China: Tap And Valve Market 2024

Tap And Valve Market Size in China

In 2022, the Chinese tap and valve market decreased by -2.2% to $X, falling for the second year in a row after four years of growth. The market value increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Tap and valve consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Tap And Valve Production in China

In value terms, tap and valve production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 9.7%. Tap and valve production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Tap And Valve Exports

Exports from China

In 2022, overseas shipments of taps, cocks, valves and similar appliances increased by 2.3% to X tons, rising for the second year in a row after two years of decline. Overall, exports recorded measured growth. The pace of growth appeared the most rapid in 2016 when exports increased by 212%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, tap and valve exports expanded markedly to $X in 2022. In general, total exports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.9% 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 +36.7% against 2018 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 28%. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for tap and valve exports from China, with a 1.5% share of total exports. Moreover, tap and valve exports to the United States exceeded the volume sent to the second major destination, South Korea (X tons), threefold. Indonesia (X tons) ranked third in terms of total exports with a 0.4% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+6.3% per year) and Indonesia (+2.6% per year).

In value terms, the United States ($X) remains the key foreign market for taps, cocks, valves and similar appliances exports from China, comprising 1.7% of total exports. The second position in the ranking was taken by South Korea ($X), with a 0.7% share of total exports. It was followed by Japan, with a 0.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+12.7% per year) and Japan (+2.9% per year).

Export Prices by Country

In 2022, the average tap and valve export price amounted to $X per ton, increasing by 4.7% against the previous year. Overall, the export price enjoyed a pronounced expansion. The most prominent rate of growth was recorded in 2014 an increase of 214%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Spain ($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 Russia (+6.1%), while the prices for the other major destinations experienced more modest paces of growth.

Tap And Valve Imports

Imports into China

In 2022, supplies from abroad of taps, cocks, valves and similar appliances decreased by -15.6% to X tons for the first time since 2019, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +1.5% 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 2014 when imports increased by 48% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, tap and valve imports fell to $X in 2022. The total import value increased at an average annual rate of +3.0% 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 with an increase of 19% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, Japan (X tons) constituted the largest tap and valve supplier to China, with a 15% share of total imports. Moreover, tap and valve imports from Japan exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. Italy (X tons) ranked third in terms of total imports with a 3.9% share.

From 2012 to 2022, the average annual growth rate of volume from Japan totaled +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-1.2% per year) and Italy (+1.8% per year).

In value terms, Japan ($X), Germany ($X) and the United States ($X) appeared to be the largest tap and valve suppliers to China, together accounting for 22% of total imports. Italy, South Korea, Vietnam and the UK lagged somewhat behind, together accounting for a further 8.6%.

Vietnam, with a CAGR of +28.7%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average tap and valve import price amounted to $X per ton, growing by 10% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The pace of growth appeared the most rapid in 2016 an increase of 40% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, 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 2022, the most notable rate of growth in terms of prices was attained by the United States (+6.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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