China: Interchangeable Tool Market 2024

Interchangeable Tool Market Size in China

The Chinese interchangeable tool market contracted sharply to $X in 2021, waning by -22.8% against the previous year. Over the period under review, consumption showed a noticeable curtailment. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Interchangeable Tool Production in China

In value terms, interchangeable tool production contracted slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.6% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when the production volume increased by 12% against the previous year. As a result, production reached the peak level of $X; afterwards, it flattened through to 2021.

Interchangeable Tool Exports

Exports from China

In 2021, the amount of interchangeable tools for hand tools exported from China soared to X tons, increasing by 26% against 2020 figures. In general, exports continue to indicate a strong increase. The pace of growth appeared the most rapid in 2017 with an increase of 26% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, interchangeable tool exports soared to $X in 2021. Over the period under review, total exports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +8.4% 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 +28.3% against 2018 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Germany (X tons), the United States (X tons) and India (X tons) were the main destinations of interchangeable tool exports from China, together comprising 22% of total exports. These countries were followed by Russia, Mexico, Japan, Brazil, Canada, Thailand, Vietnam, the UK, Australia and the Netherlands, which together accounted for a further 33%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +41.4%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for interchangeable tools for hand tools exports from China, comprising 20% of total exports. The second position in the ranking was held by Germany ($X), with an 8.7% share of total exports. It was followed by Japan, with a 4.3% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+7.6% per year) and Japan (+7.1% per year).

Export Prices by Country

In 2021, the average interchangeable tool export price amounted to $X per ton, surging by 2.2% against the previous year. Over the period under review, the export price, however, saw a slight curtailment. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Brazil ($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 Canada (+1.0%), while the prices for the other major destinations experienced a decline.

Interchangeable Tool Imports

Imports into China

In 2021, supplies from abroad of interchangeable tools for hand tools decreased by -16.8% to X tons, falling for the third year in a row after two years of growth. Overall, imports showed a pronounced contraction. The growth pace was the most rapid in 2014 when imports increased by 35%. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, interchangeable tool imports reached $X in 2021. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 13%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

Germany (X tons), Japan (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of interchangeable tool imports to China, with a combined 69% share of total imports. South Korea, Sweden, Spain, Vietnam and the United States lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +49.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest interchangeable tool suppliers to China were Japan ($X), Germany ($X) and Taiwan (Chinese) ($X), together accounting for 71% of total imports. These countries were followed by South Korea, the United States, Spain, Sweden and Vietnam, which together accounted for a further 17%.

Among the main suppliers, Vietnam, with a CAGR of +27.1%, saw the highest rates of growth with regard to 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 interchangeable tool import price stood at $X per ton in 2021, growing by 29% against the previous year. In general, import price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, interchangeable tool import price increased by +81.9% against 2015 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+5.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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