Vietnam: Bearing Market 2025

Bearing Market Size in Vietnam

After two years of decline, the Vietnamese bearing market increased by 10% to $X in 2021. The market value increased at an average annual rate of +2.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Bearing Production in Vietnam

In value terms, bearing production expanded modestly to $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 76%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Bearing Exports

Exports from Vietnam

In 2021, after two years of growth, there was significant decline in shipments abroad of ball and roller bearings, when their volume decreased by -9.4% to X tons. In general, exports, however, showed a mild expansion. The pace of growth was the most pronounced in 2019 with an increase of 79%. Over the period under review, the exports hit record highs at X tons in 2020, and then declined in the following year.

In value terms, bearing exports declined remarkably to $X in 2021. Over the period under review, exports, however, continue to indicate a buoyant increase. The growth pace was the most rapid in 2016 with an increase of 88% against the previous year. The exports peaked at $X in 2020, and then plummeted in the following year.

Exports by Country

Japan (X tons), China (X tons) and the United States (X tons) were the main destinations of bearing exports from Vietnam, together accounting for 0.6% of total exports. These countries were followed by Germany, Chile, Russia, Argentina, South Korea, India, Poland and the Netherlands, which together accounted for a further 0.5%.

From 2012 to 2020, the biggest increases were recorded for Poland (with a CAGR of +470.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and the United States ($X) appeared to be the largest markets for bearing exported from Vietnam worldwide, together comprising 57% of total exports. These countries were followed by Germany, Russia, South Korea, India, the Netherlands, Chile, Argentina and Poland, which together accounted for a further 26%.

Among the main countries of destination, Chile, with a CAGR of +375.1%, recorded 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 bearing export price stood at $X per ton in 2020, surging by 5.3% against the previous year. Overall, the export price showed strong growth. The most prominent rate of growth was recorded in 2013 when the average export price increased by 71% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2020, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2020, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Argentina ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (-15.1%), while the prices for the other major destinations experienced a decline.

Bearing Imports

Imports into Vietnam

In 2021, purchases abroad of ball and roller bearings was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports continue to indicate a strong expansion. The growth pace was the most rapid in 2013 when imports increased by 148% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, bearing imports expanded markedly to $X in 2021. The total import value increased at an average annual rate of +3.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2020, China (X tons) constituted the largest bearing supplier to Vietnam, with a 1.8% share of total imports. Moreover, bearing imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. South Korea (X tons) ranked third in terms of total imports with a 0.3% share.

From 2012 to 2020, the average annual rate of growth in terms of volume from China totaled +73.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+51.3% per year) and South Korea (+77.5% per year).

In value terms, China ($X) constituted the largest supplier of ball and roller bearings to Vietnam, comprising 49% of total imports. The second position in the ranking was held by Japan ($X), with a 23% share of total imports. It was followed by South Korea, with a 9.8% share.

From 2012 to 2020, the average annual growth rate of value from China totaled +14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+0.3% per year) and South Korea (+17.6% per year).

Import Prices by Country

The average bearing import price stood at $X per ton in 2020, increasing by 10% against the previous year. Overall, the import price, however, saw a abrupt decline. The import price peaked at $X per ton in 2012; however, from 2013 to 2020, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2020, amid the top importers, the countries with the highest prices were Indonesia ($X per ton) and Japan ($X per ton), while the price for France ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by Indonesia (-33.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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