Global Tap And Valve Market 2024

Tap And Valve Market Size

The global tap and valve market rose modestly to $X in 2022, with an increase of 4.8% against the previous year. The market value increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 8.5%. Global consumption peaked in 2022 and is likely to see steady growth in years to come.

Tap And Valve Production

In value terms, tap and valve production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 when the production volume increased by 11% against the previous year. Global production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Tap And Valve Exports

Exports

In 2022, shipments abroad of taps, cocks, valves and similar appliances increased by 0.7% to X tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 when exports increased by 32%. Over the period under review, the global exports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, tap and valve exports reached $X in 2022. The total export value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 17% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

In 2022, China (X tons) represented the major exporter of taps, cocks, valves and similar appliances, comprising 43% of total exports. Italy (X tons) held the second position in the ranking, followed by Germany (X tons). All these countries together held approx. 16% share of total exports. The following exporters - Mexico (X tons), Japan (X tons), Thailand (X tons), Spain (X tons), the United States (X tons), India (X tons), Poland (X tons), South Korea (X tons), Turkey (X tons) and Taiwan (Chinese) (X tons) - together made up 23% of total exports.

From 2012 to 2022, average annual rates of growth with regard to tap and valve exports from China stood at +3.3%. At the same time, Mexico (+6.2%), Poland (+6.1%), Turkey (+5.2%), Thailand (+3.6%), Spain (+1.9%), India (+1.8%), Germany (+1.4%) and Taiwan (Chinese) (+1.0%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing exporter exported in the world, with a CAGR of +6.2% from 2012-2022. Japan and Italy experienced a relatively flat trend pattern. By contrast, South Korea (-4.9%) and the United States (-8.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and Mexico increased by +8.1 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Germany ($X) and the United States ($X) were the countries with the highest levels of exports in 2022, with a combined 47% share of global exports. These countries were followed by Italy, Japan, Mexico, Poland, South Korea, Thailand, Spain, India, Taiwan (Chinese) and Turkey, which together accounted for a further 27%.

Poland, with a CAGR of +9.3%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average tap and valve export price amounted to $X per ton, approximately mirroring the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2014 an increase of 34% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+11.4%), while the other global leaders experienced more modest paces of growth.

Tap And Valve Imports

Imports

In 2022, purchases abroad of taps, cocks, valves and similar appliances decreased by -4.2% 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 +1.3% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 10% against the previous year. As a result, imports attained the peak of X tons, and then reduced slightly in the following year.

In value terms, tap and valve imports expanded modestly to $X in 2022. The total import value increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 17% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, the United States (X tons), distantly followed by Germany (X tons) and Nigeria (X tons) were the largest importers of taps, cocks, valves and similar appliances, together achieving 28% of total imports. Russia (X tons), China (X tons), France (X tons), Mexico (X tons), the UK (X tons), Thailand (X tons), Canada (X tons), the United Arab Emirates (X tons), Italy (X tons) and Spain (X tons) followed a long way behind the leaders.

The United States experienced a relatively flat trend pattern with regard to volume of imports of taps, cocks, valves and similar appliances. At the same time, Nigeria (+21.8%), Thailand (+3.2%), Italy (+2.4%), Germany (+2.2%), Spain (+1.7%), Mexico (+1.6%), France (+1.6%) and China (+1.5%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in the world, with a CAGR of +21.8% from 2012-2022. The UK, the United Arab Emirates, Canada and Russia experienced a relatively flat trend pattern. While the share of Nigeria (+4.2 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of the United States (-4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest tap and valve importing markets worldwide were the United States ($X), China ($X) and Germany ($X), with a combined 32% share of global imports. These countries were followed by Canada, France, the UK, Mexico, Thailand, Russia, Italy, the United Arab Emirates, Spain and Nigeria, which together accounted for a further 26%.

Among the main importing countries, Nigeria, with a CAGR of +18.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average tap and valve import price stood at $X per ton in 2022, with an increase of 6.7% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Nigeria ($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 (+4.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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