Overview of the Global Market for Tube Or Pipe Fittings (Of Iron Or Steel)

Market Size for Tube Or Pipe Fittings (Of Iron Or Steel)

In 2022, the global market for tube or pipe fittings (of iron or steel) increased by 4.4% 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 +2.3% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. Over the period under review, the global market reached the maximum level in 2022 and is expected to retain growth in years to come.

Production of Tube Or Pipe Fittings (Of Iron Or Steel)

In value terms, iron or steel tube fitting production fell modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 22%. As a result, production reached the peak level of $X. From 2019 to 2022, global production growth failed to regain momentum.

Exports of Tube Or Pipe Fittings (Of Iron Or Steel)

Exports

In 2022, overseas shipments of tube or pipe fittings (of iron or steel) increased by 2.7% to X tons, rising for the second year in a row after two years of decline. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 55% against the previous year. The global exports peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, iron or steel tube fitting exports reached $X in 2022. The total export value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 18%. The global exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

China represented the largest exporter of tube or pipe fittings (of iron or steel) in the world, with the volume of exports resulting at X tons, which was approx. 42% of total exports in 2022. India (X tons) took an 8.7% share (based on physical terms) of total exports, which put it in second place, followed by Italy (6.8%). South Korea (X tons), Poland (X tons), Germany (X tons), the United States (X tons), Thailand (X tons), Spain (X tons) and the Netherlands (X tons) held a minor share of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of tube or pipe fittings (of iron or steel). At the same time, Poland (+10.2%) and India (+4.3%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing exporter exported in the world, with a CAGR of +10.2% from 2012-2022. The Netherlands and Spain experienced a relatively flat trend pattern. By contrast, Thailand (-1.3%), Germany (-2.5%), Italy (-2.8%), the United States (-4.5%) and South Korea (-5.3%) illustrated a downward trend over the same period. India (+3.4 p.p.) and Poland (+2.3 p.p.) significantly strengthened its position in terms of the global exports, while Italy and South Korea saw its share reduced by -1.5% and -2.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest iron or steel tube fitting supplier worldwide, comprising 26% of global exports. The second position in the ranking was held by Italy ($X), with a 9% share of global exports. It was followed by the United States, with an 8.8% share.

In China, iron or steel tube fitting exports increased at an average annual rate of +3.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Italy (-0.9% per year) and the United States (-0.2% per year).

Export Prices by Country

In 2022, the average export price for tube or pipe fittings (of iron or steel) amounted to $X per ton, picking up by 7.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2016 when the average export price increased by 37% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+4.4%), while the other global leaders experienced more modest paces of growth.

Imports of Tube Or Pipe Fittings (Of Iron Or Steel)

Imports

In 2022, supplies from abroad of tube or pipe fittings (of iron or steel) increased by 10% to X tons, rising for the second consecutive year after two years of decline. In general, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by 11% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of global imports remained at a lower figure.

In value terms, iron or steel tube fitting imports rose significantly to $X in 2022. The total import value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 16%. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, the United States (X tons), distantly followed by Canada (X tons) and Germany (X tons) represented the key importers of tube or pipe fittings (of iron or steel), together comprising 29% of total imports. Japan (X tons), Singapore (X tons), Thailand (X tons), South Korea (X tons), the United Arab Emirates (X tons), France (X tons), Italy (X tons), Mexico (X tons), the UK (X tons) and Russia (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to iron or steel tube fitting imports into the United States stood at +1.5%. At the same time, Mexico (+2.4%), Thailand (+1.8%) and Canada (+1.5%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing importer imported in the world, with a CAGR of +2.4% from 2012-2022. France, Russia, Germany, Italy, the UK and Singapore experienced a relatively flat trend pattern. By contrast, Japan (-1.0%), the United Arab Emirates (-1.5%) and South Korea (-2.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States increased by +2.4 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest iron or steel tube fitting importing markets worldwide were the United States ($X), Germany ($X) and Canada ($X), together accounting for 26% of global imports. Japan, Thailand, Mexico, France, the UK, Italy, Singapore, the United Arab Emirates, South Korea and Russia lagged somewhat behind, together comprising a further 26%.

In terms of the main importing countries, Mexico, with a CAGR of +3.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for tube or pipe fittings (of iron or steel) amounted to $X per ton, rising by 3.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 8.6% against the previous year. Global import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($X per ton), while South Korea ($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 (+3.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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