Hong Kong SAR, China: Cored Arc-Welding Wire Market 2024

Cored Arc-Welding Wire Market Size in Hong Kong SAR, China

The Hong Kong cored arc-welding wire market was finally on the rise to reach $X in 2021, after three years of decline. Over the period under review, consumption saw a slight descent. Cored arc-welding wire consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Cored Arc-Welding Wire Production in Hong Kong SAR, China

In value terms, cored arc-welding wire production soared to $X in 2021 estimated in export price. In general, production, however, saw a pronounced contraction. The pace of growth appeared the most rapid in 2013 with an increase of 23% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Cored Arc-Welding Wire Exports

Exports from Hong Kong SAR, China

After two years of decline, shipments abroad of cored arc-welding wire increased by 435% to X tons in 2021. In general, exports showed a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, cored arc-welding wire exports surged to $X in 2021. Over the period under review, exports showed a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for cored arc-welding wire exports from Hong Kong SAR, accounting for a 89% share of total exports. Moreover, cored arc-welding wire exports to China exceeded the volume sent to the second major destination, Bangladesh (X tons), more than tenfold. The third position in this ranking was held by the Philippines (X tons), with a 2.4% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled +34.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+24.8% per year) and the Philippines (-7.9% per year).

In value terms, China ($X) remains the key foreign market for cored arc-welding wire exports from Hong Kong SAR, comprising 92% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 1.5% share of total exports. It was followed by the Philippines, with a 0.8% share.

From 2012 to 2021, the average annual growth rate of value to China stood at +24.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+30.4% per year) and the Philippines (-10.4% per year).

Export Prices by Country

In 2021, the average cored arc-welding wire export price amounted to $X per ton, which is down by -32% against the previous year. Overall, the export price continues to indicate a perceptible descent. The most prominent rate of growth was recorded in 2016 when the average export price increased by 79% against the previous year. The export price peaked at $X per ton in 2020, and then dropped dramatically in the following year.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (-1.8%), while the prices for the other major destinations experienced a decline.

Cored Arc-Welding Wire Imports

Imports into Hong Kong SAR, China

Cored arc-welding wire imports into Hong Kong SAR was estimated at X tons in 2021, growing by 11% against 2020. Overall, total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +60.3% against 2016 indices. The pace of growth was the most pronounced in 2014 with an increase of 52% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, cored arc-welding wire imports soared to $X in 2021. In general, imports posted a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X tons) constituted the largest cored arc-welding wire supplier to Hong Kong SAR, accounting for a 70% share of total imports. Moreover, cored arc-welding wire imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The third position in this ranking was taken by Japan (X tons), with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States stood at +12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+8.5% per year) and Japan (+19.1% per year).

In value terms, the largest cored arc-welding wire suppliers to Hong Kong SAR were China ($X), the United States ($X) and Japan ($X), with a combined 98% share of total imports.

Japan, with a CAGR of +22.6%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average cored arc-welding wire import price stood at $X per ton in 2021, rising by 63% against the previous year. Over the period under review, import price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+43.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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