ASEAN: Steel Railway Material Market 2024

Steel Railway Material Market Size in ASEAN

The ASEAN steel railway material market contracted to $X in 2022, dropping by -12.7% against the previous year. Overall, consumption showed a perceptible decline. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Steel Railway Material Production in ASEAN

In value terms, steel railway material production reduced slightly to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 33%. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Steel Railway Material Exports

Exports in ASEAN

In 2022, overseas shipments of railway material of steel increased by 53% to X tons, rising for the third year in a row after two years of decline. In general, exports continue to indicate a strong expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, steel railway material exports contracted to $X in 2022. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by 66%. The level of export peaked at $X in 2021, and then reduced in the following year.

Exports by Country

Thailand dominates exports structure, amounting to X tons, which was approx. 71% of total exports in 2022. It was distantly followed by Malaysia (X tons), Singapore (X tons) and Indonesia (X tons), together mixing up a 23% share of total exports. The following exporters - the Philippines (X tons) and Lao People's Democratic Republic (X tons) - each finished at a 5.8% share of total exports.

Thailand was also the fastest-growing in terms of the railway material of steel exports, with a CAGR of +27.8% from 2012 to 2022. At the same time, the Philippines (+7.5%), Lao People's Democratic Republic (+6.1%) and Indonesia (+3.3%) displayed positive paces of growth. By contrast, Malaysia (-3.1%) and Singapore (-13.4%) illustrated a downward trend over the same period. Thailand (+60 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia and Singapore saw its share reduced by -12.7% and -46.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest steel railway material supplier in ASEAN, comprising 49% of total exports. The second position in the ranking was taken by Singapore ($X), with a 17% share of total exports. It was followed by Malaysia, with a 13% share.

In Thailand, steel railway material exports expanded at an average annual rate of +13.9% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (-9.6% per year) and Malaysia (-6.7% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, declining by -43.4% against the previous year. In general, the export price continues to indicate a deep slump. The most prominent rate of growth was recorded in 2016 when the export price increased by 14% against the previous year. 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 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 Singapore (+4.4%), while the other leaders experienced more modest paces of growth.

Steel Railway Material Imports

Imports in ASEAN

In 2022, approx. X tons of railway material of steel were imported in ASEAN; with a decrease of -42.9% compared with the previous year. Over the period under review, imports recorded a abrupt setback. The growth pace was the most rapid in 2018 with an increase of 82% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, steel railway material imports contracted dramatically to $X in 2022. Overall, imports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2018 when imports increased by 83%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Vietnam (X tons), Indonesia (X tons), Malaysia (X tons) and Singapore (X tons) represented roughly 84% of total imports in 2022. It was distantly followed by Lao People's Democratic Republic (X tons), mixing up a 5.4% share of total imports. The following importers - Thailand (X tons) and the Philippines (X tons) - each accounted for a 7.7% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Lao People's Democratic Republic (with a CAGR of +14.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Singapore ($X) and Vietnam ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 68% of total imports. Malaysia, Lao People's Democratic Republic, Thailand and the Philippines lagged somewhat behind, together comprising a further 30%.

Lao People's Democratic Republic, with a CAGR of +16.7%, recorded the highest rates of growth with regard to the value of imports, in terms of 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, rising by 21% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Indonesia (+4.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform