Turkey: Electrical Insulating Fittings Market 2024

Electrical Insulating Fittings Market Size in Turkey

The Turkish electrical insulating fittings market declined to $X in 2022, with a decrease of -6.8% against the previous year. In general, consumption showed buoyant growth. Electrical insulating fittings consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Electrical Insulating Fittings Production in Turkey

In value terms, electrical insulating fittings production dropped rapidly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a buoyant increase. The most prominent rate of growth was recorded in 2021 when the production volume increased by 80% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Electrical Insulating Fittings Exports

Exports from Turkey

In 2022, exports of electrical insulating fittings of plastics from Turkey dropped to X tons, with a decrease of -8.4% on the previous year. Overall, exports showed a perceptible decrease. The pace of growth was the most pronounced in 2017 with an increase of 54% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, electrical insulating fittings exports stood at $X in 2022. Over the period under review, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 59%. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Egypt (X tons), Spain (X tons) and Russia (X tons) were the main destinations of electrical insulating fittings exports from Turkey, together accounting for 32% of total exports.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +67.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Russia ($X) and Spain ($X) constituted the largest markets for electrical insulating fittings exported from Turkey worldwide, with a combined 34% share of total exports.

Spain, with a CAGR of +54.3%, saw 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 electrical insulating fittings export price stood at $X per ton in 2022, surging by 14% against the previous year. Overall, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, electrical insulating fittings export price increased by +43.8% against 2019 indices. The pace of growth was the most pronounced in 2013 when the average export price increased by 24%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Greece ($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 France (+11.3%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Insulating Fittings Imports

Imports into Turkey

In 2022, purchases abroad of electrical insulating fittings of plastics increased by 17% to X tons, rising for the second year in a row after three years of decline. Overall, total imports indicated strong growth from 2012 to 2022: its volume 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, imports increased by +45.9% against 2020 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 88%. Imports peaked at X tons in 2017; afterwards, it flattened through to 2022.

In value terms, electrical insulating fittings imports rose significantly to $X in 2022. In general, imports continue to indicate buoyant growth. The pace of growth was the most pronounced in 2015 with an increase of 78%. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

Japan (X tons), Germany (X tons) and South Korea (X tons) were the main suppliers of electrical insulating fittings imports to Turkey, together comprising 44% of total imports. Italy, China, Thailand, Belgium, Hungary, France, Vietnam, Spain, Mexico and the Czech Republic lagged somewhat behind, together comprising a further 45%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +212.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest electrical insulating fittings suppliers to Turkey were Japan ($X), Germany ($X) and Italy ($X), with a combined 44% share of total imports. China, South Korea, Belgium, Hungary, Thailand, France, Mexico, Vietnam, the Czech Republic and Spain lagged somewhat behind, together comprising a further 44%.

Vietnam, with a CAGR of +210.2%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average electrical insulating fittings import price amounted to $X per ton, which is down by -4.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 9.3%. The import price peaked at $X per ton in 2021, and then contracted in the following year.

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 Mexico ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+8.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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