Republic of Korea: Cylindrical Roller Bearing Market 2024

Cylindrical Roller Bearing Market Size in Republic of Korea

The South Korean cylindrical roller bearing market surged to $X in 2022, rising by 15% against the previous year. The market value increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Cylindrical Roller Bearing Production in Republic of Korea

In value terms, cylindrical roller bearing production surged to $X in 2022 estimated in export price. Over the period under review, production showed prominent growth. The pace of growth was the most pronounced in 2020 when the production volume increased by 167% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Cylindrical Roller Bearing Exports

Exports from Republic of Korea

In 2022, the amount of cylindrical roller bearings exported from South Korea contracted sharply to X tons, waning by -28.9% compared with 2021 figures. Overall, exports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 131%. Over the period under review, the exports reached the maximum at X tons in 2021, and then contracted markedly in the following year.

In value terms, cylindrical roller bearing exports shrank dramatically to $X in 2022. In general, exports, however, saw a prominent increase. The pace of growth appeared the most rapid in 2018 when exports increased by 113% against the previous year. The South Korea exports peaked at $X in 2021, and then shrank significantly in the following year.

Exports by Country

The biggest shipments were from Germany (X tons), China (X tons) and Japan (X tons), together accounting for 53% of total export. Romania (X tons) took the next position in the ranking, followed by Slovakia (X tons). All these countries together held approx. 13% share of total exports. The following exporters - 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) - together made up 19% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main 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 ($X) remains the largest cylindrical roller bearing supplier from South Korea, comprising 27% of global exports. The second position in the ranking was taken by Japan ($X), with an 11% share of global exports. It was followed by China, with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Germany was relatively modest. In the other countries, the average annual rates were as follows: Japan (-0.3% per year) and China (+6.6% per year).

Export Prices by Country

In 2022, the export price in South Korea amounted to $X per ton, increasing by 19% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 28% against the previous year. The South Korea export price peaked in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, 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 Republic of Korea

In 2022, approx. X tons of cylindrical roller bearings were imported into South Korea; waning by -9.4% against 2021. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 16% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, cylindrical roller bearing imports dropped to $X in 2022. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 13% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

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. Spain (X tons), Mexico (X tons), Italy (X tons), Brazil (X tons), Thailand (X tons), Indonesia (X tons), Turkey (X tons), the Czech Republic (X tons) and France (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Thailand (with a CAGR of +20.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Germany ($X) and the United States ($X) were the countries with the highest levels of imports in 2022, together comprising 43% of total imports. Mexico, Italy, France, Brazil, Russia, Spain, Indonesia, Turkey, the Czech Republic and Thailand lagged somewhat behind, together accounting for a further 24%.

Spain, with a CAGR of +13.7%, saw the highest rates of growth with regard to the value of imports, in terms of 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 South Korea amounted to $X per ton, increasing by 4.8% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the import price increased by 11%. Over the period under review, import prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

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 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 (+4.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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