Singapore: Roller Bearing Market 2024

Roller Bearing Market Size in Singapore

In 2022, the Singaporean roller bearing market decreased by -17.5% to $X, falling for the second consecutive year after four years of growth. Over the period under review, the total consumption indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -39.3% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Roller Bearing Production in Singapore

In value terms, roller bearing production expanded remarkably to $X in 2022 estimated in export price. Overall, production saw a temperate increase. The pace of growth was the most pronounced in 2019 when the production volume increased by 71% against the previous year. Singapore production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Roller Bearing Exports

Exports from Singapore

In 2022, overseas shipments of roller bearings increased by 27% to X tons, rising for the second consecutive year after three years of decline. In general, total exports indicated mild growth from 2012 to 2022: its volume increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +96.3% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 54% against the previous year. The Singapore exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, roller bearing exports skyrocketed to $X in 2022. Overall, exports showed a mild expansion. The most prominent rate of growth was recorded in 2021 with an increase of 24%. The Singapore exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

China was the largest exporter of roller bearings in the world, with the volume of exports reaching X tons, which was approx. 43% of total exports in 2022. Germany (X tons) ranks second in terms of the total exports with a 7.2% share, followed by France (6.9%), Slovakia (5.4%), Italy (4.4%) and the United States (0.8%). The following exporters - South Korea (X tons), Indonesia (X tons), Hong Kong SAR (X tons), Turkey (X tons), Poland (X tons), Taiwan (Chinese) (X tons) and Austria (X tons) - together made up 12% of total exports.

From 2012 to 2022, average annual rates of growth with regard to roller bearing exports from China stood at +22.6%. At the same time, Indonesia (+35.7%), Turkey (+8.5%), Poland (+4.3%) and Slovakia (+1.1%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in the world, with a CAGR of +35.7% from 2012-2022. By contrast, Taiwan (Chinese) (-1.4%), Italy (-1.9%), Germany (-2.0%), France (-2.2%), South Korea (-9.7%), Hong Kong SAR (-13.7%), the United States (-18.4%) and Austria (-22.3%) illustrated a downward trend over the same period. While the share of China (+37 p.p.) and Indonesia (+2.2 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Italy (-1.5 p.p.), Germany (-2.6 p.p.), France (-2.7 p.p.), Hong Kong SAR (-6 p.p.), South Korea (-6.3 p.p.), the United States (-6.4 p.p.) and Austria (-7.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Germany ($X) and Italy ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising 36% of total exports. The United States, France, Hong Kong SAR, Slovakia, South Korea, Taiwan (Chinese), Poland, Austria, Turkey and Indonesia lagged somewhat behind, together comprising a further 27%.

In terms of the main exporting countries, Indonesia, with a CAGR of +16.1%, 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

In 2022, the export price in Singapore amounted to $X per ton, falling by -4.9% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the export price increased by 25% against the previous year. The Singapore export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+16.3%), while the other leaders experienced more modest paces of growth.

Roller Bearing Imports

Imports into Singapore

In 2022, purchases abroad of roller bearings was finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. In general, imports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2017 when imports increased by 57%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, roller bearing imports skyrocketed to $X in 2022. Over the period under review, imports, however, saw a deep setback. The growth pace was the most rapid in 2017 when imports increased by 62%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Thailand (X tons) and Indonesia (X tons) were the largest importers of roller bearings in 2022, accounting for approx. 17% and 15% of total imports, respectively. It was distantly followed by Germany (X tons), generating a 6.2% share of total imports. India (X tons), Italy (X tons), Canada (X tons), Malaysia (X tons), Spain (X tons), South Korea (X tons), France (X tons), Poland (X tons), Austria (X tons) and Nigeria (X tons) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +18.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest roller bearing importing markets into Singapore were Indonesia ($X), Germany ($X) and India ($X), with a combined 24% share of total imports.

Indonesia, with a CAGR of +4.2%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Singapore stood at $X per ton in 2022, which is down by -18.9% against the previous year. In general, the import price recorded a noticeable curtailment. The growth pace was the most rapid in 2021 when the import price increased by 5.6%. As a result, import price reached the peak level of $X per ton, and then fell markedly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+6.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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