Azerbaijan: Market for Tube Or Pipe Fittings (Of Iron Or Steel) 2024

Market Size for Tube Or Pipe Fittings (Of Iron Or Steel) in Azerbaijan

The Azerbaijani market for tube or pipe fittings (of iron or steel) rose to $X in 2022, growing by 2.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a slight curtailment. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Exports of Tube Or Pipe Fittings (Of Iron Or Steel)

Exports from Azerbaijan

After two years of growth, shipments abroad of tube or pipe fittings (of iron or steel) decreased by -77% to X tons in 2022. Over the period under review, exports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 371%. Over the period under review, the exports hit record highs at X tons in 2021, and then fell significantly in the following year.

In value terms, iron or steel tube fitting exports fell to $X in 2022. In general, exports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 299% against the previous year. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Latvia (X tons), Russia (X tons) and the UK (X tons) were the main destinations of iron or steel tube fitting exports from Azerbaijan, with a combined 72% share of total exports. Iran, Georgia, the Netherlands, Kazakhstan and Turkey lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Iran (with a CAGR of +32.1%), while the other leaders experienced more modest paces of growth.

In value terms, the UK ($X) emerged as the key foreign market for tube or pipe fittings (of iron or steel) exports from Azerbaijan, comprising 51% of total exports. The second position in the ranking was taken by Russia ($X), with an 18% share of total exports. It was followed by Iran, with a 3.6% share.

From 2012 to 2022, the average annual growth rate of value to the UK amounted to +11.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+20.8% per year) and Iran (+36.1% per year).

Export Prices by Country

The average export price for tube or pipe fittings (of iron or steel) stood at $X per ton in 2022, jumping by 328% against the previous year. Over the period under review, the export price continues to indicate a resilient increase. Over the period under review, the average export prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Latvia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+17.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tube Or Pipe Fittings (Of Iron Or Steel)

Imports into Azerbaijan

In 2022, purchases abroad of tube or pipe fittings (of iron or steel) decreased by -1.7% to X tons, falling for the second year in a row after three years of growth. Over the period under review, imports continue to indicate a slight decrease. The most prominent rate of growth was recorded in 2020 with an increase of 46% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, iron or steel tube fitting imports reduced slightly to $X in 2022. In general, imports saw a mild reduction. The growth pace was the most rapid in 2015 when imports increased by 98% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

China (X tons), Turkey (X tons) and Italy (X tons) were the main suppliers of iron or steel tube fitting imports to Azerbaijan, with a combined 71% share of total imports. Russia, South Korea, Austria, the UK, Germany and Japan lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the biggest increases were recorded for Austria (with a CAGR of +42.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), the UK ($X) and Turkey ($X) were the largest iron or steel tube fitting suppliers to Azerbaijan, with a combined 47% share of total imports. China, Russia, South Korea, Austria, Germany and Japan lagged somewhat behind, together accounting for a further 28%.

Among the main suppliers, South Korea, with a CAGR of +32.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for tube or pipe fittings (of iron or steel) stood at $X per ton in 2022, approximately reflecting the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average import price increased by 36% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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