Turkey: Ship Propeller Market 2024

Ship Propeller Market Size in Turkey

In 2022, the Turkish ship propeller market was finally on the rise to reach $X after two years of decline. In general, consumption showed a buoyant increase. Ship propeller consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Ship Propeller Production in Turkey

In value terms, ship propeller production stood at $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by 42%. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Ship Propeller Exports

Exports from Turkey

In 2022, after four years of growth, there was significant decline in overseas shipments of ships’ or boats’ propellers and blades therefor, when their volume decreased by -73.4% to X tons. Over the period under review, exports, however, enjoyed a strong expansion. The growth pace was the most rapid in 2021 when exports increased by 141%. As a result, the exports attained the peak of X tons, and then shrank remarkably in the following year.

In value terms, ship propeller exports fell markedly to $X in 2022. In general, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2020 when exports increased by 332%. The exports peaked at $X in 2021, and then reduced rapidly in the following year.

Exports by Country

Malta (X tons) was the main destination for ship propeller exports from Turkey, accounting for a 32% share of total exports. Moreover, ship propeller exports to Malta exceeded the volume sent to the second major destination, Russia (X tons), twofold. The third position in this ranking was held by the Netherlands (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Malta totaled +43.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+120.2% per year) and the Netherlands (+49.8% per year).

In value terms, Malta ($X), Norway ($X) and Denmark ($X) appeared to be the largest markets for ship propeller exported from Turkey worldwide, with a combined 55% share of total exports. Russia, Cyprus, France, the Netherlands, Pakistan and Turkmenistan lagged somewhat behind, together accounting for a further 30%.

France, with a CAGR of +181.6%, recorded the highest growth rate of 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 ship propeller export price stood at $X per ton in 2022, picking up by 98% against the previous year. Overall, the export price recorded a resilient increase. The pace of growth was the most pronounced in 2020 when the average export price increased by 115% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Turkmenistan ($X per ton), while the average price for exports to the Netherlands ($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 Free Zones (+60.0%), while the prices for the other major destinations experienced more modest paces of growth.

Ship Propeller Imports

Imports into Turkey

In 2022, the amount of ships’ or boats’ propellers and blades therefor imported into Turkey expanded significantly to X tons, growing by 13% on the year before. Over the period under review, imports recorded a resilient expansion. The pace of growth was the most pronounced in 2014 with an increase of 134%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, ship propeller imports declined modestly to $X in 2022. Overall, imports posted a resilient increase. The pace of growth appeared the most rapid in 2014 with an increase of 116%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

Finland (X tons), Germany (X tons) and the Netherlands (X tons) were the main suppliers of ship propeller imports to Turkey, with a combined 86% share of total imports. Norway, China, the UK and Sweden lagged somewhat behind, together comprising a further 9.6%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +26.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest ship propeller suppliers to Turkey were Finland ($X), Germany ($X) and Norway ($X), with a combined 76% share of total imports. The Netherlands, China, the UK and Sweden lagged somewhat behind, together comprising a further 14%.

In terms of the main suppliers, the UK, with a CAGR of +26.4%, saw the highest rates of growth with regard to 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

The average ship propeller import price stood at $X per ton in 2022, waning by -14% against the previous year. Overall, the import price continues to indicate a deep contraction. The growth pace was the most rapid in 2019 an increase of 13% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Finland ($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 (+1.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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