Asia-Pacific: Winding Wire Market 2024

Winding Wire Market Size in Asia-Pacific

In 2022, the Asia-Pacific winding wire market increased by 3.8% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Winding Wire Production in Asia-Pacific

In value terms, winding wire production reached $X in 2022 estimated in export price. Over the period under review, production, however, showed a mild reduction. The pace of growth was the most pronounced in 2018 when the production volume increased by 3.2%. The level of production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Winding Wire Exports

Exports in Asia-Pacific

In 2022, shipments abroad of winding wire for electrical purposes decreased by -8.1% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 19%. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, winding wire exports contracted slightly to $X in 2022. The total export value increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 39% against the previous year. As a result, the exports attained the peak of $X, and then reduced slightly in the following year.

Exports by Country

China represented the major exporter of winding wire for electrical purposes in Asia-Pacific, with the volume of exports recording X tons, which was near 53% of total exports in 2022. South Korea (X tons) took the second position in the ranking, followed by Thailand (X tons), Malaysia (X tons) and India (X tons). All these countries together held near 33% share of total exports. Taiwan (Chinese) (X tons) and Hong Kong SAR (X tons) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to winding wire exports from China stood at +7.3%. At the same time, Thailand (+11.4%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +11.4% from 2012-2022. By contrast, India (-2.4%), South Korea (-2.7%), Taiwan (Chinese) (-4.0%), Malaysia (-5.0%) and Hong Kong SAR (-13.2%) illustrated a downward trend over the same period. While the share of China (+25 p.p.) and Thailand (+5.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of India (-1.8 p.p.), Taiwan (Chinese) (-2.2 p.p.), South Korea (-4.4 p.p.), Malaysia (-5.5 p.p.) and Hong Kong SAR (-8.1 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest winding wire supplier in Asia-Pacific, comprising 40% of total exports. The second position in the ranking was taken by South Korea ($X), with an 11% share of total exports. It was followed by Thailand, with a 10% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +7.7%. In the other countries, the average annual rates were as follows: South Korea (-2.3% per year) and Thailand (+13.5% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, growing by 4.9% against the previous year. Overall, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by 24% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+10.9%), while the other leaders experienced more modest paces of growth.

Winding Wire Imports

Imports in Asia-Pacific

In 2022, the amount of winding wire for electrical purposes imported in Asia-Pacific declined to X tons, shrinking by -9.8% on 2021. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 15% against the previous year. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, winding wire imports reduced modestly to $X in 2022. The total import value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 41% against the previous year. As a result, imports attained the peak of $X, and then contracted in the following year.

Imports by Country

In 2022, Japan (X tons), distantly followed by Vietnam (X tons), Thailand (X tons), China (X tons), the Philippines (X tons), Hong Kong SAR (X tons) and Singapore (X tons) represented the main importers of winding wire for electrical purposes, together comprising 74% of total imports. Indonesia (X tons), Malaysia (X tons), South Korea (X tons), India (X tons), Pakistan (X tons) and Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Japan (with a CAGR of +21.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest winding wire importing markets in Asia-Pacific were Japan ($X), China ($X) and Thailand ($X), with a combined 48% share of total imports.

Japan, with a CAGR of +21.7%, 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-Pacific stood at $X per ton in 2022, rising by 6.1% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The most prominent rate of growth was recorded in 2021 an increase of 23%. Over the period under review, import prices reached the maximum in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+12.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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