Turkey: Interchangeable Tool Market 2024

Interchangeable Tool Market Size in Turkey

In 2021, the Turkish interchangeable tool market decreased by -25.1% to $X, falling for the second year in a row after four years of growth. Over the period under review, consumption showed a perceptible decrease. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Interchangeable Tool Production in Turkey

In value terms, interchangeable tool production reduced to $X in 2021 estimated in export price. In general, production enjoyed a significant increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by 650% against the previous year. Interchangeable tool production peaked at $X in 2020, and then fell in the following year.

Interchangeable Tool Exports

Exports from Turkey

In 2021, interchangeable tool exports from Turkey soared to X tons, with an increase of 59% compared with 2020 figures. In general, exports showed a remarkable increase. The pace of growth appeared the most rapid in 2013 with an increase of 64%. The exports peaked in 2021 and are likely to continue growth in the near future.

In value terms, interchangeable tool exports skyrocketed to $X in 2021. Overall, exports saw resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Germany (X tons), Russia (X tons) and the United States (X tons) were the main destinations of interchangeable tool exports from Turkey, with a combined 23% share of total exports. Italy, Bosnia and Herzegovina, Spain, Bulgaria, Romania, the Czech Republic, Azerbaijan, Japan, Poland and the UK lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2021, the biggest increases were recorded for Japan (with a CAGR of +160.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Germany ($X) and Italy ($X) constituted the largest markets for interchangeable tool exported from Turkey worldwide, together accounting for 26% of total exports. These countries were followed by the United States, Romania, Spain, the Czech Republic, Japan, Poland, Bulgaria, the UK, Azerbaijan and Bosnia and Herzegovina, which together accounted for a further 21%.

In terms of the main countries of destination, Japan, with a CAGR of +134.4%, 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 more modest paces of growth.

Export Prices by Country

In 2021, the average interchangeable tool export price amounted to $X per ton, with an increase of 18% against the previous year. Over the period under review, the export price, however, saw a slight contraction. The pace of growth appeared the most rapid in 2014 when the average export price increased by 43% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Romania ($X per ton), while the average price for exports to Bosnia and Herzegovina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Romania (+11.9%), while the prices for the other major destinations experienced more modest paces of growth.

Interchangeable Tool Imports

Imports into Turkey

In 2021, after three years of growth, there was significant decline in overseas purchases of interchangeable tools for hand tools, when their volume decreased by -12.8% to X tons. Overall, imports continue to indicate a slight curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 28% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, interchangeable tool imports expanded notably to $X in 2021. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 15%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of interchangeable tool to Turkey, accounting for a 47% share of total imports. Moreover, interchangeable tool imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. Italy (X tons) ranked third in terms of total imports with a 9.4% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+0.8% per year) and Italy (-0.8% per year).

In value terms, Germany ($X), China ($X) and Italy ($X) constituted the largest interchangeable tool suppliers to Turkey, with a combined 52% share of total imports. The United States, Taiwan (Chinese), South Korea, Japan, Spain and Iran lagged somewhat behind, together comprising a further 24%.

Among the main suppliers, South Korea, with a CAGR of +7.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average interchangeable tool import price amounted to $X per ton, picking up by 26% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.1%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iran (+19.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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