Asia-Pacific: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Asia-Pacific

The Asia-Pacific steel and iron articles market totaled $X in 2022, therefore, remained relatively stable against the previous year. The total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -8.2% against 2018 indices. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Articles Of Iron Or Steel in Asia-Pacific

In value terms, steel and iron articles production reached $X in 2022 estimated in export price. The total production indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.2% against 2018 indices. The growth pace was the most rapid in 2016 when the production volume increased by 32%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Articles Of Iron Or Steel

Exports in Asia-Pacific

For the third consecutive year, Asia-Pacific recorded growth in shipments abroad of articles of iron or steel, which increased by 2.5% to X tons in 2022. The total export volume increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 32% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, steel and iron articles exports expanded rapidly to $X in 2022. Total exports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.3% 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 +80.5% against 2016 indices. The pace of growth was the most pronounced in 2021 with an increase of 39%. The level of export peaked in 2022 and is likely to continue growth in years to come.

Exports by Country

China dominates exports structure, amounting to X tons, which was approx. 64% of total exports in 2022. Thailand (X tons) ranks second in terms of the total exports with an 8.7% share, followed by South Korea (8.2%) and India (5.4%). The following exporters - Taiwan (Chinese) (X tons), Vietnam (X tons) and Malaysia (X tons) - together made up 10% of total exports.

Exports from China increased at an average annual rate of +5.6% from 2012 to 2022. At the same time, Vietnam (+16.1%), India (+6.5%), Thailand (+5.2%) and Malaysia (+3.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +16.1% from 2012-2022. South Korea experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-2.3%) illustrated a downward trend over the same period. While the share of China (+7.5 p.p.) and Vietnam (+2.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Taiwan (Chinese) (-3.6 p.p.) and South Korea (-3.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest steel and iron articles supplier in Asia-Pacific, comprising 63% of total exports. The second position in the ranking was held by South Korea ($X), with an 8.3% share of total exports. It was followed by Thailand, with a 5.6% share.

In China, steel and iron articles exports expanded at an average annual rate of +10.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (+2.1% per year) and Thailand (-0.6% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, increasing by 4.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The growth pace was the most rapid in 2018 when the export price increased by 8% against the previous year. The level of export peaked 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 Taiwan (Chinese) ($X per ton), while Vietnam ($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 (+4.7%), while the other leaders experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports in Asia-Pacific

In 2022, purchases abroad of articles of iron or steel increased by 4.6% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 17%. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, steel and iron articles imports rose slightly to $X in 2022. The total import value increased at an average annual rate of +3.3% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2021 when imports increased by 20% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Imports by Country

In 2022, Thailand (X tons), South Korea (X tons) and Japan (X tons) was the largest importer of articles of iron or steel in Asia-Pacific, committing 53% of total import. Vietnam (X tons) ranks next in terms of the total imports with a 6.6% share, followed by Australia (6.1%), India (6.1%), Malaysia (5.4%) and China (5.1%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by India (with a CAGR of +10.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), China ($X) and South Korea ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 52% of total imports. Japan, Australia, Vietnam, India and Malaysia lagged somewhat behind, together comprising a further 32%.

In terms of the main importing countries, Vietnam, with a CAGR of +11.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, waning by -1.7% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 5.8%. Over the period under review, import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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 ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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