ASEAN: Radiator Market 2024

Radiator Market Size in ASEAN

The ASEAN radiator market stood at $X in 2022, stabilizing at the previous year. Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Radiator Production in ASEAN

In value terms, radiator production amounted to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 23%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Radiator Exports

Exports in ASEAN

In 2022, the amount of radiators for central heating (not electrically heated) exported in ASEAN rose notably to X tons, growing by 5.6% on 2021. In general, exports, however, saw a perceptible contraction. The pace of growth appeared the most rapid in 2020 when exports increased by 82% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, radiator exports soared to $X in 2022. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 63% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Vietnam (X tons) and Malaysia (X tons) were the largest exporters of radiators for central heating (not electrically heated) in ASEAN, together accounting for approx. 78% of total exports. It was distantly followed by Singapore (X tons), committing an 18% share of total exports. Thailand (X tons) held a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +101.3%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, the largest radiator supplying countries in ASEAN were Vietnam ($X), Malaysia ($X) and Singapore ($X), together comprising 97% of total exports.

In terms of the main exporting countries, Vietnam, with a CAGR of +60.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, rising by 9.4% against the previous year. Export price indicated measured growth from 2012 to 2022: 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 2022 figures, radiator export price increased by +40.4% against 2020 indices. The pace of growth was the most pronounced in 2016 when the export price increased by 80%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the export prices failed to regain momentum.

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 Malaysia ($X per ton), while Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.9%), while the other leaders experienced more modest paces of growth.

Radiator Imports

Imports in ASEAN

In 2022, approx. X tons of radiators for central heating (not electrically heated) were imported in ASEAN; falling by -10.4% on the previous year. Over the period under review, imports recorded a slight reduction. The pace of growth was the most pronounced in 2018 when imports increased by 108%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, radiator imports shrank to $X in 2022. Overall, imports showed a deep contraction. The most prominent rate of growth was recorded in 2018 with an increase of 92%. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Singapore represented the major importing country with an import of about X tons, which accounted for 74% of total imports. Thailand (X tons) took a 10% share (based on physical terms) of total imports, which put it in second place, followed by Indonesia (6.5%). Vietnam (X tons), Malaysia (X tons) and the Philippines (X tons) held a relatively small share of total imports.

Singapore experienced a relatively flat trend pattern with regard to volume of imports of radiators for central heating (not electrically heated). At the same time, Vietnam (+4.4%) and the Philippines (+1.3%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +4.4% from 2012-2022. By contrast, Thailand (-1.0%), Malaysia (-9.9%) and Indonesia (-12.5%) illustrated a downward trend over the same period. Singapore (+15 p.p.) and Vietnam (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia and Indonesia saw its share reduced by -3% and -14.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported radiators for central heating (not electrically heated) in ASEAN, comprising 54% of total imports. The second position in the ranking was held by Thailand ($X), with a 23% share of total imports. It was followed by Indonesia, with an 18% share.

From 2012 to 2022, the average annual growth rate of value in Singapore stood at +2.0%. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (-8.0% per year) and Indonesia (-13.9% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, with an increase of 6.3% against the previous year. Over the period under review, the import price, however, saw a pronounced curtailment. The pace of growth appeared the most rapid in 2017 an increase of 51%. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the import prices failed to regain momentum.

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 Indonesia ($X per ton), while Vietnam ($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 (+3.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform