Sri Lanka: Ship Propeller Market 2025

Ship Propeller Market Size in Sri Lanka

In 2022, the Sri Lankan ship propeller market increased by 10% to $X, rising for the second consecutive year after four years of decline. Overall, consumption, however, showed a deep reduction. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Ship Propeller Exports

Exports from Sri Lanka

In 2022, shipments abroad of ships’ or boats’ propellers and blades therefor decreased by -61.4% to X tons, falling for the second year in a row after seven years of growth. Over the period under review, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2018 when exports increased by 219% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, ship propeller exports shrank significantly to $X in 2022. In general, exports, however, posted a significant expansion. The pace of growth was the most pronounced in 2018 with an increase of 252% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for ship propeller exports from Sri Lanka, accounting for a 80% share of total exports. Moreover, ship propeller exports to the United States exceeded the volume sent to the second major destination, Maldives (X kg), tenfold. The UK (X kg) ranked third in terms of total exports with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +61.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+63.9% per year) and the UK (+23.1% per year).

In value terms, the United States ($X) remains the key foreign market for ships’ or boats’ propellers and blades therefor exports from Sri Lanka, comprising 88% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 7.8% share of total exports. It was followed by Maldives, with a 2% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +55.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+43.2% per year) and Maldives (+42.5% per year).

Export Prices by Country

In 2022, the average ship propeller export price amounted to $X per ton, remaining constant against the previous year. In general, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ship propeller export price decreased by -3.6% against 2019 indices. The growth pace was the most rapid in 2019 when the average export price increased by 51%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to the UK ($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 the United States (-4.2%), while the prices for the other major destinations experienced a decline.

Ship Propeller Imports

Imports into Sri Lanka

Ship propeller imports into Sri Lanka dropped to X tons in 2022, with a decrease of -5.9% against 2021 figures. Over the period under review, imports showed a deep contraction. The growth pace was the most rapid in 2016 with an increase of 63% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, ship propeller imports fell to $X in 2022. In general, imports continue to indicate a deep reduction. The pace of growth was the most pronounced in 2016 when imports increased by 125% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest ship propeller supplier to Sri Lanka, with a 65% share of total imports. Moreover, ship propeller imports from China exceeded the figures recorded by the second-largest supplier, Sweden (X tons), ninefold. Malaysia (X tons) ranked third in terms of total imports with a 5.9% share.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-20.0% per year) and Malaysia (+6.2% per year).

In value terms, China ($X), Sweden ($X) and Switzerland ($X) were the largest ship propeller suppliers to Sri Lanka, together accounting for 74% of total imports. Thailand, Norway, Malaysia, India, Japan, Germany, Taiwan (Chinese) and Singapore lagged somewhat behind, together accounting for a further 18%.

Germany, with a CAGR of +38.8%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average ship propeller import price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Overall, the import price, however, showed a perceptible curtailment. The most prominent rate of growth was recorded in 2016 when the average import price increased by 38%. Over the period under review, average import prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+19.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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