Asia: Tap And Valve Market 2024

Tap And Valve Market Size in Asia

In 2022, the Asian tap and valve market decreased by -2.4% to $X, falling for the third year in a row after three years of growth. The market value increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Tap And Valve Production in Asia

In value terms, tap and valve production shrank to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.1% 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 2018 when the production volume increased by 16% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Tap And Valve Exports

Exports in Asia

In 2022, overseas shipments of taps, cocks, valves and similar appliances increased by 2.1% to X tons, rising for the second consecutive year after two years of decline. Total exports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +2.3% 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 +17.0% against 2020 indices. The growth pace was the most rapid in 2016 when exports increased by 90% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

In value terms, tap and valve exports stood at $X in 2022. The total export value increased at an average annual rate of +4.0% over the period from 2012 to 2022; however, 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 21% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Exports by Country

China prevails in exports structure, accounting for X tons, which was near 73% of total exports in 2022. Japan (X tons), Thailand (X tons), India (X tons), South Korea (X tons), Turkey (X tons), Taiwan (Chinese) (X tons), Singapore (X tons) and Vietnam (X tons) took a little share of total exports.

Exports from China increased at an average annual rate of +3.3% from 2012 to 2022. At the same time, Vietnam (+9.0%), Singapore (+6.4%), Turkey (+5.2%), Thailand (+3.6%), India (+1.8%) and Taiwan (Chinese) (+1.0%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia, with a CAGR of +9.0% from 2012-2022. Japan experienced a relatively flat trend pattern. By contrast, South Korea (-4.9%) illustrated a downward trend over the same period. China (+6.7 p.p.) significantly strengthened its position in terms of the total exports, while South Korea saw its share reduced by -3.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest tap and valve supplier in Asia, comprising 55% of total exports. The second position in the ranking was held by Japan ($X), with a 13% share of total exports. It was followed by Singapore, with a 5.3% share.

In China, tap and valve exports increased at an average annual rate of +5.9% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-0.0% per year) and Singapore (+9.1% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, picking up by 2.2% against the previous year. Over the period under review, the export price continues to indicate modest growth. The pace of growth was the most pronounced in 2014 an increase of 90%. Over the period under review, the export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+2.7%), while the other leaders experienced more modest paces of growth.

Tap And Valve Imports

Imports in Asia

After two years of growth, overseas purchases of taps, cocks, valves and similar appliances decreased by -7.9% to X tons in 2022. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 8.8%. As a result, imports reached the peak of X tons, and then contracted in the following year.

In value terms, tap and valve imports dropped modestly to $X in 2022. The total import value increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 17% against the previous year. As a result, imports attained the peak of $X, and then fell modestly in the following year.

Imports by Country

China (X tons), Thailand (X tons), the United Arab Emirates (X tons), Indonesia (X tons), South Korea (X tons), India (X tons), Japan (X tons), Singapore (X tons), Vietnam (X tons) and Turkey (X tons) represented roughly 73% of total imports in 2022. The following importers - Taiwan (Chinese) (X tons), Kazakhstan (X tons) and Iraq (X tons) - each accounted for an 8% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Vietnam (with a CAGR of +12.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported taps, cocks, valves and similar appliances in Asia, comprising 29% of total imports. The second position in the ranking was taken by Thailand ($X), with a 9.1% share of total imports. It was followed by Singapore, with a 7.4% share.

In China, tap and valve imports increased at an average annual rate of +3.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (+3.0% per year) and Singapore (+8.1% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, with an increase of 4.7% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2021 when the import price increased by 7.3%. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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