Philippines: Cylindrical Roller Bearing Market 2024

Cylindrical Roller Bearing Market Size in the Philippines

In 2022, the Philippine cylindrical roller bearing market increased by 31% to $X, rising for the second consecutive year after two years of decline. In general, consumption posted a remarkable increase. Over the period under review, the market reached the peak level in 2022 and is likely to continue growth in years to come.

Cylindrical Roller Bearing Exports

Exports from the Philippines

In 2022, overseas shipments of cylindrical roller bearings decreased by -69.4% to X kg, falling for the second year in a row after two years of growth. In general, exports, however, posted significant growth. The pace of growth appeared the most rapid in 2019 with an increase of 21,600%. The the Philippines exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, cylindrical roller bearing exports reduced notably to $X in 2022. Over the period under review, exports, however, posted perceptible growth. The pace of growth appeared the most rapid in 2019 with an increase of 12,926%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The shipments of the three major exporters of cylindrical roller bearings, namely Germany, China and Japan, represented more than half of total export. Romania (X tons) held the next position in the ranking, followed by Slovakia (X tons). All these countries together took near 13% share of total exports. Taiwan (Chinese) (X tons), Kazakhstan (X tons), Canada (X tons), Russia (X tons), Hong Kong SAR (X tons), Poland (X tons), France (X tons) and Italy (X tons) took a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Taiwan (Chinese) (with a CAGR of +43.8%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the largest cylindrical roller bearing supplier from the Philippines, comprising 27% of global exports. The second position in the ranking was taken by Japan ($X), with an 11% share of global exports. It was followed by China, with an 8.9% share.

In Germany, cylindrical roller bearing exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-0.3% per year) and China (+6.6% per year).

Export Prices by Country

In 2022, the export price in the Philippines amounted to $X per ton, falling by -3.2% against the previous year. Overall, the export price faced a precipitous contraction. The growth pace was the most rapid in 2018 when the export price increased by 107% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 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 France ($X per ton), while Russia ($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 (+3.3%), while the other leaders experienced more modest paces of growth.

Cylindrical Roller Bearing Imports

Imports into the Philippines

In 2022, supplies from abroad of cylindrical roller bearings increased by 86% to X tons, rising for the second consecutive year after three years of decline. Overall, imports continue to indicate a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, cylindrical roller bearing imports expanded remarkably to $X in 2022. Over the period under review, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2015 with an increase of 35% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

China (X tons), Russia (X tons) and Germany (X tons) represented roughly 42% of total imports in 2022. It was distantly followed by the United States (X tons), achieving a 5.7% share of total imports. The following importers - Spain (X tons), Mexico (X tons), Italy (X tons), Brazil (X tons), Thailand (X tons), South Korea (X tons), Indonesia (X tons), Turkey (X tons) and the Czech Republic (X tons) - together made up 23% of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +20.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cylindrical roller bearing importing markets into the Philippines were China ($X), Germany ($X) and the United States ($X), with a combined 43% share of total imports. Mexico, Italy, Brazil, Russia, South Korea, Spain, Indonesia, Turkey, the Czech Republic and Thailand lagged somewhat behind, together comprising a further 23%.

Spain, with a CAGR of +13.7%, saw the highest rates of growth with regard to the value of imports, among 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 the Philippines amounted to $X per ton, shrinking by -43.1% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the import price increased by 50% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2021, and then dropped notably in the following year.

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 the United States ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :