Turkey: Spherical Roller Bearing Market 2024

Spherical Roller Bearing Market Size in Turkey

The Turkish spherical roller bearing market skyrocketed to $X in 2021, picking up by 20% 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). The market value increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Spherical roller bearing consumption peaked in 2021 and is expected to retain growth in the near future.

Spherical Roller Bearing Exports

Exports from Turkey

In 2021, the amount of spherical roller bearings exported from Turkey expanded sharply to X tons, picking up by 7% on the year before. Overall, total exports indicated a pronounced increase from 2012 to 2021: its volume increased at an average annual rate of +4.5% 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 +23.7% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of 81% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, spherical roller bearing exports expanded remarkably to $X in 2021. In general, total exports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +28.3% against 2018 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 81% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Iran (X tons) was the main destination for spherical roller bearing exports from Turkey, with a 32% share of total exports. Moreover, spherical roller bearing exports to Iran exceeded the volume sent to the second major destination, Azerbaijan (X tons), twofold. Georgia (X tons) ranked third in terms of total exports with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Iran stood at +42.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (+17.9% per year) and Georgia (+87.0% per year).

In value terms, Iran ($X) remains the key foreign market for spherical roller bearings exports from Turkey, comprising 28% of total exports. The second position in the ranking was taken by Azerbaijan ($X), with a 12% share of total exports. It was followed by Georgia, with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Iran totaled +34.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (+12.1% per year) and Georgia (+64.8% per year).

Export Prices by Country

In 2021, the average spherical roller bearing export price amounted to $X per ton, approximately mirroring the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average export price increased by 9.4% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Cyprus ($X per ton), while the average price for exports to Morocco ($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 Romania (+6.2%), while the prices for the other major destinations experienced more modest paces of growth.

Spherical Roller Bearing Imports

Imports into Turkey

In 2021, approx. X tons of spherical roller bearings were imported into Turkey; increasing by 7.7% against 2020 figures. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 40%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, spherical roller bearing imports skyrocketed to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Sweden (X tons) and Germany (X tons) were the main suppliers of spherical roller bearing imports to Turkey, with a combined 73% share of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +8.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Germany ($X) and China ($X) constituted the largest spherical roller bearing suppliers to Turkey, together accounting for 70% of total imports.

Sweden, with a CAGR of +4.9%, saw the highest growth rate of 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

The average spherical roller bearing import price stood at $X per ton in 2021, picking up by 13% against the previous year. In general, the import price, however, showed a pronounced slump. The most prominent rate of growth was recorded in 2019 an increase of 20%. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the UK ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Romania (+2.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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