UK's Transmission Shafts and Cranks Market to see gradual growth with CAGR of +0.3% from 2024-2035, reaching $559M by end of period - News and Statistics - IndexBox

Mar 24, 2025

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IndexBox has just published a new report: United Kingdom - Cranks And Crankshafts - Market Analysis, Forecast, Size, Trends And Insights.

The UK market for transmission shafts and cranks is expected to experience upward consumption trends driven by increasing demand. Market performance is forecasted to decelerate, with an estimated CAGR of +0.3% for market volume and +0.9% for market value from 2024 to 2035. By the end of 2035, the market volume is projected to reach 52K tons and the market value is expected to reach $559M in nominal prices.

Driven by increasing demand for transmission shafts and cranks in the UK, 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 +0.3% for the period from 2024 to 2035, which is projected to bring the market volume to 52K tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +0.9% for the period from 2024 to 2035, which is projected to bring the market value to $559M (in nominal wholesale prices) by the end of 2035.

In 2024, consumption of transmission shafts and cranks increased by 7% to 50K tons, rising for the third year in a row after two years of decline. Over the period under review, consumption showed resilient growth. Transmission shafts and cranks consumption peaked in 2024 and is expected to retain growth in years to come.

The value of the transmission shafts and cranks market in the UK surged to $506M in 2024, rising by 17% 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 continues to indicate a strong increase. Transmission shafts and cranks consumption peaked in 2024 and is likely to see steady growth in the immediate term.

In 2024, the amount of transmission shafts and cranks produced in the UK shrank modestly to 3.5K tons, with a decrease of -3% on the previous year's figure. Over the period under review, production, however, recorded a strong expansion. The growth pace was the most rapid in 2019 when the production volume increased by 1,513% against the previous year. As a result, production reached the peak volume of 4.8K tons. From 2020 to 2024, production growth remained at a somewhat lower figure.

In value terms, transmission shafts and cranks production amounted to $60M in 2024 estimated in export price. In general, production, however, saw a significant increase. The pace of growth appeared the most rapid in 2019 when the production volume increased by 1,990% against the previous year. As a result, production reached the peak level of $79M. From 2020 to 2024, production growth remained at a lower figure.

In 2024, overseas purchases of transmission shafts and cranks decreased by -2.5% to 63K tons for the first time since 2021, thus ending a two-year rising trend. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 with an increase of 54%. Imports peaked at 75K tons in 2017; however, from 2018 to 2024, imports failed to regain momentum.

In value terms, transmission shafts and cranks imports expanded rapidly to $746M in 2024. In general, total imports indicated a remarkable increase from 2013 to 2024: its value increased at an average annual rate of +5.0% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports increased by +103.6% against 2020 indices. The most prominent rate of growth was recorded in 2022 when imports increased by 36% against the previous year. Imports peaked in 2024 and are likely to continue growth in the near future.

Germany (16K tons), Spain (16K tons) and China (8.1K tons) were the main suppliers of transmission shafts and cranks imports to the UK, with a combined 62% share of total imports. France, India, Poland, Italy, Turkey and Japan lagged somewhat behind, together accounting for a further 34%.

From 2013 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +30.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($183M), China ($117M) and Spain ($54M) appeared to be the largest transmission shafts and cranks suppliers to the UK, with a combined 52% share of total imports. France, Japan, India, Turkey, Italy and Poland lagged somewhat behind, together accounting for a further 30%.

Poland, with a CAGR of +32.4%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

In 2023, the average transmission shafts and cranks import price amounted to $10,532 per ton, jumping by 24% against the previous year. In general, import price indicated a tangible increase from 2013 to 2023: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, transmission shafts and cranks import price increased by +102.1% against 2016 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($23,955 per ton), while the price for Spain ($3,409 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by France (+14.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Transmission shafts and cranks exports from the UK shrank notably to 16K tons in 2024, which is down by -23.5% on the previous year. In general, exports saw a abrupt shrinkage. The growth pace was the most rapid in 2021 when exports increased by 31% against the previous year. The exports peaked at 53K tons in 2014; however, from 2015 to 2024, the exports stood at a somewhat lower figure.

In value terms, transmission shafts and cranks exports amounted to $943M in 2024. Over the period under review, exports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 63%. The exports peaked in 2024 and are likely to see gradual growth in years to come.

The United States (4.9K tons), Germany (3.8K tons) and Italy (3.2K tons) were the main destinations of transmission shafts and cranks exports from the UK, together accounting for 56% of total exports. France, Hong Kong SAR, South Africa, Brazil, Thailand, Mexico, Austria, Turkey, Canada and the Czech Republic lagged somewhat behind, together comprising a further 42%.

From 2013 to 2023, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +68.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($227M), the United States ($126M) and Germany ($93M) appeared to be the largest markets for transmission shafts and cranks exported from the UK worldwide, with a combined 53% share of total exports.

Hong Kong SAR, with a CAGR of +98.6%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

The average transmission shafts and cranks export price stood at $39,757 per ton in 2023, rising by 81% against the previous year. Over the period under review, the export price posted a significant expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Hong Kong SAR ($155,911 per ton), while the average price for exports to Italy ($4,454 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+21.9%), 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 market for transmission shafts and cranks in the UK. 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.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

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