Asia: Market for Articles Of Non-Malleable Cast Iron 2024

Market Size for Articles Of Non-Malleable Cast Iron in Asia

The Asian non-malleable cast iron articles market contracted to $X in 2022, shrinking by -5.4% against the previous year. Over the period under review, consumption showed a slight decline. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Production of Articles Of Non-Malleable Cast Iron in Asia

In value terms, non-malleable cast iron articles production reduced modestly to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the production volume increased by 16%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Exports of Articles Of Non-Malleable Cast Iron

Exports in Asia

In 2022, the amount of articles of non-malleable cast iron exported in Asia surged to X tons, with an increase of 23% compared with the previous year. The total export volume increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 27%. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, non-malleable cast iron articles exports skyrocketed to $X in 2022. Total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.9% 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 +73.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 42%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

China was the major exporting country with an export of around X tons, which recorded 53% of total exports. India (X tons) took a 21% share (based on physical terms) of total exports, which put it in second place, followed by Turkey (9.2%) and Myanmar (7.9%). Iran (X tons), Vietnam (X tons) and Kazakhstan (X tons) followed a long way behind the leaders.

China experienced a relatively flat trend pattern with regard to volume of exports of articles of non-malleable cast iron. At the same time, Myanmar (+102.4%), Kazakhstan (+22.8%), Vietnam (+18.0%), India (+12.1%), Iran (+10.8%) and Turkey (+3.8%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in Asia, with a CAGR of +102.4% from 2012-2022. While the share of India (+11 p.p.), Myanmar (+7.9 p.p.) and Iran (+1.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of China (-22.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest non-malleable cast iron articles supplier in Asia, comprising 62% of total exports. The second position in the ranking was taken by India ($X), with an 18% share of total exports. It was followed by Turkey, with an 11% share.

In China, non-malleable cast iron articles exports increased at an average annual rate of +5.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+9.2% per year) and Turkey (+5.4% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, remaining stable against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The growth pace was the most rapid in 2018 when the export price increased by 14% against the previous year. The level of export peaked at $X per ton in 2021, and then fell modestly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+5.7%), while the other leaders experienced more modest paces of growth.

Imports of Articles Of Non-Malleable Cast Iron

Imports in Asia

In 2022, purchases abroad of articles of non-malleable cast iron increased by 7.5% to X tons, rising for the second year in a row after two years of decline. Overall, imports, however, showed a slight shrinkage. The most prominent rate of growth was recorded in 2016 when imports increased by 14% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, non-malleable cast iron articles imports expanded notably to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by 18%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Japan (X tons), distantly followed by South Korea (X tons), Hong Kong SAR (X tons), the United Arab Emirates (X tons) and Saudi Arabia (X tons) were the major importers of articles of non-malleable cast iron, together committing 54% of total imports. The following importers - India (X tons), China (X tons), Indonesia (X tons), Israel (X tons), Vietnam (X tons), Thailand (X tons), Taiwan (Chinese) (X tons) and Malaysia (X tons) - together made up 27% of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +36.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constitutes the largest market for imported articles of non-malleable cast iron in Asia, comprising 24% of total imports. The second position in the ranking was taken by China ($X), with a 9.6% share of total imports. It was followed by South Korea, with an 8.2% share.

From 2012 to 2022, the average annual growth rate of value in Japan stood at -3.1%. In the other countries, the average annual rates were as follows: China (-1.9% per year) and South Korea (+23.1% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, stabilizing at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2018 when the import price increased by 13% against the previous year. The level of import peaked in 2022 and is likely to see steady 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 China ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+4.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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