Singapore: Tapered Roller Bearing Market 2024

Tapered Roller Bearing Market Size in Singapore

In 2021, the Singaporean tapered roller bearing market decreased by -57.9% to $X, falling for the second year in a row after four years of growth. In general, consumption saw a sharp slump. The growth pace was the most rapid in 2019 when the market value increased by 6.8%. Tapered roller bearing consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Tapered Roller Bearing Production in Singapore

In value terms, tapered roller bearing production declined significantly to $X in 2021 estimated in export price. In general, production recorded a significant decrease. The pace of growth was the most pronounced in 2016 when the production volume increased by 419% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Tapered Roller Bearing Exports

Exports from Singapore

Tapered roller bearing exports from Singapore skyrocketed to X tons in 2021, picking up by 50% against the previous year. Overall, total exports indicated a perceptible increase from 2012 to 2021: its volume increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +47.2% against 2016 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, tapered roller bearing exports surged to $X in 2021. In general, exports saw a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Indonesia (X tons), India (X tons) and Malaysia (X tons) were the main destinations of tapered roller bearing exports from Singapore, with a combined 46% share of total exports. These countries were followed by Australia, Vietnam, Thailand, the Philippines, Mexico, Belgium, China, South Korea, Taiwan (Chinese) and the United States, which together accounted for a further 41%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +181.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for tapered roller bearing exported from Singapore were Indonesia ($X), India ($X) and Malaysia ($X), with a combined 46% share of total exports. These countries were followed by Australia, Vietnam, Thailand, the Philippines, Mexico, Belgium, China, South Korea, Taiwan (Chinese) and the United States, which together accounted for a further 41%.

Among the main countries of destination, Mexico, with a CAGR of +170.7%, 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 tapered roller bearing export price stood at $X per ton in 2021, declining by -8.7% against the previous year. Overall, the export price showed a noticeable contraction. The growth pace was the most rapid in 2013 an increase of 8% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas 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) ($X per ton) and China ($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 (-2.6%), while the prices for the other major destinations experienced a decline.

Tapered Roller Bearing Imports

Imports into Singapore

Tapered roller bearing imports into Singapore soared to X tons in 2021, growing by 35% against the year before. In general, imports, however, showed a mild decline. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, tapered roller bearing imports soared to $X in 2021. Overall, imports, however, saw a pronounced slump. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Japan (X tons), China (X tons) and the United States (X tons) were the main suppliers of tapered roller bearing imports to Singapore, together accounting for 56% of total imports. These countries were followed by India, Malaysia, Romania, Germany, the United Arab Emirates, Poland and Italy, which together accounted for a further 34%.

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of +52.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest tapered roller bearing suppliers to Singapore were Japan ($X), China ($X) and the United States ($X), with a combined 56% share of total imports. India, Malaysia, Romania, Germany, the United Arab Emirates, Poland and Italy lagged somewhat behind, together comprising a further 34%.

In terms of the main suppliers, Malaysia, with a CAGR of +50.3%, saw 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 tapered roller bearing import price stood at $X per ton in 2021, flattening at the previous year. Over the period under review, the import price, however, recorded a mild downturn. The most prominent rate of growth was recorded in 2013 when the average import price increased by 13% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were Romania ($X per ton) and India ($X per ton), while the price for the United Arab Emirates ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :