South-Eastern Asia: Market for Articles Of Iron Or Steel 2025

Market Size for Articles Of Iron Or Steel in South-Eastern Asia

In 2022, the Southeast Asian steel and iron articles market increased by 2.8% to $X, rising for the second consecutive year after three years of decline. The total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 +8.5% against 2020 indices. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Production of Articles Of Iron Or Steel in South-Eastern Asia

In value terms, steel and iron articles production contracted to $X in 2022 estimated in export price. The total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +4.7% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of 39%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Exports of Articles Of Iron Or Steel

Exports in South-Eastern Asia

After two years of growth, overseas shipments of articles of iron or steel decreased by -6.3% to X tons in 2022. Total exports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +77.5% against 2016 indices. The pace of growth was the most pronounced in 2021 with an increase of 27% against the previous year. As a result, the exports attained the peak of X tons, and then contracted in the following year.

In value terms, steel and iron articles exports shrank to $X in 2022. The total export value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 28% against the previous year. As a result, the exports reached the peak of $X, and then shrank in the following year.

Exports by Country

Thailand was the key exporting country with an export of around X tons, which resulted at 53% of total exports. Vietnam (X tons) ranks second in terms of the total exports with a 23% share, followed by Malaysia (15%) and Singapore (4.9%). Indonesia (X tons) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to steel and iron articles exports from Thailand stood at +5.2%. At the same time, Vietnam (+16.1%), Malaysia (+3.6%) and Singapore (+1.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +16.1% from 2012-2022. By contrast, Indonesia (-9.6%) illustrated a downward trend over the same period. Vietnam (+15 p.p.) significantly strengthened its position in terms of the total exports, while Singapore, Malaysia and Indonesia saw its share reduced by -2.2%, -2.7% and -8.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest steel and iron articles supplier in South-Eastern Asia, comprising 47% of total exports. The second position in the ranking was held by Vietnam ($X), with an 18% share of total exports. It was followed by Singapore, with a 15% share.

From 2012 to 2022, the average annual growth rate of value in Thailand was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+12.3% per year) and Singapore (+7.0% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, stabilizing at the previous year. In general, the export price saw a noticeable slump. The pace of growth appeared the most rapid in 2015 when the export price increased by 16% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+5.4%), while the other leaders experienced mixed trends in the export price figures.

Imports of Articles Of Iron Or Steel

Imports in South-Eastern Asia

For the sixth consecutive year, South-Eastern Asia recorded growth in purchases abroad of articles of iron or steel, which increased by 7.7% to X tons in 2022. Total imports indicated a resilient expansion from 2012 to 2022: its volume 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, imports increased by +51.3% against 2015 indices. The pace of growth appeared the most rapid in 2015 with an increase of 17% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, steel and iron articles imports expanded sharply to $X in 2022. The total import value increased at an average annual rate of +4.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 20%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Thailand was the major importing country with an import of about X tons, which resulted at 51% of total imports. Vietnam (X tons) held the second position in the ranking, followed by Malaysia (X tons), the Philippines (X tons) and Singapore (X tons). All these countries together held approx. 42% share of total imports. Indonesia (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to steel and iron articles imports into Thailand stood at +10.2%. At the same time, the Philippines (+10.3%), Vietnam (+9.9%) and Malaysia (+1.7%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +10.3% from 2012-2022. Singapore experienced a relatively flat trend pattern. By contrast, Indonesia (-2.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand, Vietnam and the Philippines increased by +15, +4.4 and +2.2 percentage points, respectively.

In value terms, Thailand ($X) constitutes the largest market for imported articles of iron or steel in South-Eastern Asia, comprising 57% of total imports. The second position in the ranking was held by Vietnam ($X), with a 13% share of total imports. It was followed by Malaysia, with a 10% share.

In Thailand, steel and iron articles imports increased at an average annual rate of +3.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+11.2% per year) and Malaysia (+3.1% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period under review, the import price, however, saw a slight shrinkage. The pace of growth was the most pronounced in 2017 when the import price increased by 5%. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while the Philippines ($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 Philippines (+9.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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