Australia: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in Australia

The Australian cranks and crankshafts market surged to $X in 2022, jumping by 15% against the previous year. Overall, consumption, however, saw a slight decline. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Cranks And Crankshafts Production in Australia

In value terms, cranks and crankshafts production rose sharply to $X in 2022 estimated in export price. Over the period under review, production, however, showed a mild descent. The pace of growth was the most pronounced in 2020 with an increase of 82% against the previous year. Cranks and crankshafts production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Cranks And Crankshafts Exports

Exports from Australia

In 2022, overseas shipments of cranks and crankshafts increased by 9% to X tons, rising for the second consecutive year after three years of decline. Overall, exports, however, recorded a slight reduction. The most prominent rate of growth was recorded in 2015 when exports increased by 20%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, cranks and crankshafts exports soared to $X in 2022. In general, exports, however, continue to indicate a noticeable descent. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Papua New Guinea (X tons) was the main destination for cranks and crankshafts exports from Australia, with a 26% share of total exports. Moreover, cranks and crankshafts exports to Papua New Guinea exceeded the volume sent to the second major destination, New Zealand (X tons), twofold. The third position in this ranking was held by the United States (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Papua New Guinea stood at +22.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Zealand (+2.8% per year) and the United States (+2.1% per year).

In value terms, Papua New Guinea ($X) emerged as the key foreign market for cranks and crankshafts exports from Australia, comprising 25% of total exports. The second position in the ranking was held by New Zealand ($X), with a 12% share of total exports. It was followed by the United States, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Papua New Guinea amounted to +13.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Zealand (-0.0% per year) and the United States (-2.6% per year).

Export Prices by Country

The average cranks and crankshafts export price stood at $X per ton in 2022, growing by 6.1% against the previous year. Over the period under review, the export price, however, showed a pronounced reduction. The most prominent rate of growth was recorded in 2020 when the average export price increased by 16%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to South Africa ($X per ton) and the United States ($X per ton), while the average price for exports to Singapore ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+1.2%), while the prices for the other major destinations experienced mixed trend patterns.

Cranks And Crankshafts Imports

Imports into Australia

In 2022, overseas purchases of cranks and crankshafts increased by 21% to X tons for the first time since 2018, thus ending a three-year declining trend. Overall, imports, however, recorded a slight decrease. The most prominent rate of growth was recorded in 2018 with an increase of 24% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, cranks and crankshafts imports surged to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of cranks and crankshafts to Australia, accounting for a 40% share of total imports. Moreover, cranks and crankshafts imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was taken by Germany (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-12.3% per year) and Germany (+8.0% per year).

In value terms, the United States ($X) constituted the largest supplier of cranks and crankshafts to Australia, comprising 40% of total imports. The second position in the ranking was taken by China ($X), with a 15% share of total imports. It was followed by Germany, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.9% per year) and Germany (+1.9% per year).

Import Prices by Country

In 2022, the average cranks and crankshafts import price amounted to $X per ton, declining by -3.8% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2017 an increase of 16%. Over the period under review, average import prices reached the maximum at $X per ton in 2021, and then declined slightly in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the Netherlands ($X per ton) and Japan ($X per ton), while the price for the UK ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+18.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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