Eastern Asia: Market for Iron Or Steel Solid Fuel Domestic Appliances 2024

Market Size for Iron Or Steel Solid Fuel Domestic Appliances in Eastern Asia

In 2022, the East Asian metal solid fuel appliances market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption, however, recorded a slight contraction. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Production of Iron Or Steel Solid Fuel Domestic Appliances in Eastern Asia

In value terms, metal solid fuel appliances production shrank slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a noticeable decrease. The pace of growth appeared the most rapid in 2016 with an increase of 47%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Exports of Iron Or Steel Solid Fuel Domestic Appliances

Exports in Eastern Asia

In 2022, after two years of growth, there was significant decline in overseas shipments of iron or steel solid fuel domestic appliances, when their volume decreased by -16.5% to X units. Overall, exports faced a abrupt setback. The most prominent rate of growth was recorded in 2021 with an increase of 44%. The volume of export peaked at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, metal solid fuel appliances exports shrank rapidly to $X in 2022. In general, exports, however, saw a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 69% against the previous year. As a result, the exports reached the peak of $X, and then declined remarkably in the following year.

Exports by Country

China dominates exports structure, recording X units, which was near 93% of total exports in 2022. It was distantly followed by Taiwan (Chinese) (X units), achieving a 6.7% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to metal solid fuel appliances exports from China stood at -18.2%. Taiwan (Chinese) (-3.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Taiwan (Chinese) increased by +5.3 percentage points.

In value terms, China ($X) remains the largest metal solid fuel appliances supplier in Eastern Asia, comprising 99% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 0.8% share of total exports.

From 2012 to 2022, the average annual growth rate of value in China amounted to +10.2%.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per unit, which is down by -3.4% against the previous year. Overall, the export price, however, showed a significant increase. The most prominent rate of growth was recorded in 2018 when the export price increased by 437% against the previous year. The level of export peaked at $X per unit in 2021, and then dropped in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while Taiwan (Chinese) stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+34.7%).

Imports of Iron Or Steel Solid Fuel Domestic Appliances

Imports in Eastern Asia

In 2022, purchases abroad of iron or steel solid fuel domestic appliances increased by 22% to X units, rising for the seventh year in a row after two years of decline. In general, imports recorded buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 71% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, metal solid fuel appliances imports reduced to $X in 2022. Overall, imports saw a notable expansion. The growth pace was the most rapid in 2021 when imports increased by 59% against the previous year. As a result, imports attained the peak of $X, and then contracted slightly in the following year.

Imports by Country

Hong Kong SAR represented the largest importer of iron or steel solid fuel domestic appliances in Eastern Asia, with the volume of imports finishing at X units, which was approx. 53% of total imports in 2022. Japan (X units) held the second position in the ranking, distantly followed by China (X units), South Korea (X units) and Democratic People's Republic of Korea (X units). All these countries together took approx. 46% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to metal solid fuel appliances imports into Hong Kong SAR stood at +14.2%. At the same time, China (+37.6%), Democratic People's Republic of Korea (+14.4%) and South Korea (+7.9%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +37.6% from 2012-2022. Japan experienced a relatively flat trend pattern. From 2012 to 2022, the share of Hong Kong SAR, China and Democratic People's Republic of Korea increased by +21, +10 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported iron or steel solid fuel domestic appliances in Eastern Asia, comprising 70% of total imports. The second position in the ranking was taken by South Korea ($X), with a 20% share of total imports. It was followed by China, with a 4.7% share.

In Japan, metal solid fuel appliances imports increased at an average annual rate of +3.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+9.4% per year) and China (+15.9% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per unit, dropping by -21.7% against the previous year. Overall, the import price showed a pronounced slump. The most prominent rate of growth was recorded in 2014 when the import price increased by 58%. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per unit), while Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+4.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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