Ball Bearing Parts Market

The global market for ball or roller bearing parts is on an upward trend, with an expected CAGR of +2.7% in volume and +4.4% in value from 2022 to 2030. China is the largest consumer and producer of these parts, with the United States and India also playing significant roles. The market saw record highs in 2022, with growth expected to continue in the coming years.

Market Forecast

Driven by increasing demand for parts of ball or roller bearings worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market volume to 1.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market value to $14.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Parts Of Ball Or Roller Bearings

In 2022, global consumption of parts of ball or roller bearings stood at 1.3M tons, leveling off at 2021. The total consumption volume increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 4.4%. Over the period under review, global consumption hit record highs in 2022 and is expected to retain growth in years to come.

The global ball bearing parts market size reached $10.5B in 2022, standing approx. at 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). Overall, consumption continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the market value increased by 8.1% against the previous year. Global consumption peaked in 2022 and is expected to retain growth in years to come.

Consumption By Country

China (291K tons) constituted the country with the largest volume of ball bearing parts consumption, comprising approx. 23% of total volume. Moreover, ball bearing parts consumption in China exceeded the figures recorded by the second-largest consumer, the United States (145K tons), twofold. The third position in this ranking was held by India (129K tons), with a 9.9% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +2.5%. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+1.7% per year) and India (+2.6% per year).

In value terms, the largest ball bearing parts markets worldwide were China ($1.5B), the United States ($1B) and India ($893M), together comprising 32% of the global market. Mexico, Germany, France, Japan, Thailand, Italy, Brazil, Austria, South Korea and Slovakia lagged somewhat behind, together accounting for a further 30%.

In terms of the main consuming countries, Italy, with a CAGR of +11.0%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of ball bearing parts per capita consumption in 2022 were Slovakia (5.4 kg per person), Austria (3.1 kg per person) and France (1 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Italy (with a CAGR of +12.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Parts Of Ball Or Roller Bearings

In 2022, global production of parts of ball or roller bearings reduced to 1.2M tons, which is down by -1.6% on 2021. The total output volume increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 16%. Global production peaked at 1.3M tons in 2018; however, from 2019 to 2022, production failed to regain momentum.

In value terms, ball bearing parts production contracted modestly to $9.5B in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 12%. As a result, production reached the peak level of $10B. From 2019 to 2022, global production growth failed to regain momentum.

Production By Country

The country with the largest volume of ball bearing parts production was China (485K tons), accounting for 41% of total volume. Moreover, ball bearing parts production in China exceeded the figures recorded by the second-largest producer, India (136K tons), fourfold. The third position in this ranking was taken by Japan (104K tons), with an 8.9% share.

In China, ball bearing parts production expanded at an average annual rate of +4.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+2.2% per year) and Japan (-6.0% per year).

Imports

World Imports of Parts Of Ball Or Roller Bearings

After two years of growth, supplies from abroad of parts of ball or roller bearings decreased by -2.6% to 734K tons in 2022. The total import volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 21%. As a result, imports attained the peak of 754K tons, and then reduced in the following year.

In value terms, ball bearing parts imports fell to $5.7B in 2022. The total import value increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 31%. As a result, imports attained the peak of $5.7B, leveling off in the following year.

Imports By Country

In 2022, the United States (98K tons), France (83K tons), Germany (79K tons) and China (60K tons) was the key importer of parts of ball or roller bearings in the world, constituting 44% of total import. Italy (36K tons) took the next position in the ranking, followed by Mexico (34K tons). All these countries together took near 9.6% share of total imports. Austria (32K tons), India (30K tons), Slovakia (29K tons), Brazil (24K tons), Romania (22K tons), Japan (15K tons) and South Korea (14K tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +9.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, China ($734M), Germany ($668M) and the United States ($580M) were the countries with the highest levels of imports in 2022, with a combined 35% share of global imports. France, Italy, Mexico, India, Romania, Austria, Brazil, Japan, Slovakia and South Korea lagged somewhat behind, together accounting for a further 36%.

Among the main importing countries, Italy, with a CAGR of +7.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average ball bearing parts import price amounted to $7,740 per ton, surging by 1.7% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 20% against the previous year. As a result, import price attained the peak level of $8,808 per ton. From 2019 to 2022, the average import prices failed to regain momentum.

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 China ($12,222 per ton), while Slovakia ($4,691 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovakia (+11.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Parts Of Ball Or Roller Bearings

In 2022, the amount of parts of ball or roller bearings exported worldwide declined to 611K tons, dropping by -5.9% compared with the year before. The total export volume increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when exports increased by 47% against the previous year. The global exports peaked at 649K tons in 2021, and then declined in the following year.

In value terms, ball bearing parts exports shrank to $4.9B in 2022. Overall, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 36%. The global exports peaked at $5.3B in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, China (254K tons) was the major exporter of parts of ball or roller bearings, achieving 42% of total exports. Japan (73K tons) took a 12% share (based on physical terms) of total exports, which put it in second place, followed by Germany (6.8%), India (6.1%) and South Korea (5.7%). The following exporters - Romania (21K tons), France (19K tons), the United States (14K tons), Bosnia and Herzegovina (13K tons) and Italy (12K tons) - together made up 13% of total exports.

From 2012 to 2022, average annual rates of growth with regard to ball bearing parts exports from China stood at +6.9%. At the same time, South Korea (+29.1%), Bosnia and Herzegovina (+8.8%), Romania (+6.5%) and India (+4.2%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in the world, with a CAGR of +29.1% from 2012-2022. By contrast, France (-1.3%), Italy (-3.1%), the United States (-3.2%), Germany (-3.7%) and Japan (-3.9%) illustrated a downward trend over the same period. China (+17 p.p.) and South Korea (+5.2 p.p.) significantly strengthened its position in terms of the global exports, while Germany and Japan saw its share reduced by -4.8% and -8.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.2B), Japan ($683M) and Germany ($656M) constituted the countries with the highest levels of exports in 2022, with a combined 51% share of global exports. Romania, the United States, India, France, South Korea, Italy and Bosnia and Herzegovina lagged somewhat behind, together accounting for a further 26%.

South Korea, with a CAGR of +19.9%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average ball bearing parts export price amounted to $8,040 per ton, approximately mirroring the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 23% against the previous year. As a result, the export price attained the peak level of $9,258 per ton. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($18,049 per ton), while China ($4,557 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+3.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform