China: Hairpin Market 2024

Hairpin Market Size in China

The Chinese hairpin market dropped rapidly to $X in 2021, with a decrease of -22% against the previous year. Overall, consumption, however, recorded a prominent expansion. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Hairpin Production in China

In value terms, hairpin production reduced slightly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +5.1% against 2018 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 69% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Hairpin Exports

Exports from China

Hairpin exports from China soared to X tons in 2021, with an increase of 29% compared with the previous year. In general, exports, however, showed a perceptible slump. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, hairpin exports skyrocketed to $X in 2021. Overall, total exports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +97.8% against 2018 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for hairpin exports from China, with a 26% share of total exports. Moreover, hairpin exports to the United States exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), threefold. The UK (X tons) ranked third in terms of total exports with a 4.7% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled -4.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-3.5% per year) and the UK (-2.7% per year).

In value terms, the United States ($X) remains the key foreign market for hairpin exports from China, comprising 27% of total exports. The second position in the ranking was taken by Japan ($X), with an 8.4% share of total exports. It was followed by Malaysia, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+18.7% per year) and Malaysia (+34.1% per year).

Export Prices by Country

In 2021, the average hairpin export price amounted to $X per ton, with an increase of 27% against the previous year. Overall, export price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +9.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, hairpin export price increased by +59.0% against 2018 indices. The pace of growth appeared the most rapid in 2013 an increase of 30% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to see gradual growth in the near future.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Malaysia ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+14.5%), while the prices for the other major destinations experienced more modest paces of growth.

Hairpin Imports

Imports into China

In 2021, hairpin imports into China surged to X tons, rising by 35% against 2020. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 50%. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, hairpin imports skyrocketed to $X in 2021. In general, imports continue to indicate strong growth. The pace of growth appeared the most rapid in 2014 with an increase of 47%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Taiwan (Chinese) (X tons) constituted the largest supplier of hairpin to China, accounting for a 43% share of total imports. Moreover, hairpin imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, South Korea (X tons), twofold. The third position in this ranking was held by Japan (X tons), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume from Taiwan (Chinese) stood at +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-12.9% per year) and Japan (+11.0% per year).

In value terms, Japan ($X) constituted the largest supplier of hairpin to China, comprising 50% of total imports. The second position in the ranking was held by Italy ($X), with a 13% share of total imports. It was followed by Taiwan (Chinese), with an 11% share.

From 2012 to 2021, the average annual growth rate of value from Japan totaled +23.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+36.6% per year) and Taiwan (Chinese) (+13.9% per year).

Import Prices by Country

In 2021, the average hairpin import price amounted to $X per ton, with a decrease of -4% against the previous year. In general, the import price, however, showed a resilient increase. The pace of growth appeared the most rapid in 2017 an increase of 53%. The import price peaked at $X per ton in 2020, and then declined modestly in the following year.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform