South-Eastern Asia: Metal Wool Market 2024

Metal Wool Market Size in South-Eastern Asia

The Southeast Asian metal wool market stood at $X in 2022, increasing by 5.9% against the previous year. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level in 2022 and is likely to see steady growth in years to come.

Metal Wool Production in South-Eastern Asia

In value terms, metal wool production expanded remarkably to $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the production volume increased by 26%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Metal Wool Exports

Exports in South-Eastern Asia

In 2022, the amount of iron or steel wool exported in South-Eastern Asia fell to X tons, reducing by -7.4% on the previous year's figure. Overall, exports showed a perceptible reduction. The pace of growth appeared the most rapid in 2013 when exports increased by 103%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, metal wool exports stood at $X in 2022. In general, exports continue to indicate a pronounced shrinkage. The pace of growth was the most pronounced in 2013 with an increase of 105% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Thailand (X tons) and Vietnam (X tons) represented roughly 66% of total exports in 2022. It was distantly followed by Malaysia (X tons), Indonesia (X tons) and Singapore (X tons), together achieving a 34% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Vietnam (with a CAGR of +1.3%), while the other leaders experienced a decline in the exports figures.

In value terms, the largest metal wool supplying countries in South-Eastern Asia were Thailand ($X), Vietnam ($X) and Malaysia ($X), together accounting for 82% of total exports.

In terms of the main exporting countries, Vietnam, with a CAGR of +4.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, increasing by 13% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2015 an increase of 14%. Over the period under review, the export prices attained the maximum at $X per ton in 2016; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.6%), while the other leaders experienced more modest paces of growth.

Metal Wool Imports

Imports in South-Eastern Asia

For the third consecutive year, South-Eastern Asia recorded growth in supplies from abroad of iron or steel wool, which increased by 4% to X tons in 2022. Total imports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +3.2% 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 +7.6% against 2018 indices. The most prominent rate of growth was recorded in 2014 with an increase of 32%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, metal wool imports stood at $X in 2022. The total import value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 with an increase of 52% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

The Philippines was the major importer of iron or steel wool in South-Eastern Asia, with the volume of imports reaching X tons, which was near 41% of total imports in 2022. It was distantly followed by Thailand (X tons), Indonesia (X tons), Malaysia (X tons) and Myanmar (X tons), together making up a 52% share of total imports. Singapore (X tons) and Vietnam (X tons) followed a long way behind the leaders.

The Philippines was also the fastest-growing in terms of the iron or steel wool imports, with a CAGR of +23.4% from 2012 to 2022. At the same time, Myanmar (+12.3%) and Thailand (+1.8%) displayed positive paces of growth. Singapore experienced a relatively flat trend pattern. By contrast, Indonesia (-2.5%), Vietnam (-3.6%) and Malaysia (-6.5%) illustrated a downward trend over the same period. While the share of the Philippines (+34 p.p.) and Myanmar (+3.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Vietnam (-2.5 p.p.), Thailand (-2.7 p.p.), Indonesia (-13.6 p.p.) and Malaysia (-16.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest metal wool importing markets in South-Eastern Asia were Indonesia ($X), Thailand ($X) and the Philippines ($X), with a combined 69% share of total imports.

The Philippines, with a CAGR of +25.1%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, growing by 5.8% against the previous year. Overall, the import price, however, saw a mild decrease. The growth pace was the most rapid in 2014 when the import price increased by 15%. As a result, import price attained the peak level of $X per ton. From 2015 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 ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+6.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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