Singapore: Ball Bearing Market 2024

Ball Bearing Market Size in Singapore

In 2021, after two years of decline, there was significant growth in the Singaporean ball bearing market, when its value increased by 214% to $X. Over the period under review, consumption, however, saw a pronounced downturn. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Ball Bearing Production in Singapore

In value terms, ball bearing production fell significantly to $X in 2021 estimated in export price. Overall, production saw a perceptible shrinkage. The pace of growth appeared the most rapid in 2014 when the production volume increased by 163%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Ball Bearing Exports

Exports from Singapore

Ball bearing exports from Singapore contracted significantly to X tons in 2021, waning by -38% compared with 2020 figures. Over the period under review, exports continue to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2019 with an increase of 75%. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, ball bearing exports dropped significantly to $X in 2021. In general, exports recorded a slight decline. The pace of growth appeared the most rapid in 2016 when exports increased by 140% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons), Malaysia (X tons) and Hong Kong SAR (X tons) were the main destinations of ball bearing exports from Singapore, with a combined 38% share of total exports. These countries were followed by Vietnam, Indonesia, the Philippines, Thailand, India, the United States, Japan, Germany, Belgium and Taiwan (Chinese), which together accounted for a further 50%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Germany (with a CAGR of +2.4%), while the other leaders experienced a decline.

In value terms, the largest markets for ball bearing exported from Singapore were China ($X), Malaysia ($X) and Hong Kong SAR ($X), together accounting for 38% of total exports. These countries were followed by Vietnam, Indonesia, the Philippines, Thailand, India, the United States, Japan, Germany, Belgium and Taiwan (Chinese), which together accounted for a further 50%.

In terms of the main countries of destination, Germany, with a CAGR of +8.3%, 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 average ball bearing export price stood at $X per ton in 2021, increasing by 6.8% against the previous year. In general, the export price saw a prominent increase. The most prominent rate of growth was recorded in 2015 an increase of 56% against the previous year. Over the period under review, the average export prices reached the peak figure in 2021 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2021, the highest price was recorded for prices to Vietnam ($X per ton) and the Philippines ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+5.7%), while the prices for the other major destinations experienced more modest paces of growth.

Ball Bearing Imports

Imports into Singapore

In 2021, after five years of decline, there was significant growth in supplies from abroad of ball bearings, when their volume increased by 7.7% to X tons. Over the period under review, imports, however, continue to indicate a pronounced decrease. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, ball bearing imports expanded remarkably to $X in 2021. Overall, imports, however, saw a abrupt 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 Indonesia (X tons) were the main suppliers of ball bearing imports to Singapore, together accounting for 58% of total imports. Malaysia, Thailand, the United States, Germany, Austria, Italy, France, the United Arab Emirates and South Korea lagged somewhat behind, together comprising a further 34%.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +7.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and Indonesia ($X) were the largest ball bearing suppliers to Singapore, with a combined 58% share of total imports. Malaysia, Thailand, the United States, Germany, Austria, Italy, France, the United Arab Emirates and South Korea lagged somewhat behind, together comprising a further 34%.

In terms of the main suppliers, Thailand, with a CAGR of +5.0%, recorded the highest growth rate of 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

In 2021, the average ball bearing import price amounted to $X per ton, with an increase of 4.9% against the previous year. Over the period under review, the import price, however, continues to indicate a slight shrinkage. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Indonesia ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (-1.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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