Republic of Korea: Roller Bearing Market 2024

Roller Bearing Market Size in Republic of Korea

The South Korean roller bearing market dropped to $X in 2022, which is down by -12.2% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. South Korea consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Roller Bearing Production in Republic of Korea

In value terms, roller bearing production contracted to $X in 2022 estimated in export price. In general, production saw a perceptible slump. The most prominent rate of growth was recorded in 2014 with an increase of 49%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Roller Bearing Exports

Exports from Republic of Korea

In 2022, roller bearing exports from South Korea reduced slightly to X tons, declining by -1.8% on the year before. Over the period under review, exports saw a deep downturn. The growth pace was the most rapid in 2018 when exports increased by 33% against the previous year. The South Korea exports peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, roller bearing exports shrank to $X in 2022. In general, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2017 with an increase of 35% against the previous year. The South Korea exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

China was the major exporting country with an export of around X tons, which reached 43% of total exports. Singapore (X tons) took a 9.7% share (based on physical terms) of total exports, which put it in second place, followed by Germany (7.2%), France (6.9%), Slovakia (5.4%), Italy (4.4%) and the United States (0.8%). Indonesia (X tons), Hong Kong SAR (X tons), Turkey (X tons), Austria (X tons), Romania (X tons) and Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to roller bearing exports from China stood at +22.6%. At the same time, Indonesia (+35.7%), Turkey (+8.5%), Singapore (+1.2%) and Slovakia (+1.1%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in the world, with a CAGR of +35.7% from 2012-2022. By contrast, Taiwan (Chinese) (-1.4%), Italy (-1.9%), Germany (-2.0%), France (-2.2%), Hong Kong SAR (-13.7%), the United States (-18.4%), Austria (-22.3%) and Romania (-22.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and Indonesia increased by +37 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Singapore ($X) and Germany ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 45% share of total exports. Italy, the United States, France, Hong Kong SAR, Slovakia, Taiwan (Chinese), Austria, Turkey, Indonesia and Romania lagged somewhat behind, together accounting for a further 31%.

Among the main exporting countries, Indonesia, with a CAGR of +16.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in South Korea stood at $X per ton in 2022, reducing by -7% against the previous year. In general, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 an increase of 35%. The South Korea export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+16.3%), while the other leaders experienced more modest paces of growth.

Roller Bearing Imports

Imports into Republic of Korea

In 2022, approx. X tons of roller bearings were imported into South Korea; which is down by -26.7% compared with the previous year's figure. Over the period under review, imports recorded a noticeable decrease. The growth pace was the most rapid in 2021 with an increase of 81% against the previous year. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, roller bearing imports shrank remarkably to $X in 2022. In general, imports recorded a deep setback. The most prominent rate of growth was recorded in 2021 with an increase of 97% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Thailand (X tons) and Indonesia (X tons) represented the main importers of roller bearingsacross the globe, together making up 32% of total imports. It was distantly followed by Germany (X tons), constituting a 6.2% share of total imports. India (X tons), Italy (X tons), Canada (X tons), Malaysia (X tons), Spain (X tons), France (X tons), Singapore (X tons), Poland (X tons), Austria (X tons) and Nigeria (X tons) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +18.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Germany ($X) and India ($X) were the countries with the highest levels of imports in 2022, with a combined 24% share of total imports.

Indonesia, with a CAGR of +4.2%, recorded 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 South Korea amounted to $X per ton, picking up by 2.9% against the previous year. In general, the import price, however, showed a noticeable downturn. The pace of growth appeared the most rapid in 2020 when the import price increased by 11%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Canada ($X per ton), while Thailand ($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 (+6.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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