Colombia: Radiator Market 2024

Radiator Market Size in Colombia

The Colombian radiator market fell markedly to $X in 2022, which is down by -34.8% 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). Over the period under review, consumption, however, posted tangible growth. Radiator consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Radiator Exports

Exports from Colombia

In 2022, the amount of radiators for central heating (not electrically heated) exported from Colombia fell significantly to X tons, waning by -34.2% against 2021 figures. In general, exports, however, saw a buoyant expansion. The growth pace was the most rapid in 2016 when exports increased by 441%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, radiator exports declined markedly to $X in 2022. Over the period under review, exports, however, saw a strong increase. The most prominent rate of growth was recorded in 2021 when exports increased by 246%. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Venezuela (X tons) was the main destination for radiator exports from Colombia, accounting for a 74% share of total exports. Moreover, radiator exports to Venezuela exceeded the volume sent to the second major destination, Guatemala (X tons), fourfold. The third position in this ranking was held by the United States (X tons), with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Venezuela totaled +23.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+15.8% per year) and the United States (+12.6% per year).

In value terms, the largest markets for radiator exported from Colombia were Venezuela ($X), Guatemala ($X) and the United States ($X), with a combined 81% share of total exports.

Guatemala, with a CAGR of +11.4%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average radiator export price amounted to $X per ton, waning by -2.1% against the previous year. Overall, the export price recorded a perceptible setback. The most prominent rate of growth was recorded in 2015 when the average export price increased by 179%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to Venezuela ($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 Chile (+30.6%), while the prices for the other major destinations experienced a decline.

Radiator Imports

Imports into Colombia

In 2022, approx. X tons of radiators for central heating (not electrically heated) were imported into Colombia; which is down by -38.2% compared with 2021 figures. Overall, imports, however, saw a tangible expansion. The most prominent rate of growth was recorded in 2014 with an increase of 110%. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, radiator imports shrank significantly to $X in 2022. Over the period under review, imports, however, posted noticeable growth. The growth pace was the most rapid in 2021 when imports increased by 167% against the previous year. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, India (X tons) constituted the largest radiator supplier to Colombia, with a 65% share of total imports. Moreover, radiator imports from India exceeded the figures recorded by the second-largest supplier, France (X tons), threefold. China (X tons) ranked third in terms of total imports with a 5.8% share.

From 2012 to 2022, the average annual growth rate of volume from India amounted to +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+16.4% per year) and China (-6.2% per year).

In value terms, India ($X) constituted the largest supplier of radiators for central heating (not electrically heated) to Colombia, comprising 45% of total imports. The second position in the ranking was held by France ($X), with a 21% share of total imports. It was followed by China, with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India amounted to +15.5%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+26.3% per year) and China (-1.2% per year).

Import Prices by Country

In 2022, the average radiator import price amounted to $X per ton, with an increase of 11% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 66% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+8.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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