Asia: Base Metal Hook Market 2024

Base Metal Hook Market Size in Asia

The Asian base metal hook market dropped sharply to $X in 2022, waning by -16.2% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Base Metal Hook Production in Asia

In value terms, base metal hook production contracted modestly to $X in 2022 estimated in export price. In general, production continues to indicate a slight decline. The pace of growth appeared the most rapid in 2019 when the production volume increased by 17% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Base Metal Hook Exports

Exports in Asia

In 2022, the amount of base metal hooks, eyes and eyelets exported in Asia rose sharply to X tons, growing by 14% compared with the previous year. Overall, exports, however, recorded a perceptible descent. The most prominent rate of growth was recorded in 2021 with an increase of 34% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, base metal hook exports surged to $X in 2022. Total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +80.6% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 54%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

China prevails in exports structure, resulting at X tons, which was approx. 88% of total exports in 2022. Taiwan (Chinese) (X tons), South Korea (X tons), Hong Kong SAR (X tons) and India (X tons) followed a long way behind the leaders.

Exports from China decreased at an average annual rate of -2.8% from 2012 to 2022. At the same time, India (+7.3%) and South Korea (+2.9%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia, with a CAGR of +7.3% from 2012-2022. By contrast, Hong Kong SAR (-4.3%) and Taiwan (Chinese) (-6.2%) illustrated a downward trend over the same period. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest base metal hook supplier in Asia, comprising 83% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 5.3% share of total exports. It was followed by South Korea, with a 4.8% share.

In China, base metal hook exports increased at an average annual rate of +6.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Hong Kong SAR (+0.6% per year) and South Korea (+3.1% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, increasing by 2.9% against the previous year. Export price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +8.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, base metal hook export price increased by +68.5% against 2017 indices. The pace of growth was the most pronounced in 2020 an increase of 34%. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the near future.

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 Hong Kong SAR ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.4%), while the other leaders experienced more modest paces of growth.

Base Metal Hook Imports

Imports in Asia

In 2022, approx. X tons of base metal hooks, eyes and eyelets were imported in Asia; dropping by -7.3% against the previous year's figure. The total import volume increased at an average annual rate of +2.8% 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 2017 when imports increased by 31%. Over the period under review, imports reached the peak figure at X tons in 2021, and then fell in the following year.

In value terms, base metal hook imports fell to $X in 2022. Total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +35.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 41%. As a result, imports attained the peak of $X, and then reduced modestly in the following year.

Imports by Country

Indonesia (X tons), Vietnam (X tons), Bangladesh (X tons) and India (X tons) represented roughly 49% of total imports in 2022. China (X tons) ranks next in terms of the total imports with a 5.5% share, followed by Cambodia (4.9%), Hong Kong SAR (4.6%) and Uzbekistan (4.6%). Malaysia (X tons), Myanmar (X tons), Thailand (X tons), the Philippines (X tons) and Sri Lanka (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Uzbekistan (with a CAGR of +26.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Indonesia ($X) and China ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 50% share of total imports. Bangladesh, Hong Kong SAR, Cambodia, India, Thailand, Myanmar, the Philippines, Sri Lanka, Malaysia and Uzbekistan lagged somewhat behind, together comprising a further 41%.

Uzbekistan, with a CAGR of +27.2%, saw the highest growth rate of 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 Asia stood at $X per ton in 2022, increasing by 3.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2014 when the import price increased by 12% against the previous year. The level of import peaked in 2022 and is expected to retain 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 ($X per ton), while Uzbekistan ($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 (+21.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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