Vietnam: Roller Bearing Market 2024

Roller Bearing Market Size in Vietnam

In 2022, after two years of growth, there was significant decline in the Vietnamese roller bearing market, when its value decreased by -7.5% to $X. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Vietnam consumption peaked at $X in 2021, and then contracted in the following year.

Roller Bearing Production in Vietnam

In value terms, roller bearing production expanded modestly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 30% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Roller Bearing Exports

Exports from Vietnam

In 2022, overseas shipments of roller bearings were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports continue to indicate a resilient expansion. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, roller bearing exports skyrocketed to $X in 2022. In general, exports recorded resilient growth. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, China (X tons) was the key exporter of roller bearings, generating 43% of total exports. It was distantly followed by Singapore (X tons), Germany (X tons), France (X tons), Slovakia (X tons) and the United States (X tons), together generating a 30% share of total exports. The following exporters - Italy (X tons), South Korea (X tons), Indonesia (X tons), Hong Kong SAR (X tons), Turkey (X tons), Austria (X tons) and Romania (X tons) - together made up 14% of total exports.

Exports from China increased at an average annual rate of +22.6% from 2012 to 2022. At the same time, Indonesia (+35.7%), Turkey (+8.5%), Singapore (+1.2%) and Slovakia (+1.1%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in the world, with a CAGR of +35.7% from 2012-2022. By contrast, Italy (-1.9%), Germany (-2.0%), France (-2.2%), South Korea (-9.7%), Hong Kong SAR (-13.7%), the United States (-18.4%), Austria (-22.3%) and Romania (-22.4%) illustrated a downward trend over the same period. While the share of China (+37 p.p.) and Indonesia (+2.2 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Italy (-1.5 p.p.), Germany (-2.6 p.p.), France (-2.7 p.p.), Romania (-4.9 p.p.), Hong Kong SAR (-6 p.p.), South Korea (-6.3 p.p.), the United States (-6.4 p.p.) and Austria (-7.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest roller bearing supplying countries from Vietnam were China ($X), Singapore ($X) and Germany ($X), with a combined 45% share of total exports. Italy, the United States, France, Hong Kong SAR, Slovakia, South Korea, Austria, Turkey, Indonesia and Romania lagged somewhat behind, together comprising a further 31%.

Indonesia, with a CAGR of +16.1%, 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 Vietnam stood at $X per ton in 2022, picking up by 16% against the previous year. Overall, export price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, roller bearing export price decreased by -1.8% against 2020 indices. The pace of growth appeared the most rapid in 2013 when the export price increased by 38%. Over the period under review, the export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($X per ton), while Indonesia ($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 (+16.3%), while the other leaders experienced more modest paces of growth.

Roller Bearing Imports

Imports into Vietnam

In 2022, after three years of growth, there was significant decline in purchases abroad of roller bearings, when their volume decreased by -9.6% to X tons. Overall, imports, however, posted buoyant growth. The growth pace was the most rapid in 2019 with an increase of 57% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then shrank in the following year.

In value terms, roller bearing imports shrank to $X in 2022. The total import value increased at an average annual rate of +4.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 86% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

Thailand (X tons) and Indonesia (X tons) represented the main importers of roller bearings in 2022, recording approx. 17% and 15% of total imports, respectively. It was distantly followed by Germany (X tons), creating a 6.2% share of total imports. India (X tons), Italy (X tons), Canada (X tons), Malaysia (X tons), Spain (X tons), South Korea (X tons), France (X tons), Singapore (X tons), Poland (X tons) and Austria (X tons) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +18.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Germany ($X) and India ($X) constituted the countries with the highest levels of imports in 2022, together comprising 24% of total imports.

In terms of the main importing countries, Indonesia, with a CAGR of +4.2%, 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 import price in Vietnam stood at $X per ton in 2022, with an increase of 3.2% against the previous year. Over the period under review, the import price, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2018 an increase of 22% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+6.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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