9NOVEMBER 2024ROLLER BEARINGS DEMAND SOARS AS AUTO INDUSTRY GEARS TOWARDS EVSANTI-DUMPING DUTY IMPOSED ON STAINLESS STEEL IMPORTS FROM VIETNAMThe roller bearings market has experienced significant growth in recent years and is poised to continue expanding in the coming years. The market size is expected to increase from $21.24 billion in 2023 to $22.34 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.2 percent. This growth is driven by various The Indian government has imposed an anti-dumping duty on welded stainless steel pipes and tubes imported from Vietnam and Thailand, factors, including the adoption of high-performance industrial machinery, a surge in demand for electric commercial vehicles, increased production of heavy machinery in industries like construction, and the growing automobile sector, which places significant demands on roller bearings.Additionally, technological advancements, the rise of customized roller bearings, innovations in automotive systems, and the incorporation of predictive maintenance technologies are significant trends expected to drive the market forward.A particularly noteworthy factor propelling the roller bearings market is the rising vehicle production. As global vehicle production increases, driven by economic growth in emerging markets, greater consumer purchasing power, and government incentives for electric vehicle adoption, the demand for roller bearings is expected to soar. Roller bearings are essential for vehicles, as they reduce friction between moving parts, ensuring smoother operation and prolonging the lifespan of vehicle components. For instance, The European Automobile Manufacturers' Association (ACEA) reported that the European Union produced 10.9 million passenger cars in 2022, marking an 8.3 percent increase from the previous year. This surge in vehicle production is directly driving the demand for roller bearings. following recommendations from the Directorate General of Trade Remedies (DGTR). The duty, which will remain in place for five years, ranges from $246 to $307 per metric tonne, depending on the producer and the country of origin.This decision comes after the DGTR concluded that these products were exported to India at dumped prices, which caused harm to the domestic stainless steel industry. The investigation covered imports from April 2022 to March 2023. Thai steel producers, except I Stainless Steel Co Ltd, will face a duty of $246 per metric tonne, while Vietnamese producers, excluding Sonha SSP and Steel 568 Co., will be subjected to a $307 per metric tonne duty.The investigation was initiated following complaints by the Delhi-based Stainless Steel Pipe and Tubes Manufacturer Association and the Stainless Steel Pipe & Tubes Manufacturers Association of Gujarat. Around 40 domestic producers, accounting for half of India's stainless steel and pipes production, provided data for the probe.Foreign steel producers argued that the ASME-BPE-certified products under investigation were not available in India and should, therefore, be excluded from the scope of the anti-dumping investigation.
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