United States's Bearing Market Anticipated to Grow at a CAGR of +0.8% Over the Next Decade - News and Statistics - IndexBox

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The United States bearing market is expected to experience a slight increase in performance, with a +0.8% CAGR in volume and a +3.3% CAGR in value from 2024 to 2035. This growth is fueled by rising demand, leading to a projected market volume of 208K tons and a value of $1.9B by the end of 2035.

Driven by rising demand for bearing in the United States, 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 +0.8% for the period from 2024 to 2035, which is projected to bring the market volume to 208K tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.3% for the period from 2024 to 2035, which is projected to bring the market value to $1.9B (in nominal wholesale prices) by the end of 2035.

In 2024, the amount of ball and roller bearings consumed in the United States expanded modestly to 191K tons, rising by 3.2% against 2023. In general, consumption, however, recorded a noticeable contraction. Bearing consumption peaked at 382K tons in 2018; however, from 2019 to 2024, consumption failed to regain momentum.

The size of the bearing market in the United States declined to $1.3B in 2024, which is down by -2.4% 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, faced a abrupt shrinkage. Over the period under review, the market attained the peak level at $6.5B in 2014; however, from 2015 to 2024, consumption remained at a lower figure.

Bearing production in the United States shrank modestly to 71K tons in 2024, reducing by -2.2% on the previous year's figure. Over the period under review, production continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2014 with an increase of 7% against the previous year. Over the period under review, production attained the peak volume at 267K tons in 2017; however, from 2018 to 2024, production stood at a somewhat lower figure.

In value terms, bearing production contracted slightly to $994M in 2024. In general, production showed a deep downturn. The pace of growth appeared the most rapid in 2023 when the production volume increased by 7.4%. Over the period under review, production reached the maximum level at $5.8B in 2014; however, from 2015 to 2024, production stood at a somewhat lower figure.

In 2024, imports of ball and roller bearings into the United States totaled 139K tons, approximately mirroring the year before. In general, imports, however, saw a slight decrease. The pace of growth appeared the most rapid in 2021 with an increase of 35% against the previous year. Imports peaked at 226K tons in 2018; however, from 2019 to 2024, imports stood at a somewhat lower figure.

In value terms, bearing imports rose notably to $2.6B in 2024. Overall, imports saw modest growth. The most prominent rate of growth was recorded in 2021 when imports increased by 27%. Imports peaked at $2.8B in 2022; however, from 2023 to 2024, imports remained at a lower figure.

China (46K tons), Japan (29K tons) and South Korea (14K tons) were the main suppliers of bearing imports to the United States, together comprising 64% of total imports. India, Mexico, Germany, the Philippines, Canada, Thailand, Romania and Austria lagged somewhat behind, together accounting for a further 24%.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Philippines (with a CAGR of +25.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest bearing suppliers to the United States were Japan ($503M), China ($406M) and Germany ($301M), together comprising 46% of total imports. South Korea, Canada, Mexico, Romania, India, Austria, Thailand and the Philippines lagged somewhat behind, together accounting for a further 33%.

The Philippines, with a CAGR of +16.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

The average bearing import price stood at $19,033 per ton in 2024, growing by 4.7% against the previous year. In general, import price indicated a perceptible expansion from 2013 to 2024: its price increased at an average annual rate of +2.5% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, bearing import price increased by +31.6% against 2022 indices. The most prominent rate of growth was recorded in 2019 an increase of 59% against the previous year. Over the period under review, average import prices attained the maximum in 2024 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2024, amid the top importers, the country with the highest price was Austria ($66,161 per ton), while the price for the Philippines ($7,231 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Canada (+14.9%), while the prices for the other major suppliers experienced more modest paces of growth.

In 2024, shipments abroad of ball and roller bearings decreased by -25.1% to 20K tons, falling for the second year in a row after two years of growth. Over the period under review, exports showed a abrupt decline. The pace of growth was the most pronounced in 2017 when exports increased by 12% against the previous year. As a result, the exports attained the peak of 94K tons. From 2018 to 2024, the growth of the exports remained at a somewhat lower figure.

In value terms, bearing exports rose significantly to $2.3B in 2024. The total export value increased at an average annual rate of +2.1% from 2013 to 2024; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2022 with an increase of 17%. Over the period under review, the exports hit record highs in 2024 and are expected to retain growth in the near future.

Mexico (6K tons) was the main destination for bearing exports from the United States, accounting for a 30% share of total exports. Moreover, bearing exports to Mexico exceeded the volume sent to the second major destination, Canada (2.6K tons), twofold. Brazil (2K tons) ranked third in terms of total exports with a 10% share.

From 2013 to 2024, the average annual rate of growth in terms of volume to Mexico amounted to -7.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-17.5% per year) and Brazil (-6.4% per year).

In value terms, the largest markets for bearing exported from the United States were Mexico ($452M), Canada ($426M) and China ($131M), with a combined 43% share of total exports. Brazil, the UK, France, Germany, Australia, Japan, Singapore and South Korea lagged somewhat behind, together comprising a further 30%.

In terms of the main countries of destination, the UK, with a CAGR of +6.9%, recorded the highest growth rate of 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 $116,195 per ton in 2024, growing by 41% against the previous year. In general, the export price posted a buoyant expansion. The growth pace was the most rapid in 2020 an increase of 211%. The export price peaked in 2024 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($268,488 per ton), while the average price for exports to Brazil ($57,584 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 the UK (+24.3%), 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 the U.S.. 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.

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