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

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

The Asia-Pacific non-malleable cast iron articles market declined to $X in 2022, dropping by -5.3% against the previous year. Over the period under review, consumption saw a mild decline. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Articles Of Non-Malleable Cast Iron in Asia-Pacific

In value terms, non-malleable cast iron articles production shrank modestly to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 17%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Exports of Articles Of Non-Malleable Cast Iron

Exports in Asia-Pacific

Non-malleable cast iron articles exports skyrocketed to X tons in 2022, picking up by 28% compared with 2021. The total export 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 2021 with an increase of 30% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, non-malleable cast iron articles exports surged to $X in 2022. Total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.8% 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 +78.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 45% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

Exports by Country

China represented the main exporter of articles of non-malleable cast iron in Asia-Pacific, with the volume of exports reaching X tons, which was near 63% of total exports in 2022. India (X tons) took a 25% share (based on physical terms) of total exports, which put it in second place, followed by Myanmar (9.3%). Vietnam (X tons) took a little share of total exports.

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%), Vietnam (+18.0%) and India (+12.1%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +102.4% from 2012-2022. While the share of India (+14 p.p.), Myanmar (+9.3 p.p.) and Vietnam (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of China (-24.1 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest non-malleable cast iron articles supplier in Asia-Pacific, comprising 73% of total exports. The second position in the ranking was held by India ($X), with a 22% share of total exports. It was followed by Vietnam, with a 1.8% share.

In China, non-malleable cast iron articles exports increased at an average annual rate of +5.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: India (+9.2% per year) and Vietnam (+19.1% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, reducing by -3.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. The pace of growth appeared 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 contracted in the following year.

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 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 China (+5.1%), while the other leaders experienced mixed trends in the export price figures.

Imports of Articles Of Non-Malleable Cast Iron

Imports in Asia-Pacific

In 2022, purchases abroad of articles of non-malleable cast iron increased by 7.8% 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 +1.9% 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 2017 when imports increased by 20%. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, non-malleable cast iron articles imports rose sharply to $X in 2022. Total imports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.1% 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 with an increase of 24%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Japan (X tons), distantly followed by South Korea (X tons), Hong Kong SAR (X tons), Australia (X tons), India (X tons), China (X tons) and Indonesia (X tons) were the main importers of articles of non-malleable cast iron, together creating 74% of total imports. The following importers - Vietnam (X tons), Thailand (X tons), Taiwan (Chinese) (X tons), Malaysia (X tons), New Zealand (X tons) and the Philippines (X tons) - together made up 19% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by South Korea (with a CAGR of +36.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constitutes the largest market for imported articles of non-malleable cast iron in Asia-Pacific, comprising 28% of total imports. The second position in the ranking was taken by China ($X), with an 11% share of total imports. It was followed by South Korea, with a 9.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan stood at -3.1%. The remaining importing countries recorded the following average annual rates of imports growth: China (-1.9% per year) and South Korea (+23.1% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, remaining constant against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2014 an increase of 17%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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 the Philippines (+6.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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