ASEAN: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in ASEAN

The ASEAN cranks and crankshafts market dropped slightly to $X in 2022, waning by -3% against the previous year. In general, consumption continues to indicate a pronounced curtailment. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Cranks And Crankshafts Production in ASEAN

In value terms, cranks and crankshafts production dropped to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2021 with an increase of 17% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Cranks And Crankshafts Exports

Exports in ASEAN

In 2022, shipments abroad of cranks and crankshafts increased by 6.4% to X tons, rising for the second year in a row after two years of decline. In general, exports continue to indicate a strong increase. The pace of growth appeared the most rapid in 2018 with an increase of 36% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, cranks and crankshafts exports stood at $X in 2022. Total exports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +18.8% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 36% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Thailand (X tons) was the main exporter of cranks and crankshafts, creating 41% of total exports. Indonesia (X tons) held the second position in the ranking, distantly followed by Vietnam (X tons), Singapore (X tons), the Philippines (X tons) and Malaysia (X tons). All these countries together held approx. 59% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Thailand (with a CAGR of +13.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest cranks and crankshafts supplying countries in ASEAN were Indonesia ($X), Thailand ($X) and Vietnam ($X), together comprising 65% of total exports.

In terms of the main exporting countries, Vietnam, with a CAGR of +6.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, with a decrease of -5.9% against the previous year. Overall, the export price showed a pronounced decrease. The growth pace was the most rapid in 2017 when the export price increased by 15%. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+0.9%), while the other leaders experienced mixed trends in the export price figures.

Cranks And Crankshafts Imports

Imports in ASEAN

In 2022, purchases abroad of cranks and crankshafts increased by 7.8% to X tons, rising for the third consecutive year after two years of decline. Total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +57.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 39% against the previous year. The volume of import peaked in 2022 and is likely to see steady growth in years to come.

In value terms, cranks and crankshafts imports rose markedly to $X in 2022. Over the period under review, imports, however, showed a pronounced reduction. The pace of growth appeared the most rapid in 2018 when imports increased by 22% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Thailand (X tons) was the largest importer of cranks and crankshafts, comprising 54% of total imports. Indonesia (X tons) held a 20% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (11%), Malaysia (7.3%) and Singapore (5.4%). The Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to cranks and crankshafts imports into Thailand stood at +11.0%. At the same time, Vietnam (+14.4%), the Philippines (+8.3%), Malaysia (+8.2%) and Singapore (+3.1%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +14.4% from 2012-2022. By contrast, Indonesia (-2.6%) illustrated a downward trend over the same period. While the share of Thailand (+20 p.p.) and Vietnam (+5.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Singapore (-1.7 p.p.) and Indonesia (-26.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest cranks and crankshafts importing markets in ASEAN were Thailand ($X), Indonesia ($X) and Singapore ($X), together comprising 70% of total imports. Malaysia, Vietnam and the Philippines lagged somewhat behind, together comprising a further 28%.

The Philippines, with a CAGR of +15.2%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, approximately reflecting the previous year. Overall, the import price, however, showed a deep setback. The most prominent rate of growth was recorded in 2018 an increase of 27%. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the Philippines ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+6.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform