Sri Lanka: Bearing Market 2025

Bearing Market Size in Sri Lanka

In 2021, the Sri Lankan bearing market was finally on the rise to reach $X after four years of decline. The market value increased at an average annual rate of +3.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Bearing Exports

Exports from Sri Lanka

For the fourth year in a row, Sri Lanka recorded decline in shipments abroad of ball and roller bearings, which decreased by -28.7% to X tons in 2021. In general, exports recorded a abrupt shrinkage. The growth pace was the most rapid in 2017 with an increase of 68% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, bearing exports declined rapidly to $X in 2021. Over the period under review, exports saw a slight contraction. The pace of growth was the most pronounced in 2017 with an increase of 103% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Oman (X tons) was the main destination for bearing exports from Sri Lanka, with a 54% share of total exports. Moreover, bearing exports to Oman exceeded the volume sent to the second major destination, Italy (X kg), fourfold. The third position in this ranking was taken by Maldives (X kg), with a 4.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Oman totaled +77.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+4.1% per year) and Maldives (+9.1% per year).

In value terms, the largest markets for bearing exported from Sri Lanka were Italy ($X), China ($X) and Oman ($X), together accounting for 35% of total exports.

In terms of the main countries of destination, Oman, with a CAGR of +76.0%, recorded the highest rates of growth with regard to 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 2021, the average bearing export price amounted to $X per ton, dropping by -4% against the previous year. In general, export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, bearing export price increased by +43.1% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the average export price increased by 55% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+20.9%), while the prices for the other major destinations experienced more modest paces of growth.

Bearing Imports

Imports into Sri Lanka

In 2021, after three years of decline, there was significant growth in overseas purchases of ball and roller bearings, when their volume increased by 65% to X tons. Overall, total imports indicated a tangible 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. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, bearing imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +3.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan (X tons), China (X tons) and India (X tons) were the main suppliers of bearing imports to Sri Lanka, together comprising 65% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +17.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest bearing suppliers to Sri Lanka were Japan ($X), China ($X) and India ($X), together comprising 70% of total imports.

Japan, with a CAGR of +17.1%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average bearing import price amounted to $X per ton, picking up by 4% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average import price increased by 14% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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