Singapore: Market for Bearing Housings Incorporating Ball Or Roller Bearings 2024

Market Size for Bearing Housings Incorporating Ball Or Roller Bearings in Singapore

In 2022, the Singaporean market for bearing housings incorporating ball or roller bearings increased by 2.7% to $X, rising for the second consecutive year after two years of decline. In general, consumption posted a buoyant expansion. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Bearing Housings Incorporating Ball Or Roller Bearings in Singapore

In value terms, bearing housing with ball bearing production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a mild shrinkage. The pace of growth was the most pronounced in 2014 when the production volume increased by 112% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Exports of Bearing Housings Incorporating Ball Or Roller Bearings

Exports from Singapore

In 2022, the amount of bearing housings incorporating ball or roller bearings exported from Singapore dropped significantly to X tons, falling by -26.1% on 2021 figures. Overall, exports saw a perceptible reduction. The growth pace was the most rapid in 2021 when exports increased by 61%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, bearing housing with ball bearing exports plummeted to $X in 2022. Over the period under review, exports saw a pronounced downturn. The pace of growth was the most pronounced in 2021 with an increase of 30%. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X tons), Malaysia (X tons) and Vietnam (X tons) were the main destinations of bearing housing with ball bearing exports from Singapore, together comprising 53% of total exports. The Philippines, the United States, Thailand, Bangladesh, Australia, Pakistan, India, Canada, China and South Korea lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +39.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Malaysia ($X) and Vietnam ($X) constituted the largest markets for bearing housing with ball bearing exported from Singapore worldwide, with a combined 53% share of total exports. The Philippines, the United States, Thailand, Bangladesh, Australia, Pakistan, India, Canada, China and South Korea lagged somewhat behind, together accounting for a further 35%.

Canada, with a CAGR of +39.7%, recorded the highest growth rate of the value of exports, among 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 export price for bearing housings incorporating ball or roller bearings stood at $X per ton in 2022, surging by 13% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average export price increased by 14%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to India ($X per ton) and Vietnam ($X per ton), while the average price for exports to Pakistan ($X per ton) and Canada ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (-0.1%), while the prices for the other major destinations experienced a decline.

Imports of Bearing Housings Incorporating Ball Or Roller Bearings

Imports into Singapore

In 2022, the amount of bearing housings incorporating ball or roller bearings imported into Singapore surged to X tons, increasing by 25% on the previous year. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 28% against the previous year. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, bearing housing with ball bearing imports expanded notably to $X in 2022. Overall, imports, however, saw a noticeable reduction. The pace of growth appeared the most rapid in 2019 when imports increased by 20% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of bearing housing with ball bearing to Singapore, accounting for a 34% share of total imports. Moreover, bearing housing with ball bearing imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. The third position in this ranking was held by the United States (X tons), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.0% per year) and the United States (+0.4% per year).

In value terms, China ($X) constituted the largest supplier of bearing housings incorporating ball or roller bearings to Singapore, comprising 34% of total imports. The second position in the ranking was taken by Japan ($X), with a 15% share of total imports. It was followed by the United States, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-3.4% per year) and the United States (-2.0% per year).

Import Prices by Country

In 2022, the average import price for bearing housings incorporating ball or roller bearings amounted to $X per ton, declining by -12.5% against the previous year. Overall, the import price continues to indicate a perceptible setback. The growth pace was the most rapid in 2021 an increase of 11% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Vietnam ($X per ton) and Japan ($X per ton), while the price for Italy ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-2.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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