Australia's Bearing Market to See Modest Growth with Anticipated CAGR of +1.7% from 2024 to 2035 - News and Statistics - IndexBox

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IndexBox has just published a new report: Australia - Ball and Roller Bearings - Market Analysis, Forecast, Size, Trends And Insights.

Driven by rising demand, the bearing market in Australia is expected to see steady growth over the next decade. With a forecasted increase in market volume to 2.2K tons and market value to $136M by the end of 2035, the industry is set for a positive trajectory.

Driven by rising demand for bearing in Australia, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.7% for the period from 2024 to 2035, which is projected to bring the market volume to 2.2K tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +0.2% for the period from 2024 to 2035, which is projected to bring the market value to $136M (in nominal wholesale prices) by the end of 2035.

In 2024, approx. 1.9K tons of ball and roller bearings were consumed in Australia; picking up by 35% on the previous year. In general, consumption, however, recorded a abrupt setback. Bearing consumption peaked at 19K tons in 2013; however, from 2014 to 2024, consumption stood at a somewhat lower figure.

The size of the bearing market in Australia surged to $133M in 2024, growing by 85% 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, consumption, however, faced a abrupt decline. Bearing consumption peaked at $592M in 2013; however, from 2014 to 2024, consumption stood at a somewhat lower figure.

Bearing imports into Australia soared to 2.9K tons in 2024, picking up by 17% on 2023 figures. Over the period under review, imports, however, faced a drastic downturn. The growth pace was the most rapid in 2021 with an increase of 32%. Imports peaked at 21K tons in 2013; however, from 2014 to 2024, imports stood at a somewhat lower figure.

In value terms, bearing imports surged to $639M in 2024. Overall, imports posted a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In 2024, the United States (1.5K tons) constituted the largest supplier of bearing to Australia, accounting for a 53% share of total imports. Moreover, bearing imports from the United States exceeded the figures recorded by the second-largest supplier, China (556 tons), threefold. The third position in this ranking was held by India (289 tons), with a 10% share.

From 2013 to 2024, the average annual growth rate of volume from the United States amounted to -3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-13.9% per year) and India (-0.5% per year).

In value terms, the United States ($147M) constituted the largest supplier of ball and roller bearings to Australia, comprising 23% of total imports. The second position in the ranking was taken by China ($52M), with an 8.1% share of total imports. It was followed by Germany, with a 7.5% share.

From 2013 to 2024, the average annual growth rate of value from the United States stood at +6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+9.1% per year) and Germany (+5.0% per year).

The average bearing import price stood at $220,268 per ton in 2024, picking up by 81% against the previous year. Over the period under review, the import price saw significant growth. The most prominent rate of growth was recorded in 2023 an increase of 437% against the previous year. The import price peaked in 2024 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($212,927 per ton), while the price for Austria ($25,259 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by South Korea (+38.3%), while the prices for the other major suppliers experienced more modest paces of growth.

For the third consecutive year, Australia recorded decline in overseas shipments of ball and roller bearings, which decreased by -4.6% to 1K tons in 2024. In general, exports saw a slight decrease. The growth pace was the most rapid in 2021 with an increase of 47% against the previous year. As a result, the exports reached the peak of 1.3K tons. From 2022 to 2024, the growth of the exports failed to regain momentum.

In value terms, bearing exports reduced to $25M in 2024. Overall, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 26% against the previous year. Over the period under review, the exports attained the maximum at $25M in 2022; however, from 2023 to 2024, the exports remained at a lower figure.

New Zealand (332 tons), Papua New Guinea (168 tons) and the United States (151 tons) were the main destinations of bearing exports from Australia, with a combined 63% share of total exports. Madagascar, Indonesia, Singapore, Belgium, China and South Africa lagged somewhat behind, together comprising a further 24%.

From 2013 to 2024, the biggest increases were recorded for Belgium (with a CAGR of +27.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, New Zealand ($7.7M), Papua New Guinea ($4.2M) and the United States ($3.3M) constituted the largest markets for bearing exported from Australia worldwide, together accounting for 61% of total exports. Indonesia, Madagascar, Singapore, China, Belgium and South Africa lagged somewhat behind, together comprising a further 23%.

In terms of the main countries of destination, Belgium, with a CAGR of +23.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

The average bearing export price stood at $24,049 per ton in 2024, with an increase of 3.9% against the previous year. Over the period from 2013 to 2024, it increased at an average annual rate of +1.5%. The pace of growth appeared the most rapid in 2017 an increase of 31%. The export price peaked in 2024 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($32,180 per ton), while the average price for exports to Belgium ($18,323 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to China (+5.0%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the bearing market in Australia. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

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