ASEAN: Tap And Valve Market 2024

Tap And Valve Market Size in ASEAN

The ASEAN tap and valve market reached $X in 2022, with an increase of 5.5% against the previous year. The market value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2019; afterwards, it flattened through to 2022.

Tap And Valve Production in ASEAN

In value terms, tap and valve production reduced slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2019 with an increase of 13%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Tap And Valve Exports

Exports in ASEAN

For the third consecutive year, ASEAN recorded growth in shipments abroad of taps, cocks, valves and similar appliances, which increased by 4.1% to X tons in 2022. The total export volume increased at an average annual rate of +5.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 23% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the near future.

In value terms, tap and valve exports rose markedly to $X in 2022. Total exports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +7.0% 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 +41.3% against 2014 indices. The growth pace was the most rapid in 2014 when exports increased by 22%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

Thailand represented the main exporter of taps, cocks, valves and similar appliances in ASEAN, with the volume of exports recording X tons, which was approx. 46% of total exports in 2022. Singapore (X tons) took a 22% share (based on physical terms) of total exports, which put it in second place, followed by Vietnam (21%), Indonesia (5.2%) and Malaysia (4.8%).

From 2012 to 2022, average annual rates of growth with regard to tap and valve exports from Thailand stood at +3.6%. At the same time, Vietnam (+9.0%), Singapore (+6.4%), Indonesia (+5.0%) and Malaysia (+2.4%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +9.0% from 2012-2022. Vietnam (+6.3 p.p.) and Singapore (+2.4 p.p.) significantly strengthened its position in terms of the total exports, while Thailand saw its share reduced by -7.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X), Thailand ($X) and Vietnam ($X) were the countries with the highest levels of exports in 2022, together accounting for 88% of total exports.

In terms of the main exporting countries, Singapore, with a CAGR of +9.1%, saw the highest growth rate of 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

In 2022, the export price in ASEAN amounted to $X per ton, with an increase of 7.9% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The growth pace was the most rapid in 2019 an increase of 24% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+3.4%), while the other leaders experienced more modest paces of growth.

Tap And Valve Imports

Imports in ASEAN

In 2022, the amount of taps, cocks, valves and similar appliances imported in ASEAN was estimated at X tons, growing by 8.8% on the previous year. The total import volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when imports increased by 26% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, tap and valve imports surged to $X in 2022. The total import value increased at an average annual rate of +4.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Thailand (X tons) and Indonesia (X tons) represented the largest importers of taps, cocks, valves and similar appliances in 2022, accounting for approx. 33% and 25% of total imports, respectively. Singapore (X tons) took a 16% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (16%) and Malaysia (6.8%). The Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +12.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest tap and valve importing markets in ASEAN were Thailand ($X), Singapore ($X) and Indonesia ($X), with a combined 76% share of total imports. These countries were followed by Vietnam, Malaysia and the Philippines, which together accounted for a further 22%.

Vietnam, with a CAGR of +9.9%, 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, growing by 11% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The pace of growth was the most pronounced in 2021 when the import price increased by 13%. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Indonesia ($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 (+16.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform