Hong Kong SAR, China: Safety Valve Market 2024

Safety Valve Market Size in Hong Kong SAR, China

The Hong Kong safety valve market reduced notably to $X in 2021, with a decrease of -31.7% against the previous year. Overall, consumption, however, enjoyed strong growth. As a result, consumption attained the peak level of $X, and then declined remarkably in the following year.

Safety Valve Production in Hong Kong SAR, China

In value terms, safety valve production dropped sharply to $X in 2021 estimated in export price. Overall, production, however, saw a strong increase. The growth pace was the most rapid in 2020 with an increase of 652% against the previous year. As a result, production reached the peak level of $X, and then shrank rapidly in the following year.

Safety Valve Exports

Exports from Hong Kong SAR, China

In 2021, safety valve exports from Hong Kong SAR was estimated at X units, increasing by 5.7% against the previous year's figure. In general, exports saw a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 95%. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, safety valve exports dropped to $X in 2021. Over the period under review, exports saw a remarkable increase. The growth pace was the most rapid in 2017 with an increase of 110%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

China (X units) was the main destination for safety valve exports from Hong Kong SAR, with a 69% share of total exports. Moreover, safety valve exports to China exceeded the volume sent to the second major destination, Germany (X units), sevenfold. Iran (X units) ranked third in terms of total exports with a 6.5% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at +8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+46.4% per year) and Iran (+68.5% per year).

In value terms, China ($X) remains the key foreign market for safety or relief valves for pipes, boiler shells, tanks and vats exports from Hong Kong SAR, comprising 69% of total exports. The second position in the ranking was held by Germany ($X), with a 9.2% share of total exports. It was followed by Iran, with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled +10.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+47.8% per year) and Iran (+74.7% per year).

Export Prices by Country

In 2021, the average safety valve export price amounted to $X per unit, which is down by -6.3% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.0%. The pace of growth was the most pronounced in 2020 when the average export price increased by 16% against the previous year. As a result, the export price attained the peak level of $X per unit, and then fell in the following year.

Average prices varied noticeably for the major export markets. In 2021, the countries with the highest prices were the Philippines ($X per unit) and Iran ($X per unit), while the average price for exports to China ($X per unit) and Taiwan (Chinese) ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Iran (+3.7%), while the prices for the other major destinations experienced more modest paces of growth.

Safety Valve Imports

Imports into Hong Kong SAR, China

In 2021, approx. X units of safety or relief valves for pipes, boiler shells, tanks and vats were imported into Hong Kong SAR; jumping by 45% against 2020. Overall, imports saw a resilient expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 61% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, safety valve imports soared to $X in 2021. In general, imports continue to indicate a resilient expansion. The growth pace was the most rapid in 2017 when imports increased by 62% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

The United States (X units), Germany (X units) and China (X units) were the main suppliers of safety valve imports to Hong Kong SAR, with a combined 84% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +33.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest safety valve suppliers to Hong Kong SAR were the United States ($X), Germany ($X) and China ($X), with a combined 84% share of total imports.

In terms of the main suppliers, Germany, with a CAGR of +36.0%, 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 average safety valve import price stood at $X per unit in 2021, with a decrease of -8.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. The pace of growth was the most pronounced in 2020 an increase of 23% against the previous year. As a result, import price reached the peak level of $X per unit, and then declined in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2021, the highest price was recorded for prices from Italy ($X per unit) and the UK ($X per unit), while the price for the United States ($X per unit) and Singapore ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+1.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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