Eastern Asia: Market for Tube Or Pipe Fittings (Of Iron Or Steel) 2024

Market Size for Tube Or Pipe Fittings (Of Iron Or Steel) in Eastern Asia

The East Asian market for tube or pipe fittings (of iron or steel) was estimated at $X in 2022, therefore, remained relatively stable against the previous year. The total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.2% against 2016 indices. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Production of Tube Or Pipe Fittings (Of Iron Or Steel) in Eastern Asia

In value terms, iron or steel tube fitting production declined modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when the production volume increased by 13% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Tube Or Pipe Fittings (Of Iron Or Steel)

Exports in Eastern Asia

In 2022, approx. X tons of tube or pipe fittings (of iron or steel) were exported in Eastern Asia; approximately equating 2021 figures. Over the period under review, exports showed a slight downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 165% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, iron or steel tube fitting exports rose significantly to $X in 2022. The total export value increased at an average annual rate of +1.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 22%. The level of export peaked in 2022 and is likely to see steady growth in years to come.

Exports by Country

China dominates exports structure, resulting at X tons, which was approx. 87% of total exports in 2022. It was distantly followed by South Korea (X tons), mixing up an 8.8% share of total exports. Taiwan (Chinese) (X tons) took a minor share of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of tube or pipe fittings (of iron or steel). Taiwan (Chinese) (-4.1%) and South Korea (-5.3%) illustrated a downward trend over the same period. China (+5.7 p.p.) significantly strengthened its position in terms of the total exports, while South Korea saw its share reduced by -4.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest iron or steel tube fitting supplier in Eastern Asia, comprising 77% of total exports. The second position in the ranking was taken by South Korea ($X), with a 12% share of total exports.

In China, iron or steel tube fitting exports expanded at an average annual rate of +3.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (-4.3% per year) and Taiwan (Chinese) (-2.0% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, increasing by 9.6% against the previous year. Overall, the export price saw a temperate increase. The growth pace was the most rapid in 2016 an increase of 131% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2022, the export prices remained at a lower figure.

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 Taiwan (Chinese) ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.0%), while the other leaders experienced more modest paces of growth.

Imports of Tube Or Pipe Fittings (Of Iron Or Steel)

Imports in Eastern Asia

In 2022, the amount of tube or pipe fittings (of iron or steel) imported in Eastern Asia reduced slightly to X tons, shrinking by -3.8% against the previous year. In general, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 8.6% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, iron or steel tube fitting imports stood at $X in 2022. The total import value increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 17% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

Imports by Country

Japan (X tons) and South Korea (X tons) were the largest importers of tube or pipe fittings (of iron or steel) in 2022, resulting at near 34% and 30% of total imports, respectively. Taiwan (Chinese) (X tons) ranks next in terms of the total imports with a 16% share, followed by Hong Kong SAR (11%) and China (8.6%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Hong Kong SAR (with a CAGR of +2.8%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, China ($X), Japan ($X) and South Korea ($X) constituted the countries with the highest levels of imports in 2022, with a combined 87% share of total imports. Taiwan (Chinese) and Hong Kong SAR lagged somewhat behind, together accounting for a further 13%.

In terms of the main importing countries, Hong Kong SAR, with a CAGR of +3.8%, 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 import price in Eastern Asia stood at $X per ton in 2022, rising by 5% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2017 when the import price increased by 14% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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