Asia: Market for Hot-Rolled Bars In Bearing Steels 2024

Market Size for Hot-Rolled Bars In Bearing Steels in Asia

In 2023, after two years of growth, there was significant decline in the Asian hot-rolled bearing steel bar market, when its value decreased by X% to $X. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2023, consumption failed to regain momentum.

Production of Hot-Rolled Bars In Bearing Steels in Asia

In value terms, hot-rolled bearing steel bar production expanded slightly to $X in 2023 estimated in export price. Over the period under review, production, however, showed a noticeable reduction. The pace of growth appeared the most rapid in 2014 when the production volume increased by X%. The level of production peaked at $X in 2015; however, from 2016 to 2023, production remained at a lower figure.

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Exports of Hot-Rolled Bars In Bearing Steels

Exports in Asia

In 2023, hot-rolled bearing steel bar exports in Asia contracted slightly to X tons, approximately mirroring the year before. In general, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2015; however, from 2016 to 2023, the exports remained at a lower figure.

In value terms, hot-rolled bearing steel bar exports contracted to $X in 2023. Over the period under review, exports showed a perceptible setback. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2023, the exports remained at a lower figure.

Exports by Country

China represented the largest exporter of hot-rolled bars in bearing steels in Asia, with the volume of exports reaching X tons, which was near X% of total exports in 2023. Japan (X tons) held the second position in the ranking, followed by South Korea (X tons) and Turkey (X tons). All these countries together held approx. X% share of total exports. India (X tons) held a relatively small share of total exports.

Exports from China decreased at an average annual rate of X% from 2012 to 2023. At the same time, India (X%), Turkey (X%) and South Korea (X%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2023. By contrast, Japan (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of South Korea, Japan, Turkey and India increased by X, X, X and X percentage points, respectively.

In value terms, China ($X) remains the largest hot-rolled bearing steel bar supplier in Asia, comprising X% of total exports. The second position in the ranking was held by Japan ($X), with a X% share of total exports. It was followed by South Korea, with a X% share.

In China, hot-rolled bearing steel bar exports declined by an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (X% per year) and South Korea (X% per year).

Export Prices by Country

In 2023, the export price in Asia amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the export price, however, continues to indicate a slight increase. The growth pace was the most rapid in 2016 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2022, and then shrank in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the other leaders experienced a decline in the export price figures.

Imports of Hot-Rolled Bars In Bearing Steels

Imports in Asia

In 2023, imports of hot-rolled bars in bearing steels in Asia dropped to X tons, waning by X% on the year before. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of X%. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2023, imports remained at a lower figure.

In value terms, hot-rolled bearing steel bar imports dropped to $X in 2023. Total imports indicated a mild expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, South Korea (X tons), Thailand (X tons), Indonesia (X tons), Taiwan (Chinese) (X tons), Turkey (X tons), China (X tons), Vietnam (X tons), India (X tons), Israel (X tons) and Palestine (X tons) was the key importer of hot-rolled bars in bearing steels in Asia, generating X% of total import.

From 2012 to 2023, the biggest increases were recorded for Palestine (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled bearing steel bar importing markets in Asia were Indonesia ($X), Thailand ($X) and South Korea ($X), with a combined X% share of total imports. China, Taiwan (Chinese), Israel, Turkey, India, Vietnam and Palestine lagged somewhat behind, together accounting for a further X%.

Palestine, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main importing countries 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 Asia stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, the import price, however, recorded modest growth. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, import prices hit record highs at $X per ton in 2022, and then reduced in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Israel ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform