Africa's Ball Bearings Market to See Slow but Steady Growth with CAGR of +1.4% in Value Terms - News and Statistics - IndexBox

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

The demand for ball bearings in Africa is on the rise, leading to an upward consumption trend that is expected to continue over the next decade. Market performance is forecasted to slow down slightly, with a projected CAGR of +1.1% for market volume and +1.4% for market value from 2024 to 2035. By the end of 2035, the market volume is estimated to reach 51K tons, and the market value is projected to grow to $956M in nominal prices.

Driven by increasing demand for ball bearings in Africa, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.1% for the period from 2024 to 2035, which is projected to bring the market volume to 51K tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.4% for the period from 2024 to 2035, which is projected to bring the market value to $956M (in nominal wholesale prices) by the end of 2035.

In 2024, consumption of ball bearings decreased by -12.9% to 45K tons, falling for the second year in a row after seven years of growth. Overall, consumption, however, posted a pronounced expansion. The volume of consumption peaked at 59K tons in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

The revenue of the ball bearing market in Africa shrank to $818M in 2024, with a decrease of -11% 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, saw a pronounced increase. The level of consumption peaked at $992M in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

The countries with the highest volumes of consumption in 2024 were Nigeria (7K tons), Benin (6.6K tons) and Sierra Leone (5.8K tons), together accounting for 43% of total consumption. Central African Republic, Gambia, Algeria, Ghana, Angola, Morocco and Ethiopia lagged somewhat behind, together comprising a further 36%.

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Ghana (with a CAGR of +21.2%), while consumption for the other leaders experienced more modest paces of growth.

In value terms, Central African Republic ($226M), Benin ($157M) and Sierra Leone ($109M) appeared to be the countries with the highest levels of market value in 2024, with a combined 60% share of the total market. Nigeria, Gambia, Algeria, Morocco, Ghana, Angola and Ethiopia lagged somewhat behind, together accounting for a further 25%.

In terms of the main consuming countries, Ghana, with a CAGR of +15.8%, recorded the highest growth rate of market size over the period under review, while market for the other leaders experienced more modest paces of growth.

The countries with the highest levels of ball bearing per capita consumption in 2024 were Central African Republic (1,058 kg per 1000 persons), Gambia (965 kg per 1000 persons) and Sierra Leone (667 kg per 1000 persons).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Ghana (with a CAGR of +18.6%), while consumption for the other leaders experienced more modest paces of growth.

In 2024, the amount of ball bearings produced in Africa expanded modestly to 20K tons, increasing by 2.1% on 2023. Overall, production saw buoyant growth. The most prominent rate of growth was recorded in 2017 with an increase of 56% against the previous year. The volume of production peaked at 20K tons in 2022; however, from 2023 to 2024, production failed to regain momentum.

In value terms, ball bearing production stood at $553M in 2024 estimated in export price. In general, production showed a noticeable expansion. The growth pace was the most rapid in 2017 with an increase of 59%. Over the period under review, production reached the maximum level at $558M in 2022; however, from 2023 to 2024, production remained at a lower figure.

The countries with the highest volumes of production in 2024 were Benin (6.2K tons), Sierra Leone (5.7K tons) and Central African Republic (5.5K tons), with a combined 87% share of total production. Gambia lagged somewhat behind, accounting for a further 13%.

From 2013 to 2024, the biggest increases were recorded for Gambia (with a CAGR of +7.4%), while production for the other leaders experienced more modest paces of growth.

In 2024, the amount of ball bearings imported in Africa fell notably to 26K tons, reducing by -21.8% against the year before. Over the period under review, imports, however, showed a perceptible increase. The pace of growth was the most pronounced in 2020 with an increase of 46% against the previous year. The volume of import peaked at 39K tons in 2022; however, from 2023 to 2024, imports remained at a lower figure.

In value terms, ball bearing imports fell to $235M in 2024. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when imports increased by 15%. As a result, imports reached the peak of $288M. From 2023 to 2024, the growth of imports remained at a somewhat lower figure.

Nigeria was the major importer of ball bearings in Africa, with the volume of imports recording 7K tons, which was near 27% of total imports in 2024. Algeria (2K tons) held a 7.6% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (7.2%), Angola (6.7%) and Morocco (5.3%). Ethiopia (1,052 tons), Kenya (992 tons), Senegal (938 tons), Zimbabwe (810 tons) and Sudan (720 tons) took a relatively small share of total imports.

From 2013 to 2024, average annual rates of growth with regard to ball bearing imports into Nigeria stood at +3.3%. At the same time, Zimbabwe (+21.4%), Ghana (+21.0%), Senegal (+19.9%), Kenya (+19.1%), Angola (+5.4%), Ethiopia (+5.3%), Sudan (+3.9%) and Morocco (+1.6%) displayed positive paces of growth. Moreover, Zimbabwe emerged as the fastest-growing importer imported in Africa, with a CAGR of +21.4% from 2013-2024. Algeria experienced a relatively flat trend pattern. Ghana (+5.9 p.p.), Kenya (+3 p.p.), Senegal (+2.9 p.p.), Zimbabwe (+2.6 p.p.) and Angola (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while Algeria saw its share reduced by -3.4% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest ball bearing importing markets in Africa were Nigeria ($23M), Morocco ($19M) and Algeria ($19M), together comprising 26% of total imports.

Nigeria, with a CAGR of +11.3%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

The import price in Africa stood at $9,043 per ton in 2024, growing by 8.8% against the previous year. Overall, the import price, however, saw a pronounced decline. The growth pace was the most rapid in 2021 an increase of 22%. The level of import peaked at $14,076 per ton in 2015; however, from 2016 to 2024, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Morocco ($14,217 per ton), while Zimbabwe ($1,771 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Nigeria (+7.7%), while the other leaders experienced more modest paces of growth.

In 2024, shipments abroad of ball bearings decreased by -17.1% to 546 tons, falling for the second year in a row after two years of growth. Overall, exports recorded a perceptible setback. The most prominent rate of growth was recorded in 2021 when exports increased by 44%. Over the period under review, the exports reached the maximum at 780 tons in 2022; however, from 2023 to 2024, the exports remained at a lower figure.

In value terms, ball bearing exports declined remarkably to $14M in 2024. In general, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2023 with an increase of 20%. As a result, the exports attained the peak of $17M, and then contracted remarkably in the following year.

South Africa dominates exports structure, amounting to 439 tons, which was approx. 80% of total exports in 2024. Zambia (22 tons), Djibouti (17 tons), Ghana (14 tons) and Nigeria (11 tons) took a minor share of total exports.

South Africa experienced a relatively flat trend pattern with regard to volume of exports of ball bearings. At the same time, Djibouti (+69.7%), Zambia (+14.9%) and Ghana (+8.6%) displayed positive paces of growth. Moreover, Djibouti emerged as the fastest-growing exporter exported in Africa, with a CAGR of +69.7% from 2013-2024. By contrast, Nigeria (-23.4%) illustrated a downward trend over the same period. While the share of South Africa (+17 p.p.), Zambia (+3.3 p.p.), Djibouti (+3.2 p.p.) and Ghana (+1.8 p.p.) increased significantly in terms of the total exports from 2013-2024, the share of Nigeria (-26 p.p.) displayed negative dynamics.

In value terms, South Africa ($11M) remains the largest ball bearing supplier in Africa, comprising 79% of total exports. The second position in the ranking was taken by Zambia ($1.1M), with a 7.4% share of total exports. It was followed by Ghana, with a 5% share.

In South Africa, ball bearing exports remained relatively stable over the period from 2013-2024. In the other countries, the average annual rates were as follows: Zambia (+22.6% per year) and Ghana (+24.8% per year).

In 2024, the export price in Africa amounted to $26,377 per ton, rising by 1.6% against the previous year. Over the last eleven-year period, it increased at an average annual rate of +3.6%. The growth pace was the most rapid in 2014 when the export price increased by 43%. Over the period under review, the export prices attained the maximum in 2024 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($52,242 per ton), while Nigeria ($2,734 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Nigeria (+15.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the ball bearing market in Africa. 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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