India: Market for Iron Or Steel Solid Fuel Domestic Appliances 2024

Market Size for Iron Or Steel Solid Fuel Domestic Appliances in India

After two years of growth, the Indian metal solid fuel appliances market decreased by -2.2% to $X in 2022. Over the period under review, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.2% against 2018 indices. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Iron Or Steel Solid Fuel Domestic Appliances in India

In value terms, metal solid fuel appliances production contracted to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 32%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Exports of Iron Or Steel Solid Fuel Domestic Appliances

Exports from India

Metal solid fuel appliances exports from India amounted to X units in 2022, remaining relatively unchanged against 2021 figures. In general, exports saw a resilient expansion. The pace of growth was the most pronounced in 2016 when exports increased by 84% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, metal solid fuel appliances exports dropped modestly to $X in 2022. Overall, exports recorded a prominent expansion. The growth pace was the most rapid in 2013 when exports increased by 65%. Over the period under review, the exports hit record highs at $X in 2021, and then fell modestly in the following year.

Exports by Country

The United States (X units), New Zealand (X units) and Canada (X units) were the main destinations of metal solid fuel appliances exports from India, together accounting for 49% of total exports. Nepal, Australia, Finland, Japan, the UK, Belgium, the United Arab Emirates, Qatar and Singapore lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Finland (with a CAGR of +124.9%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), New Zealand ($X) and Canada ($X) constituted the largest markets for metal solid fuel appliances exported from India worldwide, together comprising 49% of total exports. Nepal, Australia, Finland, Japan, the UK, Belgium, the United Arab Emirates, Qatar and Singapore lagged somewhat behind, together comprising a further 37%.

Belgium, with a CAGR of +237.6%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average metal solid fuel appliances export price amounted to $X per unit, approximately reflecting the previous year. In general, export price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, metal solid fuel appliances export price decreased by -5.7% against 2018 indices. The pace of growth was the most pronounced in 2017 when the average export price increased by 56% against the previous year. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Qatar ($X per unit) and Finland ($X per unit), while the average price for exports to the UK ($X per unit) and the United Arab Emirates ($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 Belgium (+53.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron Or Steel Solid Fuel Domestic Appliances

Imports into India

In 2022, overseas purchases of iron or steel solid fuel domestic appliances decreased by -56.1% to X units, falling for the second consecutive year after two years of growth. In general, imports recorded a slight shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 103%. Imports peaked at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, metal solid fuel appliances imports contracted dramatically to $X in 2022. Overall, imports, however, saw measured growth. The pace of growth appeared the most rapid in 2019 with an increase of 67% against the previous year. Imports peaked at $X in 2021, and then reduced notably in the following year.

Imports by Country

In 2022, South Korea (X units) constituted the largest supplier of metal solid fuel appliances to India, with a 61% share of total imports. Moreover, metal solid fuel appliances imports from South Korea exceeded the figures recorded by the second-largest supplier, Vietnam (X units), fourfold. China (X units) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from South Korea stood at +37.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+19.1% per year) and China (-16.3% per year).

In value terms, South Korea ($X) constituted the largest supplier of iron or steel solid fuel domestic appliances to India, comprising 61% of total imports. The second position in the ranking was held by Vietnam ($X), with a 17% share of total imports. It was followed by China, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from South Korea totaled +44.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+43.6% per year) and China (-11.7% per year).

Import Prices by Country

In 2022, the average metal solid fuel appliances import price amounted to $X per unit, rising by 24% against the previous year. Overall, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, metal solid fuel appliances import price increased by +72.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 33%. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Vietnam ($X per unit) and Poland ($X per unit), while the price for Italy ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+20.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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