Singapore: Needle Roller Bearing Market 2024

Needle Roller Bearing Market Size in Singapore

In 2021, the Singaporean needle roller bearing market decreased by -18.9% to $X, falling for the second consecutive year after two years of growth. In general, consumption, however, posted slight growth. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Needle Roller Bearing Production in Singapore

In value terms, needle roller bearing production expanded notably to $X in 2021 estimated in export price. Over the period under review, production enjoyed a notable increase. The pace of growth was the most pronounced in 2015 with an increase of 1,226%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Needle Roller Bearing Exports

Exports from Singapore

After three years of decline, overseas shipments of needle roller bearings increased by 34% to X tons in 2021. In general, exports, however, saw a deep contraction. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, needle roller bearing exports rose notably to $X in 2021. Over the period under review, exports, however, showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 when exports increased by 28% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons) was the main destination for needle roller bearing exports from Singapore, with a 29% share of total exports. Moreover, needle roller bearing exports to Indonesia exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), twofold. The Philippines (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Indonesia totaled -17.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+38.8% per year) and the Philippines (+10.3% per year).

In value terms, Indonesia ($X) remains the key foreign market for needle roller bearing exports from Singapore, comprising 28% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 12% share of total exports. It was followed by the Philippines, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Indonesia totaled -15.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+41.5% per year) and the Philippines (+12.5% per year).

Export Prices by Country

The average needle roller bearing export price stood at $X per ton in 2021, declining by -16.1% against the previous year. Over the period under review, export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, needle roller bearing export price decreased by -17.5% against 2018 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by 67% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2021, the countries with the highest prices were Vietnam ($X per ton) and India ($X per ton), while the average price for exports to Australia ($X per ton) and Germany ($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 (+2.0%), while the prices for the other major destinations experienced more modest paces of growth.

Needle Roller Bearing Imports

Imports into Singapore

In 2021, approx. X tons of needle roller bearings were imported into Singapore; jumping by 21% on the previous year. Over the period under review, imports, however, recorded a abrupt decline. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, needle roller bearing imports skyrocketed to $X in 2021. Overall, imports, however, showed a deep contraction. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Japan (X tons) constituted the largest needle roller bearing supplier to Singapore, with a 42% share of total imports. Moreover, needle roller bearing imports from Japan exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. China (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan amounted to -10.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+11.1% per year) and China (-1.0% per year).

In value terms, Japan ($X) constituted the largest supplier of needle roller bearing to Singapore, comprising 37% of total imports. The second position in the ranking was taken by the United States ($X), with a 17% share of total imports. It was followed by Hong Kong SAR, with a 14% share.

From 2012 to 2021, the average annual growth rate of value from Japan amounted to -9.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+11.6% per year) and Hong Kong SAR (+63.8% per year).

Import Prices by Country

In 2021, the average needle roller bearing import price amounted to $X per ton, reducing by -3.7% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 20%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+9.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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