Eastern Asia: Insulating Fittings Market 2024

Insulating Fittings Market Size in Eastern Asia

After five years of growth, the East Asian insulating fittings market decreased by -8.9% to $X in 2021. Overall, consumption, however, saw a prominent expansion. Over the period under review, the market hit record highs at $X in 2020, and then shrank in the following year.

Insulating Fittings Production in Eastern Asia

In value terms, insulating fittings production fell to $X in 2021 estimated in export price. In general, production recorded a resilient increase. The most prominent rate of growth was recorded in 2019 with an increase of 24%. Over the period under review, production attained the peak level at $X in 2020, and then contracted in the following year.

Insulating Fittings Exports

Exports in Eastern Asia

In 2021, overseas shipments of insulating fittings for electrical purposes were finally on the rise to reach X tons after three years of decline. The total export volume increased at an average annual rate of +3.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, insulating fittings exports skyrocketed to $X in 2021. In general, exports posted a strong expansion. The most prominent rate of growth was recorded in 2018 with an increase of 22%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in years to come.

Exports by Country

China dominates exports structure, accounting for X tons, which was near 91% of total exports in 2021. It was distantly followed by South Korea (X tons), mixing up a 5.1% share of total exports. The following exporters - Taiwan (Chinese) (X tons) and Japan (X tons) - together made up 4.2% of total exports.

From 2012 to 2021, average annual rates of growth with regard to insulating fittings exports from China stood at +3.7%. At the same time, South Korea (+7.4%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +7.4% from 2012-2021. Japan experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-1.1%) illustrated a downward trend over the same period. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest insulating fittings supplier in Eastern Asia, comprising 62% of total exports. The second position in the ranking was held by Japan ($X), with a 25% share of total exports. It was followed by South Korea, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China totaled +8.9%. In the other countries, the average annual rates were as follows: Japan (+13.5% per year) and South Korea (+9.7% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, with a decrease of -17% against the previous year. Over the period under review, the export price, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2020 an increase of 36% against the previous year. As a result, the export price reached the peak level of $X per ton, and then dropped notably in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+14.0%), while the other leaders experienced more modest paces of growth.

Insulating Fittings Imports

Imports in Eastern Asia

Insulating fittings imports skyrocketed to X tons in 2021, picking up by 70% against the year before. Total imports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, insulating fittings imports skyrocketed to $X in 2021. Total imports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

South Korea represented the major importing country with an import of about X tons, which reached 56% of total imports. Taiwan (Chinese) (X tons) ranks second in terms of the total imports with a 27% share, followed by China (12%). The following importers - Hong Kong SAR (X tons) and Japan (X tons) - together made up 4.9% of total imports.

South Korea was also the fastest-growing in terms of the insulating fittings for electrical purposes imports, with a CAGR of +12.0% from 2012 to 2021. At the same time, Japan (+4.0%) and Hong Kong SAR (+3.1%) displayed positive paces of growth. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, China (-1.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of South Korea increased by +26 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Taiwan (Chinese) ($X), China ($X) and South Korea ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 93% share of total imports.

In terms of the main importing countries, South Korea, with a CAGR of +13.5%, saw 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 import price in Eastern Asia stood at $X per ton in 2021, shrinking by -15.4% against the previous year. Import price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, insulating fittings import price decreased by -32.0% against 2018 indices. The most prominent rate of growth was recorded in 2017 when the import price increased by 32%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+13.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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