ASEAN: Stainless Steel Sink Market 2024

Stainless Steel Sink Market Size in ASEAN

In 2021, the ASEAN stainless steel sink market decreased by -24.3% to $X, falling for the second consecutive year after three years of growth. Over the period under review, consumption, however, enjoyed a perceptible increase. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Stainless Steel Sink Production in ASEAN

In value terms, stainless steel sink production shrank to $X in 2021 estimated in export price. Over the period under review, production showed a pronounced reduction. The most prominent rate of growth was recorded in 2013 when the production volume increased by 62%. The level of production peaked at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Stainless Steel Sink Exports

Exports in ASEAN

In 2021, shipments abroad of stainless steel sinks and wash basins increased by 52% to X units, rising for the second year in a row after two years of decline. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 197%. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, stainless steel sink exports surged to $X in 2021. In general, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 146%. Over the period under review, the exports attained the maximum in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Vietnam was the major exporting country with an export of about X units, which amounted to 54% of total exports. Malaysia (X units) held a 26% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (19%).

Vietnam was also the fastest-growing in terms of the stainless steel sinks and wash basins exports, with a CAGR of +84.3% from 2012 to 2021. At the same time, Malaysia (+24.8%) and Thailand (+10.3%) displayed positive paces of growth. From 2012 to 2021, the share of Vietnam increased by +52 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest stainless steel sink supplier in ASEAN, comprising 57% of total exports. The second position in the ranking was held by Malaysia ($X), with a 23% share of total exports.

In Vietnam, stainless steel sink exports increased at an average annual rate of +82.0% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+30.6% per year) and Thailand (+14.5% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2021, with a decrease of -18.1% against the previous year. Over the period under review, the export price, however, continues to indicate a notable increase. The most prominent rate of growth was recorded in 2019 when the export price increased by 52%. The level of export peaked at $X per unit in 2020, and then shrank dramatically in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was Vietnam ($X per unit), while Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+4.6%), while the other leaders experienced mixed trends in the export price figures.

Stainless Steel Sink Imports

Imports in ASEAN

In 2021, the amount of stainless steel sinks and wash basins imported in ASEAN amounted to X units, with an increase of 4.5% compared with the previous year. Over the period under review, imports recorded prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of 36% against the previous year. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in years to come.

In value terms, stainless steel sink imports rose notably to $X in 2021. Overall, imports saw resilient growth. The pace of growth was the most pronounced in 2017 when imports increased by 73% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

The countries with the highest levels of stainless steel sink imports in 2021 were Malaysia (X units), Vietnam (X units) and Indonesia (X units), together finishing at 80% of total import. It was distantly followed by Thailand (X units), committing a 10% share of total imports. The Philippines (X units), Cambodia (X units) and Myanmar (X units) held a minor share of total imports.

From 2012 to 2021, the biggest increases were in Vietnam (with a CAGR of +31.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) constitutes the largest market for imported stainless steel sinks and wash basins in ASEAN, comprising 40% of total imports. The second position in the ranking was held by Malaysia ($X), with a 19% share of total imports. It was followed by Thailand, with a 15% share.

In Vietnam, stainless steel sink imports expanded at an average annual rate of +30.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Malaysia (+19.4% per year) and Thailand (+10.6% per year).

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2021, with an increase of 6.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2017 an increase of 28% against the previous year. The level of import peaked at $X per unit in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+11.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform