Japan: Pig Iron Articles Market 2024

Pig Iron Articles Market Size in Japan

After two years of decline, the Japanese pig iron articles market increased by 12% to $X in 2021. The market value increased at an average annual rate of +1.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Pig iron articles consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Pig Iron Articles Production in Japan

In value terms, pig iron articles production rose sharply to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the production volume increased by 24%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Pig Iron Articles Exports

Exports from Japan

In 2021, overseas shipments of granules and powders of pig iron were finally on the rise to reach X tons after two years of decline. The total export volume increased at an average annual rate of +2.3% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, pig iron articles exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.8% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons), South Korea (X tons) and Thailand (X tons) were the main destinations of pig iron articles exports from Japan, with a combined 61% share of total exports. These countries were followed by Taiwan (Chinese), Indonesia, the United States and Malaysia, which together accounted for a further 26%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of +15.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for pig iron articles exported from Japan were China ($X), South Korea ($X) and the United States ($X), together comprising 56% of total exports. Thailand, Taiwan (Chinese), Indonesia and Malaysia lagged somewhat behind, together comprising a further 22%.

Indonesia, with a CAGR of +8.5%, recorded the highest rates of growth with regard to the value of exports, in terms of 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

The average pig iron articles export price stood at $X per ton in 2021, declining by -2.3% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 12% against the previous year. As a result, the export price attained the peak level of $X per ton, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Indonesia ($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 Malaysia (+3.1%), while the prices for the other major destinations experienced more modest paces of growth.

Pig Iron Articles Imports

Imports into Japan

In 2021, supplies from abroad of granules and powders of pig iron was finally on the rise to reach X tons after two years of decline. Overall, imports, however, saw a mild downturn. The pace of growth appeared the most rapid in 2017 with an increase of 30%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, pig iron articles imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Sweden (X tons) constituted the largest pig iron articles supplier to Japan, with a 45% share of total imports. Moreover, pig iron articles imports from Sweden exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by South Korea (X tons), with a 17% share.

From 2012 to 2021, the average annual growth rate of volume from Sweden totaled -1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+6.0% per year) and South Korea (-2.5% per year).

In value terms, China ($X) constituted the largest supplier of granules and powders of pig iron to Japan, comprising 57% of total imports. The second position in the ranking was held by Sweden ($X), with a 23% share of total imports. It was followed by South Korea, with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +9.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-1.3% per year) and South Korea (-4.9% per year).

Import Prices by Country

The average pig iron articles import price stood at $X per ton in 2021, with an increase of 36% against the previous year. Overall, import price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, pig iron articles import price increased by +73.6% against 2018 indices. 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 China ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform