Singapore: Bearing Market 2025

Bearing Market Size in Singapore

In 2021, the Singaporean bearing market decreased by -7.8% to $X, falling for the fourth consecutive year after two years of growth. In general, consumption saw a pronounced descent. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Bearing Production in Singapore

In value terms, bearing production contracted to $X in 2021 estimated in export price. In general, production, however, showed a abrupt slump. The most prominent rate of growth was recorded in 2016 when the production volume increased by 69% against the previous year. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Bearing Exports

Exports from Singapore

In 2021, shipments abroad of ball and roller bearings was finally on the rise to reach X tons for the first time since 2016, thus ending a four-year declining trend. Over the period under review, exports, however, recorded a perceptible contraction. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, bearing exports expanded sharply to $X in 2021. Overall, exports, however, recorded a abrupt slump. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons), Indonesia (X tons) and Afghanistan (X tons) were the main destinations of bearing exports from Singapore, together accounting for 0.8% of total exports. These countries were followed by Malaysia, Thailand, Vietnam, Hong Kong SAR, the Philippines, India, the United States, Belgium, Australia and South Korea, which together accounted for a further 1%.

From 2012 to 2020, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of +91.0%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), Indonesia ($X) and Malaysia ($X) appeared to be the largest markets for bearing exported from Singapore worldwide, with a combined 39% share of total exports. These countries were followed by Thailand, Vietnam, Hong Kong SAR, the Philippines, India, the United States, Belgium, Australia, South Korea and Afghanistan, which together accounted for a further 48%.

Among the main countries of destination, Belgium, with a CAGR of +52.3%, recorded the highest rates of growth with regard to 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 average bearing export price stood at $X per ton in 2020, surging by 2.3% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 13% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2020, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2020, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Afghanistan ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-20.3%), while the prices for the other major destinations experienced a decline.

Bearing Imports

Imports into Singapore

In 2021, approx. X tons of ball and roller bearings were imported into Singapore; growing by 13% on the year before. Overall, imports, however, saw a noticeable shrinkage. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, bearing imports expanded notably to $X in 2021. Over the period under review, imports, however, continue to indicate a deep contraction. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Japan (X tons), China (X tons) and Malaysia (X tons) were the main suppliers of bearing imports to Singapore, with a combined 0.4% share of total imports. These countries were followed by Germany, Thailand, the United States, Indonesia, Sweden, India, Italy, France, Romania and Austria, which together accounted for a further 0.4%.

From 2012 to 2020, the biggest increases were recorded for India (with a CAGR of +18.4%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest bearing suppliers to Singapore were Japan ($X), China ($X) and Malaysia ($X), together accounting for 54% of total imports. Germany, Thailand, the United States, Indonesia, Sweden, India, Italy, France, Romania and Austria lagged somewhat behind, together accounting for a further 47%.

Among the main suppliers, India, with a CAGR of +19.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average bearing import price stood at $X per ton in 2020, growing by 2% against the previous year. Over the period under review, the import price, however, saw a slight downturn. The pace of growth appeared the most rapid in 2016 when the average import price increased by 11%. The import price peaked at $X per ton in 2013; however, from 2014 to 2020, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2020, amid the top importers, the highest price was recorded for prices from Japan ($X per ton) and Indonesia ($X per ton), while the price for Romania ($X per ton) and France ($X per ton) were amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by India (+0.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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