ASEAN: Boiler Parts Market 2024

Boiler Parts Market Size in ASEAN

After two years of growth, the ASEAN boiler parts market decreased by -6.2% to $X in 2021. In general, consumption continues to indicate a slight descent. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Boiler Parts Production in ASEAN

In value terms, boiler parts production declined to $X in 2021 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 31%. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Boiler Parts Exports

Exports in ASEAN

In 2021, the amount of parts of boilers for central heating exported in ASEAN skyrocketed to X tons, with an increase of 105% against 2020. Overall, exports, however, continue to indicate a pronounced descent. The pace of growth appeared the most rapid in 2016 when exports increased by 131%. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, boiler parts exports surged to $X in 2021. In general, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when exports increased by 102% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The shipments of the one major exporters of parts of boilers for central heating, namely Indonesia, represented more than two-thirds of total export.

Indonesia was also the fastest-growing in terms of the parts of boilers for central heating exports, with a CAGR of -2.6% from 2012 to 2021. From 2012 to 2021, the share of Indonesia increased by +16 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) also remains the largest boiler parts supplier in ASEAN.

From 2012 to 2021, the average annual rate of growth in terms of value in Indonesia amounted to +2.9%.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, dropping by -41.2% against the previous year. Over the period under review, the export price, however, recorded pronounced growth. The most prominent rate of growth was recorded in 2020 when the export price increased by 42%. As a result, the export price attained the peak level of $X per ton, and then contracted dramatically in the following year.

As there is only one major export destination, the average price level is determined by prices for Indonesia.

From 2012 to 2021, the rate of growth in terms of prices for Indonesia amounted to +5.7% per year.

Boiler Parts Imports

Imports in ASEAN

In 2021, purchases abroad of parts of boilers for central heating increased by 82% to X tons, rising for the second year in a row after two years of decline. In general, imports, however, showed a deep slump. The pace of growth was the most pronounced in 2014 when imports increased by 129%. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, boiler parts imports rose rapidly to $X in 2021. Overall, imports, however, saw a abrupt shrinkage. The growth pace was the most rapid in 2014 with an increase of 85% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Thailand (X tons) represented the largest importer of parts of boilers for central heating, committing 59% of total imports. Indonesia (X tons) held a 24% share (based on physical terms) of total imports, which put it in second place, followed by the Philippines (8.9%). Malaysia (X tons) and Singapore (X tons) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to boiler parts imports into Thailand stood at -8.4%. At the same time, the Philippines (+11.5%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +11.5% from 2012-2021. Singapore experienced a relatively flat trend pattern. By contrast, Malaysia (-11.9%) and Indonesia (-14.6%) illustrated a downward trend over the same period. While the share of Thailand (+7.9 p.p.) and the Philippines (+7.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Indonesia (-15 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest boiler parts importing markets in ASEAN were Thailand ($X), the Philippines ($X) and Indonesia ($X), together comprising 84% of total imports.

In terms of the main importing countries, the Philippines, with a CAGR of +17.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, waning by -36.9% against the previous year. Over the period under review, the import price, however, posted a slight increase. The most prominent rate of growth was recorded in 2018 when the import price increased by 57%. The level of import peaked at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was the Philippines ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+5.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform