Sri Lanka: Tapered Roller Bearing Market 2024

Tapered Roller Bearing Market Size in Sri Lanka

The Sri Lankan tapered roller bearing market shrank notably to $X in 2022, with a decrease of -36.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +5.4% against 2020 indices. As a result, consumption attained the peak level of $X, and then contracted sharply in the following year.

Tapered Roller Bearing Exports

Exports from Sri Lanka

In 2022, shipments abroad of tapered roller bearings increased by 773% to X kg for the first time since 2017, thus ending a four-year declining trend. Overall, exports, however, showed a abrupt decline. The Sri Lanka exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, tapered roller bearing exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a abrupt curtailment. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, China (X tons) represented the key exporter of tapered roller bearings, making up 29% of total exports. It was distantly followed by Japan (X tons), Germany (X tons), Romania (X tons), France (X tons) and Austria (X tons), together achieving a 37% share of total exports. South Korea (X tons), India (X tons), Poland (X tons), Hungary (X tons), the United States (X tons), Italy (X tons) and Thailand (X tons) held a minor share of total exports.

Exports from China increased at an average annual rate of +16.4% from 2012 to 2022. At the same time, Thailand (+27.1%), India (+15.2%), Romania (+8.6%), South Korea (+8.6%), Hungary (+4.5%), Poland (+3.0%), Germany (+2.4%) and Italy (+1.6%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in the world, with a CAGR of +27.1% from 2012-2022. Japan and France experienced a relatively flat trend pattern. By contrast, Austria (-3.7%) and the United States (-9.3%) illustrated a downward trend over the same period. While the share of China (+20 p.p.), India (+2.9 p.p.), Romania (+2.2 p.p.), South Korea (+1.8 p.p.) and Thailand (+1.6 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of France (-2.4 p.p.), Japan (-4.6 p.p.), Austria (-4.6 p.p.) and the United States (-6.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest tapered roller bearing supplying countries from Sri Lanka were Germany ($X), China ($X) and the United States ($X), with a combined 39% share of total exports. Japan, France, Romania, India, Austria, South Korea, Hungary, Poland, Italy and Thailand lagged somewhat behind, together accounting for a further 47%.

India, with a CAGR of +12.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Sri Lanka stood at $X per ton in 2022, declining by -3.1% against the previous year. Over the period under review, the export price continues to indicate a mild slump. The growth pace was the most rapid in 2021 an increase of 26% against the previous year. The Sri Lanka export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+11.3%), while the other leaders experienced more modest paces of growth.

Tapered Roller Bearing Imports

Imports into Sri Lanka

In 2022, tapered roller bearing imports into Sri Lanka contracted notably to X tons, declining by -29.6% compared with 2021 figures. Over the period under review, imports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 67%. As a result, imports reached the peak of X tons, and then contracted notably in the following year.

In value terms, tapered roller bearing imports shrank markedly to $X in 2022. Overall, total imports indicated a slight expansion from 2012 to 2022: its value 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, imports increased by +3.8% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 66% against the previous year. As a result, imports attained the peak of $X, and then reduced notably in the following year.

Imports by Country

Germany (X tons) and the United States (X tons) represented the largest importers of tapered roller bearings in 2022, recording approx. 15% and 11% of total imports, respectively. China (X tons) ranks next in terms of the total imports with a 6.3% share, followed by Brazil (6.3%), France (5.4%) and Mexico (5.1%). The following importers - Italy (X tons), Russia (X tons), Sweden (X tons), Turkey (X tons), Australia (X tons), India (X tons) and Canada (X tons) - together made up 19% of total imports.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +9.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the United States ($X) and China ($X) constituted the countries with the highest levels of imports in 2022, with a combined 34% share of total imports. France, Mexico, Brazil, Italy, Australia, India, Canada, Sweden, Turkey and Russia lagged somewhat behind, together comprising a further 33%.

Among the main importing countries, Turkey, with a CAGR of +6.2%, recorded the highest rates of growth with regard to 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

In 2022, the import price in Sri Lanka amounted to $X per ton, declining by -11.1% against the previous year. In general, the import price continues to indicate a noticeable descent. The most prominent rate of growth was recorded in 2019 an increase of 5.9%. Sri Lanka import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Brazil ($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 (+1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :