Singapore: Ball Bearing Parts Market 2024

Ball Bearing Parts Market Size in Singapore

In 2021, the Singaporean ball bearing parts market increased by 28% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, saw a noticeable downturn. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Ball Bearing Parts Production in Singapore

In value terms, ball bearing parts production rose markedly to $X in 2021 estimated in export price. In general, production, however, saw a abrupt shrinkage. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Ball Bearing Parts Exports

Exports from Singapore

In 2021, after three years of decline, there was significant growth in overseas shipments of parts of ball or roller bearings, when their volume increased by 22% to X tons. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 30% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, ball bearing parts exports surged to $X in 2021. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 26% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons), the United States (X tons) and Malaysia (X tons) were the main destinations of ball bearing parts exports from Singapore, together comprising 40% of total exports. These countries were followed by Thailand, China, Australia, Vietnam, Germany, Belgium, Taiwan (Chinese), India, New Zealand and the Philippines, which together accounted for a further 52%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of +92.7%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), the United States ($X) and Malaysia ($X) were the largest markets for ball bearing parts exported from Singapore worldwide, with a combined 40% share of total exports. These countries were followed by Thailand, China, Australia, Vietnam, Germany, Belgium, Taiwan (Chinese), India, New Zealand and the Philippines, which together accounted for a further 52%.

In terms of the main countries of destination, Belgium, with a CAGR of +92.9%, 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 parts export price stood at $X per ton in 2021, stabilizing at the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 15% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, 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) ($X per ton) and Malaysia ($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 (+0.1%), while the prices for the other major destinations experienced more modest paces of growth.

Ball Bearing Parts Imports

Imports into Singapore

In 2021, after three years of decline, there was significant growth in supplies from abroad of parts of ball or roller bearings, when their volume increased by 25% to X tons. Overall, imports, however, saw a slight descent. The pace of growth appeared the most rapid in 2017 with an increase of 29% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, ball bearing parts imports skyrocketed to $X in 2021. In general, imports, however, recorded a perceptible descent. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Thailand (X tons), China (X tons) and India (X tons) were the main suppliers of ball bearing parts imports to Singapore, with a combined 66% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +34.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest ball bearing parts suppliers to Singapore were Thailand ($X), China ($X) and India ($X), together accounting for 66% of total imports.

In terms of the main suppliers, India, with a CAGR of +33.0%, 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

The average ball bearing parts import price stood at $X per ton in 2021, surging by 3.8% against the previous year. In general, the import price, however, showed a mild reduction. The growth pace was the most rapid in 2014 when the average import price increased by 10%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from India ($X per ton) and the United States ($X per ton), while the price for 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 attained by India (-1.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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