New Zealand: Market for Tube Or Pipe Fittings (Of Iron Or Steel) 2024

Market Size for Tube Or Pipe Fittings (Of Iron Or Steel) in New Zealand

In 2022, the New Zealand market for tube or pipe fittings (of iron or steel) increased by 11% to $X, rising for the second year in a row after two years of decline. Over the period under review, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +74.7% against 2020 indices. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in years to come.

Exports of Tube Or Pipe Fittings (Of Iron Or Steel)

Exports from New Zealand

In 2022, overseas shipments of tube or pipe fittings (of iron or steel) increased by 39% to X tons, rising for the second year in a row after three years of decline. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when exports increased by 91% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, iron or steel tube fitting exports soared to $X in 2022. In general, exports showed strong growth. The growth pace was the most rapid in 2016 when exports increased by 78% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in years to come.

Exports by Country

Australia (X tons) was the main destination for iron or steel tube fitting exports from New Zealand, with a 77% share of total exports. Moreover, iron or steel tube fitting exports to Australia exceeded the volume sent to the second major destination, Fiji (X tons), eightfold. The United States (X tons) ranked third in terms of total exports with a 2.4% share.

From 2012 to 2022, the average annual growth rate of volume to Australia stood at +4.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Fiji (-5.7% per year) and the United States (+14.9% per year).

In value terms, Australia ($X) remains the key foreign market for tube or pipe fittings (of iron or steel) exports from New Zealand, comprising 68% of total exports. The second position in the ranking was held by the United States ($X), with a 5.8% share of total exports. It was followed by Fiji, with a 4.4% share.

From 2012 to 2022, the average annual growth rate of value to Australia stood at +8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+16.5% per year) and Fiji (-2.7% per year).

Export Prices by Country

In 2022, the average export price for tube or pipe fittings (of iron or steel) amounted to $X per ton, increasing by 5.9% against the previous year. Overall, export price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron or steel tube fitting export price increased by +54.2% against 2016 indices. The pace of growth appeared the most rapid in 2014 an increase of 13%. The export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Fiji ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Samoa (+12.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tube Or Pipe Fittings (Of Iron Or Steel)

Imports into New Zealand

In 2022, purchases abroad of tube or pipe fittings (of iron or steel) increased by 9.6% to X tons, rising for the second consecutive year after three years of decline. In general, total imports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +57.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 44% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

In value terms, iron or steel tube fitting imports expanded notably to $X in 2022. Over the period under review, total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +79.0% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 57%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of iron or steel tube fitting to New Zealand, accounting for a 68% share of total imports. Moreover, iron or steel tube fitting imports from China exceeded the figures recorded by the second-largest supplier, Australia (X tons), eightfold. The third position in this ranking was taken by India (X tons), with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+0.9% per year) and India (+24.1% per year).

In value terms, China ($X) constituted the largest supplier of tube or pipe fittings (of iron or steel) to New Zealand, comprising 45% of total imports. The second position in the ranking was held by Australia ($X), with an 11% share of total imports. It was followed by the United States, with a 7.9% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+0.5% per year) and the United States (+1.3% per year).

Import Prices by Country

In 2022, the average import price for tube or pipe fittings (of iron or steel) amounted to $X per ton, increasing by 3.9% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The pace of growth was the most pronounced in 2018 an increase of 18%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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