Hong Kong SAR, China: Pressure-Reducing Iron Valve Market 2024

Pressure-Reducing Iron Valve Market Size in Hong Kong SAR, China

The Hong Kong pressure-reducing iron valve market skyrocketed to $X in 2022, jumping by 20% against the previous year. In general, consumption recorded a resilient increase. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Pressure-Reducing Iron Valve Production in Hong Kong SAR, China

In value terms, pressure-reducing iron valve production rose rapidly to $X in 2022 estimated in export price. Over the period under review, production enjoyed significant growth. The pace of growth was the most pronounced in 2014 when the production volume increased by 562%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Pressure-Reducing Iron Valve Exports

Exports from Hong Kong SAR, China

In 2022, after two years of growth, there was significant decline in shipments abroad of pressure-reducing, control, check and safety valves, when their volume decreased by -17.2% to X units. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +37.6% against 2019 indices. The pace of growth was the most pronounced in 2021 when exports increased by 63%. As a result, the exports attained the peak of X units, and then dropped sharply in the following year.

In value terms, pressure-reducing iron valve exports reduced dramatically to $X in 2022. Overall, total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +41.1% against 2019 indices. The growth pace was the most rapid in 2021 when exports increased by 53%. As a result, the exports reached the peak of $X, and then fell rapidly in the following year.

Exports by Country

China (X units) was the main destination for pressure-reducing iron valve exports from Hong Kong SAR, with a 89% share of total exports. It was followed by Singapore (X units), with a 2.9% share of total exports. The third position in this ranking was held by Taiwan (Chinese) (X units), with a 2.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at +6.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+47.1% per year) and Taiwan (Chinese) (+72.6% per year).

In value terms, China ($X) remains the key foreign market for pressure-reducing, control, check and safety valves exports from Hong Kong SAR, comprising 89% of total exports. The second position in the ranking was taken by Singapore ($X), with a 2.9% share of total exports. It was followed by Taiwan (Chinese), with a 2.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to +6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+48.1% per year) and Taiwan (Chinese) (+71.4% per year).

Export Prices by Country

The average pressure-reducing iron valve export price stood at $X per unit in 2022, shrinking by -4.1% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average export price increased by 15%. The export price peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Taiwan (Chinese) ($X per unit) and Germany ($X per unit), while the average price for exports to Singapore ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+0.7%), while the prices for the other major destinations experienced more modest paces of growth.

Pressure-Reducing Iron Valve Imports

Imports into Hong Kong SAR, China

In 2022, after two years of growth, there was significant decline in supplies from abroad of pressure-reducing, control, check and safety valves, when their volume decreased by -10.3% to X units. Overall, imports recorded a pronounced shrinkage. The growth pace was the most rapid in 2021 with an increase of 20%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, pressure-reducing iron valve imports shrank to $X in 2022. In general, imports saw a slight reduction. The pace of growth appeared the most rapid in 2021 when imports increased by 30% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, India (X units) constituted the largest pressure-reducing iron valve supplier to Hong Kong SAR, with a 35% share of total imports. Moreover, pressure-reducing iron valve imports from India exceeded the figures recorded by the second-largest supplier, Germany (X units), twofold. The third position in this ranking was taken by China (X units), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India amounted to +72.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+3.4% per year) and China (-13.2% per year).

In value terms, India ($X) constituted the largest supplier of pressure-reducing, control, check and safety valves to Hong Kong SAR, comprising 35% of total imports. The second position in the ranking was taken by Germany ($X), with a 15% share of total imports. It was followed by China, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India amounted to +76.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+5.5% per year) and China (-11.4% per year).

Import Prices by Country

The average pressure-reducing iron valve import price stood at $X per unit in 2022, remaining relatively unchanged against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 11%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were India ($X per unit) and Japan ($X per unit), while the price for Singapore ($X per unit) and Thailand ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+2.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform