Scandinavia: Bearing Market 2024

Bearing Market Size in Scandinavia

In 2021, the Scandinavia bearing market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Bearing Production in Scandinavia

In value terms, bearing production declined to $X in 2021 estimated in export price. Over the period under review, production saw a abrupt curtailment. The pace of growth was the most pronounced in 2020 with an increase of 20% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Bearing Exports

Exports in Scandinavia

In 2021, after three years of growth, there was decline in shipments abroad of ball and roller bearings, when their volume decreased by -3.4% to X tons. Over the period under review, exports recorded a perceptible reduction. The most prominent rate of growth was recorded in 2020 with an increase of 11% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, bearing exports rose notably to $X in 2021. In general, exports showed a noticeable shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 17%. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Sweden prevails in exports structure, amounting to X tons, which was near 92% of total exports in 2021. It was distantly followed by Denmark (X tons), achieving a 4.8% share of total exports. Finland (X tons) took a minor share of total exports.

Exports from Sweden decreased at an average annual rate of -4.2% from 2012 to 2021. At the same time, Denmark (+1.9%) and Finland (+1.1%) displayed positive paces of growth. Moreover, Denmark emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +1.9% from 2012-2021. Denmark (+2 p.p.) significantly strengthened its position in terms of the total exports, while Sweden saw its share reduced by -2.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) remains the largest bearing supplier in Scandinavia, comprising 86% of total exports. The second position in the ranking was taken by Denmark ($X), with a 7.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Sweden stood at -4.9%. In the other countries, the average annual rates were as follows: Denmark (-2.2% per year) and Finland (-1.2% per year).

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2021, surging by 14% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Denmark ($X per ton), while Sweden ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (-0.8%), while the other leaders experienced a decline in the export price figures.

Bearing Imports

Imports in Scandinavia

In 2021, imports of ball and roller bearings in Scandinavia surged to X tons, rising by 26% compared with 2020 figures. The total import volume increased at an average annual rate of +5.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, bearing imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.9% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Sweden (X tons) and Denmark (X tons) dominates imports structure, together comprising 89% of total imports. It was distantly followed by Finland (X tons), achieving a 9.2% share of total imports. Norway (X tons) held a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Denmark (with a CAGR of +8.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Denmark ($X) and Finland ($X) were the countries with the highest levels of imports in 2021, together comprising 94% of total imports.

Denmark, with a CAGR of +5.7%, 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 mixed trends in the imports figures.

Import Prices by Country

The import price in Scandinavia stood at $X per ton in 2021, shrinking by -3.3% against the previous year. In general, the import price recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2014 an increase of 5.5%. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Norway ($X per ton), while Sweden ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (+2.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform