India: Insulating Fittings Market 2024

Insulating Fittings Market Size in India

After two years of growth, the Indian insulating fittings market decreased by -10% to $X in 2021. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2020, and then dropped in the following year.

Insulating Fittings Production in India

In value terms, insulating fittings production contracted to $X in 2021 estimated in export price. In general, production, however, showed a noticeable slump. The pace of growth was the most pronounced in 2020 with an increase of 8.6%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Insulating Fittings Exports

Exports from India

In 2021, after five years of decline, there was significant growth in shipments abroad of insulating fittings for electrical purposes, when their volume increased by 59% to X tons. In general, exports, however, continue to indicate a deep slump. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, insulating fittings exports surged to $X in 2021. Overall, exports, however, continue to indicate a deep slump. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for insulating fittings exports from India, with a 77% share of total exports. Moreover, insulating fittings exports to the United States exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), fivefold. The third position in this ranking was taken by Saudi Arabia (X tons), with a 1.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled -6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+19.8% per year) and Saudi Arabia (-24.2% per year).

In value terms, the largest markets for insulating fittings exported from India were the United States ($X), the United Arab Emirates ($X) and Saudi Arabia ($X), with a combined 91% share of total exports.

Among the main countries of destination, the United Arab Emirates, with a CAGR of +18.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average insulating fittings export price stood at $X per ton in 2021, declining by -23.9% against the previous year. In general, the export price recorded a perceptible downturn. The growth pace was the most rapid in 2020 an increase of 40%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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 Germany ($X per ton), while the average price for exports to the United States ($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 the United Arab Emirates (-0.8%), while the prices for the other major destinations experienced a decline.

Insulating Fittings Imports

Imports into India

In 2021, overseas purchases of insulating fittings for electrical purposes increased by 52% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports recorded a relatively flat trend pattern. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, insulating fittings imports skyrocketed to $X in 2021. In general, imports, however, showed a relatively flat trend pattern. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of insulating fittings to India, with a 44% share of total imports. Moreover, insulating fittings imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold. The third position in this ranking was taken by the United States (X tons), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+24.0% per year) and the United States (+15.5% per year).

In value terms, China ($X), South Korea ($X) and the United States ($X) were the largest insulating fittings suppliers to India, with a combined 66% share of total imports. These countries were followed by Poland, Malaysia, Japan and Germany, which together accounted for a further 23%.

Poland, with a CAGR of +46.3%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average insulating fittings import price amounted to $X per ton, dropping by -3% against the previous year. Overall, the import price showed a slight slump. The pace of growth appeared the most rapid in 2020 an increase of 15%. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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