Cranks And Crankshafts Market

The article provides a comprehensive analysis of the global market for cranks and crankshafts, forecasting a positive growth trend in consumption and value over the period from 2022 to 2030. Key insights include data on the largest consuming and producing countries, as well as import and export trends. The report highlights the significant growth in demand for cranks and crankshafts, with detailed information on market performance and key market players. The analysis covers consumption patterns, production volumes, import and export values, and average prices over the years, offering valuable insights for market participants and stakeholders.

Market Forecast

Driven by increasing demand for cranks and crankshafts 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 +1.8% for the period from 2022 to 2030, which is projected to bring the market volume to 7.3M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $100.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cranks And Crankshafts

In 2022, consumption of cranks and crankshafts decreased by -2.6% to 6.3M tons, falling for the fourth year in a row after two years of growth. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak volume of 7.4M tons. From 2019 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The global cranks and crankshafts market size contracted modestly to $74.7B in 2022, remaining relatively unchanged 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). Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $84.8B. From 2019 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

The United States (3.2M tons) constituted the country with the largest volume of cranks and crankshafts consumption, accounting for 51% of total volume. Moreover, cranks and crankshafts consumption in the United States exceeded the figures recorded by the second-largest consumer, China (892K tons), fourfold. The third position in this ranking was taken by India (364K tons), with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in the United States stood at +2.1%. In the other countries, the average annual rates were as follows: China (+0.1% per year) and India (-0.6% per year).

In value terms, the United States ($41.4B) led the market, alone. The second position in the ranking was taken by China ($9.6B). It was followed by India.

From 2012 to 2022, the average annual growth rate of value in the United States stood at +2.3%. The remaining consuming countries recorded the following average annual rates of market growth: China (-2.4% per year) and India (+0.1% per year).

In 2022, the highest levels of cranks and crankshafts per capita consumption was registered in the United States (9.6 kg per person), followed by France (1.7 kg per person), Japan (1.6 kg per person) and Turkey (1.2 kg per person), while the world average per capita consumption of cranks and crankshafts was estimated at 0.8 kg per person.

From 2012 to 2022, the average annual growth rate of the cranks and crankshafts per capita consumption in the United States totaled +1.5%. In the other countries, the average annual rates were as follows: France (-1.4% per year) and Japan (-1.6% per year).

Production

World Production of Cranks And Crankshafts

In 2022, the amount of cranks and crankshafts produced worldwide reduced to 6.3M tons, remaining relatively unchanged against the previous year. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 11%. Over the period under review, global production hit record highs at 7.4M tons in 2019; however, from 2020 to 2022, production remained at a lower figure.

In value terms, cranks and crankshafts production totaled $74.4B in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 11%. Global production peaked at $81.2B in 2018; however, from 2019 to 2022, production remained at a lower figure.

Production By Country

The United States (3.1M tons) constituted the country with the largest volume of cranks and crankshafts production, comprising approx. 48% of total volume. Moreover, cranks and crankshafts production in the United States exceeded the figures recorded by the second-largest producer, China (1.1M tons), threefold. India (372K tons) ranked third in terms of total production with a 5.9% share.

In the United States, cranks and crankshafts production expanded at an average annual rate of +2.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (+2.6% per year) and India (-0.4% per year).

Imports

World Imports of Cranks And Crankshafts

In 2022, overseas purchases of cranks and crankshafts increased by 2.1% to 1.5M tons, rising for the second year in a row after two years of decline. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 17%. Global imports peaked at 1.6M tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, cranks and crankshafts imports rose remarkably to $13.5B in 2022. The total import value increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 with an increase of 18%. Over the period under review, global imports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

Imports By Country

In 2022, the United States (276K tons), distantly followed by Germany (153K tons) and Mexico (147K tons) represented the main importers of cranks and crankshafts, together constituting 38% of total imports. The UK (61K tons), Hungary (59K tons), Poland (55K tons), China (52K tons), Japan (50K tons), Austria (45K tons), Brazil (43K tons), Nigeria (42K tons), Italy (41K tons) and Canada (38K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +10.4%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($2.3B) constitutes the largest market for imported cranks and crankshafts worldwide, comprising 17% of global imports. The second position in the ranking was taken by China ($1.1B), with an 8% share of global imports. It was followed by Germany, with a 7.5% share.

In the United States, cranks and crankshafts imports increased at an average annual rate of +3.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (-0.4% per year) and Germany (+2.5% per year).

Import Prices By Country

In 2022, the average cranks and crankshafts import price amounted to $8,985 per ton, increasing by 6.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The pace of growth was the most pronounced in 2014 when the average import price increased by 16%. Over the period under review, average import prices reached the maximum in 2022 and is likely to see gradual growth in the immediate term.

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 ($20,923 per ton), while Nigeria ($2,499 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+6.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Cranks And Crankshafts

In 2022, global cranks and crankshafts exports stood at 1.5M tons, with an increase of 9.7% compared with 2021 figures. The total export volume increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 21%. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, cranks and crankshafts exports rose significantly to $12.4B in 2022. The total export value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 20%. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports By Country

China (293K tons) and Germany (276K tons) represented the key exporters of cranks and crankshafts in 2022, reaching approx. 19% and 18% of total exports, respectively. The United States (136K tons) ranks next in terms of the total exports with an 8.9% share, followed by Mexico (8.2%), South Korea (7.6%) and Japan (6.6%). Spain (66K tons), Italy (42K tons), Brazil (42K tons), France (41K tons), Poland (36K tons), the UK (31K tons) and India (28K tons) held a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +17.9%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($2.6B), the United States ($1.7B) and China ($1.6B) appeared to be the countries with the highest levels of exports in 2022, together comprising 47% of global exports. Japan, the UK, India, South Korea, Mexico, Italy, France, Poland, Spain and Brazil lagged somewhat behind, together accounting for a further 35%.

The UK, with a CAGR of +12.3%, recorded 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 global leaders experienced more modest paces of growth.

Export Prices By Country

The average cranks and crankshafts export price stood at $8,159 per ton in 2022, waning by -2.1% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 13%. The global export price peaked at $9,057 per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the UK ($21,915 per ton), while Mexico ($3,395 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+17.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform