U.S.: Tap And Valve Market 2024

Tap And Valve Market Size in the U.S.

In 2022, the U.S. tap and valve market increased by 16% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Tap and valve consumption peaked in 2022 and is expected to retain growth in years to come.

Tap And Valve Production in the U.S.

In value terms, tap and valve production declined to $X in 2022. In general, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 12% against the previous year. Tap and valve production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Tap And Valve Exports

Exports from the U.S.

In 2022, overseas shipments of taps, cocks, valves and similar appliances increased by 0.5% to X tons for the first time since 2017, thus ending a four-year declining trend. Overall, exports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2017 with an increase of 17% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, tap and valve exports rose notably to $X in 2022. The total export value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when exports increased by 12% against the previous year. The exports peaked at $X in 2014; afterwards, it flattened through to 2022.

Exports by Country

Canada (X tons), Mexico (X tons) and China (X tons) were the main destinations of tap and valve exports from the United States, together accounting for 61% of total exports. Brazil, Germany, India, Australia, the Netherlands, Saudi Arabia, the UK, South Korea, Japan and Singapore lagged somewhat behind, together comprising a further 16%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of -5.2%), while the other leaders experienced a decline.

In value terms, Canada ($X), Mexico ($X) and China ($X) appeared to be the largest markets for tap and valve exported from the United States worldwide, together accounting for 45% of total exports. These countries were followed by Germany, the UK, Brazil, Singapore, South Korea, Japan, Australia, the Netherlands, India and Saudi Arabia, which together accounted for a further 29%.

Germany, with a CAGR of +8.4%, 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

In 2022, the average tap and valve export price amounted to $X per ton, with an increase of 10% against the previous year. Overall, the export price continues to indicate resilient growth. The most prominent rate of growth was recorded in 2020 when the average export price increased by 132% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Mexico ($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 Singapore (+32.4%), while the prices for the other major destinations experienced more modest paces of growth.

Tap And Valve Imports

Imports into the U.S.

In 2022, supplies from abroad of taps, cocks, valves and similar appliances decreased by -18.4% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 13% against the previous year. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, tap and valve imports rose markedly to $X in 2022. The total import value increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 18%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of tap and valve to the United States, with a 38% share of total imports. Moreover, tap and valve imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold. The third position in this ranking was held by Mexico (X tons), with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+13.2% per year) and Mexico (-5.7% per year).

In value terms, Mexico ($X), China ($X) and Japan ($X) were the largest tap and valve suppliers to the United States, with a combined 50% share of total imports. Germany, Italy, Taiwan (Chinese), Canada, South Korea, the UK, India and Vietnam lagged somewhat behind, together accounting for a further 33%.

Among the main suppliers, Vietnam, with a CAGR of +34.8%, 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 tap and valve import price stood at $X per ton in 2022, surging by 40% against the previous year. Overall, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tap and valve import price increased by +51.2% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+14.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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