2022, picking up by 1,442% on 2021 figures. Overall, exports enjoyed significant growth. The pace of growth appeared the most rapid in 2013 when exports increased by 433,665%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, bearing housing with ball bearing exports skyrocketed to $X in 2022. Over the period under review, exports showed significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 544,794%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Denmark (X tons) was the main destination for bearing housing with ball bearing exports from the Philippines, with a 43% share of total exports. Moreover, bearing housing with ball bearing exports to Denmark exceeded the volume sent to the second major destination, China (X tons), twofold. The third position in this ranking was held by Taiwan (Chinese) (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Denmark was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+47.2% per year) and Taiwan (Chinese) (+108.6% per year).

In value terms, Denmark ($X) emerged as the key foreign market for bearing housings incorporating ball or roller bearings exports from the Philippines, comprising 43% of total exports. The second position in the ranking was taken by China ($X), with a 21% share of total exports. It was followed by Taiwan (Chinese), with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Denmark was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+79.8% per year) and Taiwan (Chinese) (+125.2% per year).

Export Prices by Country

The average export price for bearing housings incorporating ball or roller bearings stood at $X per ton in 2022, dropping by -13.7% against the previous year. Overall, the export price, however, recorded resilient growth. The most prominent rate of growth was recorded in 2014 when the average export price increased by 90% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Australia ($X per ton) and Japan ($X per ton), while the average price for exports to Singapore ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+23.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Bearing Housings Incorporating Ball Or Roller Bearings

Imports into the Philippines

In 2022, overseas purchases of bearing housings incorporating ball or roller bearings decreased by -31.1% to X tons, falling for the fourth year in a row after four years of growth. In general, imports recorded a pronounced descent. The pace of growth was the most pronounced in 2018 when imports increased by 218%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, bearing housing with ball bearing imports shrank to $X in 2022. Over the period under review, imports, however, showed a resilient expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 223% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Japan (X tons), China (X tons) and Indonesia (X tons) were the main suppliers of bearing housing with ball bearing imports to the Philippines, together comprising 67% of total imports. The United States, Thailand, South Korea, Singapore, Vietnam and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +57.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and Indonesia ($X) constituted the largest bearing housing with ball bearing suppliers to the Philippines, with a combined 67% share of total imports. The United States, Thailand, South Korea, Singapore, Vietnam and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 22%.

Among the main suppliers, South Korea, with a CAGR of +57.4%, 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

In 2022, the average import price for bearing housings incorporating ball or roller bearings amounted to $X per ton, growing by 28% against the previous year. Overall, the import price saw a resilient increase. The pace of growth appeared the most rapid in 2019 when the average import price increased by 73%. Over the period under review, average import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Vietnam ($X per ton) and Indonesia ($X per ton), while the price for Singapore ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+26.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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