Philippines: Tapered Roller Bearing Market 2024

Tapered Roller Bearing Market Size in the Philippines

The Philippine tapered roller bearing market soared to $X in 2021, increasing by 65% 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 remarkable increase. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in years to come.

Tapered Roller Bearing Exports

Exports from the Philippines

For the third consecutive year, the Philippines recorded growth in shipments abroad of tapered roller bearings, which increased by 14% to X tons in 2021. Over the period under review, exports, however, faced a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 40,182% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, tapered roller bearing exports rose remarkably to $X in 2021. Overall, exports, however, continue to indicate a slight decrease. The pace of growth appeared the most rapid in 2017 when exports increased by 32,627%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons), China (X tons) and the United Arab Emirates (X tons) were the main destinations of tapered roller bearing exports from the Philippines, together comprising 79% of total exports.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +119.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for tapered roller bearing exported from the Philippines were the Netherlands ($X), China ($X) and Kuwait ($X), together accounting for 82% of total exports.

The Netherlands, with a CAGR of +81.3%, saw the highest rates of growth with regard to 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 tapered roller bearing export price stood at $X per ton in 2021, dropping by -3.2% against the previous year. Over the period under review, the export price, however, recorded a strong increase. The most prominent rate of growth was recorded in 2016 when the average export price increased by 621% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2020, and then fell slightly in the following year.

Prices varied noticeably country of destination: the country with the highest price was Kuwait ($X per ton), while the average price for exports to Japan ($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 (+16.7%), while the prices for the other major destinations experienced more modest paces of growth.

Tapered Roller Bearing Imports

Imports into the Philippines

In 2021, the amount of tapered roller bearings imported into the Philippines skyrocketed to X tons, rising by 66% compared with 2020 figures. In general, imports posted buoyant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 79%. Imports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, tapered roller bearing imports skyrocketed to $X in 2021. Over the period under review, imports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 95%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Vietnam (X tons) constituted the largest tapered roller bearing supplier to the Philippines, accounting for a 57% share of total imports. Moreover, tapered roller bearing imports from Vietnam exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X tons), fourfold. Singapore (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Vietnam stood at +26.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+97.9% per year) and Singapore (+6.8% per year).

In value terms, Vietnam ($X) constituted the largest supplier of tapered roller bearings to the Philippines, comprising 57% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a 14% share of total imports. It was followed by Singapore, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Vietnam amounted to +24.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+87.3% per year) and Singapore (-0.2% per year).

Import Prices by Country

In 2021, the average tapered roller bearing import price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period under review, the import price recorded a perceptible reduction. The pace of growth appeared the most rapid in 2016 when the average import price increased by 12% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were Vietnam ($X per ton) and Japan ($X per ton), while the price for Singapore ($X per ton) and China ($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 (+17.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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