Asia-Pacific: Metal Wool Market 2024

Metal Wool Market Size in Asia-Pacific

The Asia-Pacific metal wool market declined slightly to $X in 2022, remaining stable against the previous year. The market value increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 6.8% against the previous year. As a result, consumption reached the peak level of $X, leveling off in the following year.

Metal Wool Production in Asia-Pacific

In value terms, metal wool production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 7.9% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Metal Wool Exports

Exports in Asia-Pacific

In 2022, the amount of iron or steel wool exported in Asia-Pacific rose significantly to X tons, increasing by 7.4% against the year before. In general, exports, however, saw a slight contraction. The pace of growth was the most pronounced in 2017 with an increase of 19% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, metal wool exports rose significantly to $X in 2022. The total export value increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 18% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

China dominates exports structure, resulting at X tons, which was approx. 95% of total exports in 2022. India (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the iron or steel wool exports, with a CAGR of -1.7% from 2012 to 2022. India (-4.1%) 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 ($X) remains the largest metal wool supplier in Asia-Pacific, comprising 93% of total exports. The second position in the ranking was held by India ($X), with a 2.9% share of total exports.

In China, metal wool exports increased at an average annual rate of +1.6% over the period from 2012-2022.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, rising by 4.4% against the previous year. Over the last decade, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2014 when the export price increased by 21% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while China amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+5.9%).

Metal Wool Imports

Imports in Asia-Pacific

After three years of decline, supplies from abroad of iron or steel wool increased by 2.8% to X tons in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 17%. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, metal wool imports rose markedly to $X in 2022. Overall, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when imports increased by 24%. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the Philippines (X tons), distantly followed by Thailand (X tons), Indonesia (X tons), South Korea (X tons), Japan (X tons), Australia (X tons), Bangladesh (X tons) and Malaysia (X tons) were the major importers of iron or steel wool, together mixing up 74% of total imports. The following importers - Democratic People's Republic of Korea (X tons), Myanmar (X tons), Hong Kong SAR (X tons), Pakistan (X tons) and Taiwan (Chinese) (X tons) - together made up 13% of total imports.

The Philippines was also the fastest-growing in terms of the iron or steel wool imports, with a CAGR of +23.4% from 2012 to 2022. At the same time, South Korea (+13.6%), Bangladesh (+12.6%), Myanmar (+12.3%), Democratic People's Republic of Korea (+7.7%), Hong Kong SAR (+3.9%), Australia (+2.7%) and Thailand (+1.8%) displayed positive paces of growth. By contrast, Taiwan (Chinese) (-1.2%), Indonesia (-2.5%), Japan (-2.8%), Pakistan (-5.9%) and Malaysia (-6.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Philippines, South Korea, Bangladesh, Myanmar, Democratic People's Republic of Korea, Thailand and Australia increased by +19, +6.2, +4.2, +1.9, +1.7, +1.7 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X), Japan ($X) and Australia ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 38% share of total imports. Indonesia, Thailand, the Philippines, Hong Kong SAR, Bangladesh, Malaysia, Democratic People's Republic of Korea, Taiwan (Chinese), Pakistan and Myanmar lagged somewhat behind, together comprising a further 46%.

The Philippines, with a CAGR of +25.1%, recorded the highest growth rate of the value of imports, among 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

In 2022, the import price in Asia-Pacific amounted to $X per ton, increasing by 8.3% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 20% against the previous year. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+6.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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