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Table of Contents

Executive Summary

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TABLE OF CONTENTS

EXECUTIVE SUMMARY

INTRODUCTION

Definitions

Methodology

Economic Background

Overview

Political Climate

Interest Rates

Inflation

Exchange Rates

Taxation

Household Income and Consumer Expenditure

Output

Investment

Forecasts

Exchange Rates

Abbreviations

MARKET SIZE

Market Overview and Trends, 1994-1998

Market Segmentation

Factors Affecting Demand

Market Forecasts, 1999-2003

Overview

Forecast Segmentation

DISTRIBUTION

PRODUCTION

CRITICAL SUCCESS FACTORS

INTERNATIONAL TRADE

Imports

Overview

By Product Type

By Volume

By Value

Import Penetration

Imports by Country of Consignment

Implications for Importers

Exports

Overview

By Product Type

By Volume

By Value

Exports as a Proportion of Production

Exports by Country of Destination

Trade Surplus

INDUSTRY STRUCTURE

Overview

Company Profiles

The Barden Corporation (UK)

Bearing Power

BSL

British Timken

Cooper Roller Bearings Company

FAG (UK)

Hepco Slide Systems

INA Bearing Company

Koyo (UK)

Nadella UK

NSK-RHP Europe

NTN Bearings (UK)

SKF (UK)

T & N

Wyko Group

END USERS

Introduction

Aerospace

Bearings Requirements

Sector Performance

Automotive Sector

Bearings Requirements

Sector Performance

Cars

Commercial Vehicles

Machine Tools

Bearing Requirements

Sector Performance

Mechanical Engineering

Bearings Requirements

Sector Performance

Railways

Bearings Requirements

Sector Performance

MAGAZINES

TRADE ASSOCIATIONS

List of Tables

Economic Indicators On The UK Economy, 1992-2000

The UK Market For Bearings, 1994-1998

UK Market For Bearings, By Product Type, 1994-1998

Forecast UK Market For Bearings, 1999-2003

Forecast UK Market For Bearings, By Product Type, 1999-2003

UK Production Of Bearings, 1994-1998

UK Production Of Bearings, By Product Type, 1994-1998

UK Imports Of Bearings, 1994-1998

UK Imports Of Bearings, BY Product Type, By Volume, 1994-1998

UK Imports Of Bearings, By Product Type, By Value, 1994-1998

Import Penetration In The UK Bearings Market, 1994-1998

UK Imports Of Bearings, By Product And Country Of Consignment, 1998

UK Exports Of Bearings, 1994-1998

UK Exports Of Bearings, By Product Type, By Volume, 1994-1998

UK Exports Of Bearings, Product Type, By Value, 1994-1998

UK Exports Of Bearings As A Proportion Of Production, 1994-1998

UK Exports Of Bearings, By Product And Country Of Destination, 1998

UK Trade Surplus (Deficit) In Bearings, 1994-1998

Financial Summary Of The Barden Corporation (UK), 1993-1997

Turnover Of The Barden Corporation (UK), By Geographical Region, 1996 And 1997

Financial Summary Of Bearing Power, 1994-1997

Financial Summary Of BSL, 1993-1997

Turnover Of BSL, By Geographical Region, 1996 And 1997

Financial Summary Of Cooper Roller Bearings Company, 1993-1997

Financial Summary Of FAG (UK), 1993-1997 (œ Million)

Financial Summary Of FAG (UK), By Geographical Region, 1996 And 1997

Financial Summary Of Hepco Slide Systems, 1993-1997

Financial Summary Of INA Bearing Company, 1993-1997

Financial Summary Of Koyo (UK), 1993-1997

Financial Summary Of Nadella UK, 1994-1998

Financial Summary Of NSK-RHP Europe, 1994-1997

Financial Summary Of NTN Bearings (UK), 1994-1998

Financial Summary Of SKF (UK), 1993-1997

Financial Summary Of T & N, 1993-1997

Financial Summary Of Wyko Group, 1994-1998

Turnover Of The Wyko Group, By Geographical Region, 1997 And 1998

UK Bearings Market, By End Use Application, 1998

UK Aerospace Equipment Manufacturing Turnover, 1994-1998

UK Aerospace Equipment Manufacturing Turnover, By Sector, 1994-1998

UK Production of Cars, 1990-1999

UK Production Of Commercial Vehicles, 1990-1999

Turnover Of UK Machine Tools Manufacturers, 1994-1998

UK Mechanical Engineering Output, 1994-1998

UK Production Of Railway And Tramway Vehicles And Equipment, 1994-1998

UK Production Of Railway And Tramway Vehicles And Equipment, By Sector, 1994-1998

List of Diagrams

The UK Market For Bearings, By Product Type, 1998

UK Distribution Of Bearings, By Channel, 1998

UK Imports Of Bearings, By Type, 1998

UK Exports Of Bearings, By Type, 1998

The UK Market For Bearings, By End User Sector, 1998

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EXECUTIVE SUMMARY

The UK market for bearings grew by 10 percent from 1994 to 1997, although there was a slight decline of 2 percent in 1996 due to the effects of the weaker UK economy. MSI estimate that the UK market for bearings decreased by 1 percent in value terms during 1998 due to difficult market conditions, leading to a total market value of £627.8 million (ECU891.5 million) at msp.

UK producers of bearings reported difficult trading conditions during 1998 due to a wide range of factors. These include:

the current state of the UK economy

the strength of Sterling

the problems caused by the crisis in Asian economies

the performance of end user sectors

the level of competition within the industry

MSI estimate that ball bearings accounted for the single largest sector of the total market for bearings in the UK in 1998. Indeed, MSI believe that ball bearings accounted for some 42 percent of the total market for bearings in the UK. Roller bearings are estimated to account for a further 35 percent of the bearings market during 1998, with tapered roller bearings accounting for the largest proportion of these types of bearings

MSI forecast that during 1999 the UK market for bearings will decline by 4 percent in value terms reflecting the reduction in exports of machinery and equipment containing bearings caused by the strength of pound, low demand in the domestic market and a reduction in end user output. The problems which bearings manufacturers are expected to encounter during 1999 are forecasted to persist into 2000, thus restricting market value. Demand is expected to strengthen again in 2001 as end user demand increases.

The method of distribution, and the volume of bearings carried through a distributor, varies depending on a number of factors including the types of bearings and the end user industry for which it is supplied. MSI estimate that in 1998 some 70 percent of the bearings market volume was accounted for by direct sales to end users, whilst independent distributors accounted for the remaining 30 percent.

MSI believe that UK production of bearings declined by 1 percent during 1998 due to the following major factors:

slow growth in the UK economy

imports from lower production cost countries

global declines in end user markets

JIT production systems

The UK bearings industry is divided into three distinct types of organisation. These are:

UK manufacturers of bearings and bearing parts companies which concentrate on the import, sales and marketing of bearings on behalf of a non-UK manufacturer

independent distributors of bearings and bearing parts

The automotive industry remains by far the largest end user of bearings, accounting for some 36 percent of the UK bearings market value. MSI believe that the railway and aerospace sectors both increased their shares of the bearings market during 1998, reflecting the buoyant economic conditions relative to other end users of bearings, such as the machine tool industry.

Text © 1999 MSI

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