Asia: Concrete Reinforcing Bar Market 2024

Concrete Reinforcing Bar Market Size in Asia

The Asian concrete reinforcing bar market contracted modestly to $X in 2022, which is down by -2.4% against the previous year. The market value increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Concrete Reinforcing Bar Production in Asia

In value terms, concrete reinforcing bar production reduced remarkably to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a measured increase. The most prominent rate of growth was recorded in 2017 when the production volume increased by 64% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Concrete Reinforcing Bar Exports

Exports in Asia

In 2022, approx. X tons of concrete reinforcing bars were exported in Asia; waning by -12.9% on the year before. The total export volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 33% against the previous year. As a result, the exports attained the peak of X tons, and then contracted in the following year.

In value terms, concrete reinforcing bar exports contracted modestly to $X in 2022. In general, exports, however, enjoyed a tangible increase. The growth pace was the most rapid in 2021 with an increase of 88%. As a result, the exports reached the peak of $X, and then contracted slightly in the following year.

Exports by Country

In 2022, Turkey (X tons) was the largest exporter of concrete reinforcing bars, mixing up 46% of total exports. China (X tons) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by Malaysia (9%), Japan (6.2%) and Vietnam (5%). Oman (X tons), the United Arab Emirates (X tons), Hong Kong SAR (X tons), India (X tons), Iran (X tons), Thailand (X tons) and Kazakhstan (X tons) held a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to concrete reinforcing bar exports from Turkey stood at -4.0%. At the same time, Oman (+51.5%), Malaysia (+27.7%), Kazakhstan (+26.9%), India (+20.2%), China (+18.4%), Vietnam (+15.9%), Iran (+11.7%), Thailand (+10.9%), Hong Kong SAR (+7.2%), the United Arab Emirates (+4.8%) and Japan (+1.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in Asia, with a CAGR of +51.5% from 2012-2022. While the share of China (+9.1 p.p.), Malaysia (+8.2 p.p.), Vietnam (+3.8 p.p.), Oman (+3.4 p.p.), Kazakhstan (+1.6 p.p.) and India (+1.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Turkey (-31.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest concrete reinforcing bar supplier in Asia, comprising 45% of total exports. The second position in the ranking was taken by China ($X), with a 14% share of total exports. It was followed by Malaysia, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey stood at -2.5%. The remaining exporting countries recorded the following average annual rates of exports growth: China (+19.5% per year) and Malaysia (+29.0% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, picking up by 12% against the previous year. Export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, concrete reinforcing bar export price increased by +58.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 42% against the previous year. Over the period under review, the export prices attained the maximum in 2022 and is likely to see steady growth in years to come.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in China ($X per ton) and the United Arab Emirates ($X per ton), while Iran ($X per ton) and India ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+2.4%), while the other leaders experienced more modest paces of growth.

Concrete Reinforcing Bar Imports

Imports in Asia

After two years of growth, supplies from abroad of concrete reinforcing bars decreased by -22% to X tons in 2022. Over the period under review, imports recorded a pronounced contraction. The most prominent rate of growth was recorded in 2013 when imports increased by 11%. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, concrete reinforcing bar imports fell to $X in 2022. In general, imports continue to indicate a slight reduction. The growth pace was the most rapid in 2021 when imports increased by 56%. As a result, imports reached the peak of $X, and then fell in the following year.

Imports by Country

In 2022, Hong Kong SAR (X tons), distantly followed by Yemen (X tons), South Korea (X tons), Kazakhstan (X tons), China (X tons), Singapore (X tons) and Israel (X tons) were the largest importers of concrete reinforcing bars, together comprising 62% of total imports. The following importers - the United Arab Emirates (X tons), Thailand (X tons), Macao SAR (X tons), Cyprus (X tons), Georgia (X tons) and Kuwait (X tons) - together made up 16% of total imports.

Imports into Hong Kong SAR increased at an average annual rate of +5.8% from 2012 to 2022. At the same time, China (+18.0%), Georgia (+9.4%), Kazakhstan (+7.4%), Cyprus (+5.8%), Yemen (+4.0%), Kuwait (+3.5%), Macao SAR (+3.5%), Israel (+2.9%) and Thailand (+2.0%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Asia, with a CAGR of +18.0% from 2012-2022. South Korea experienced a relatively flat trend pattern. By contrast, Singapore (-4.3%) and the United Arab Emirates (-11.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Hong Kong SAR, China, Yemen, Kazakhstan and Israel increased by +12, +5.1, +4, +3.7 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported concrete reinforcing bars in Asia, comprising 21% of total imports. The second position in the ranking was held by Yemen ($X), with a 7.8% share of total imports. It was followed by South Korea, with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Hong Kong SAR totaled +7.3%. The remaining importing countries recorded the following average annual rates of imports growth: Yemen (+5.3% per year) and South Korea (+0.1% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, rising by 11% against the previous year. Import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, concrete reinforcing bar import price increased by +56.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 41%. 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 Thailand ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Macao SAR (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :