Republic of Korea: Ball Bearing Parts Market 2024

Ball Bearing Parts Market Size in Republic of Korea

The South Korean ball bearing parts market shrank remarkably to $X in 2021, declining by -20.3% against the previous year. Overall, consumption continues to indicate a perceptible descent. Ball bearing parts consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Ball Bearing Parts Production in Republic of Korea

In value terms, ball bearing parts production dropped to $X in 2021 estimated in export price. In general, production, however, posted a notable increase. The most prominent rate of growth was recorded in 2017 with an increase of 29% against the previous year. Ball bearing parts production peaked at $X in 2020, and then reduced in the following year.

Ball Bearing Parts Exports

Exports from Republic of Korea

In 2021, ball bearing parts exports from South Korea rose significantly to X tons, picking up by 14% against the year before. Over the period under review, exports showed a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of 46%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

In value terms, ball bearing parts exports skyrocketed to $X in 2021. In general, exports enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 44%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Mexico (X tons) was the main destination for ball bearing parts exports from South Korea, accounting for a 32% share of total exports. Moreover, ball bearing parts exports to Mexico exceeded the volume sent to the second major destination, Germany (X tons), twofold. The third position in this ranking was taken by Vietnam (X tons), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Mexico totaled +32.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+30.3% per year) and Vietnam (+34.8% per year).

In value terms, the largest markets for ball bearing parts exported from South Korea were Mexico ($X), China ($X) and the United States ($X), with a combined 52% share of total exports. Japan, France, Germany, Vietnam, Brazil and India lagged somewhat behind, together comprising a further 36%.

Brazil, with a CAGR of +37.6%, 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 ball bearing parts export price stood at $X per ton in 2021, picking up by 11% against the previous year. Overall, the export price, however, continues to indicate a mild downturn. The growth pace was the most rapid in 2018 an increase of 13% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Germany ($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 (+10.7%), while the prices for the other major destinations experienced more modest paces of growth.

Ball Bearing Parts Imports

Imports into Republic of Korea

In 2021, after two years of decline, there was significant growth in overseas purchases of parts of ball or roller bearings, when their volume increased by 26% to X tons. In general, imports, however, showed a mild curtailment. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, ball bearing parts imports skyrocketed to $X in 2021. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of ball bearing parts to South Korea, accounting for a 80% share of total imports. Moreover, ball bearing parts imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), ninefold. The third position in this ranking was taken by Germany (X tons), with a 3.5% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled -1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.6% per year) and Germany (+0.3% per year).

In value terms, China ($X) constituted the largest supplier of parts of ball or roller bearings to South Korea, comprising 54% of total imports. The second position in the ranking was held by Japan ($X), with a 17% share of total imports. It was followed by Germany, with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-4.6% per year) and Germany (+0.0% per year).

Import Prices by Country

In 2021, the average ball bearing parts import price amounted to $X per ton, with a decrease of -1.8% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 7.5%. Over the period under review, average import prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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