Asia-Pacific's Tube or Pipe Fittings (Iron or Steel) Market to Reach 5M tons and $24.1B by 2035 - News and Statistics - IndexBox

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform.

IndexBox has just published a new report: Asia-Pacific - Tube Or Pipe Fittings (Of Iron Or Steel) - Market Analysis, Forecast, Size, Trends and Insights.

Driven by increasing demand, the Asia-Pacific market for tube or pipe fittings (of iron or steel) is projected to experience significant growth over the next decade. With a forecasted CAGR of +3.7% in volume and +3.4% in value, the market is expected to reach 5M tons and $24.1B by the end of 2035.

Driven by increasing demand for tube or pipe fittings (of iron or steel) in Asia-Pacific, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.7% for the period from 2024 to 2035, which is projected to bring the market volume to 5M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.4% for the period from 2024 to 2035, which is projected to bring the market value to $24.1B (in nominal wholesale prices) by the end of 2035.

In 2024, consumption of tube or pipe fittings (of iron or steel) decreased by -4% to 3.3M tons, falling for the second year in a row after three years of growth. The total consumption volume increased at an average annual rate of +3.0% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The volume of consumption peaked at 3.8M tons in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

The value of the market for tube or pipe fittings (of iron or steel) in Asia-Pacific shrank modestly to $16.7B in 2024, remaining stable against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The total consumption indicated a resilient increase from 2013 to 2024: its value increased at an average annual rate of +5.7% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -9.8% against 2022 indices. Over the period under review, the market hit record highs at $18.5B in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

The country with the largest volume of iron or steel tube fitting consumption was China (1.3M tons), comprising approx. 40% of total volume. Moreover, iron or steel tube fitting consumption in China exceeded the figures recorded by the second-largest consumer, India (604K tons), twofold. The third position in this ranking was taken by Indonesia (296K tons), with an 8.9% share.

From 2013 to 2024, the average annual growth rate of volume in China amounted to +2.7%. In the other countries, the average annual rates were as follows: India (+4.9% per year) and Indonesia (+3.2% per year).

In value terms, the largest iron or steel tube fitting markets in Asia-Pacific were Japan ($5.5B), China ($4.2B) and India ($2B), with a combined 70% share of the total market.

Japan, with a CAGR of +11.7%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other leaders experienced more modest paces of growth.

In 2024, the highest levels of iron or steel tube fitting per capita consumption was registered in Singapore (8.9 kg per person), followed by South Korea (2.7 kg per person), Malaysia (2.5 kg per person) and Japan (2.3 kg per person), while the world average per capita consumption of iron or steel tube fitting was estimated at 0.8 kg per person.

From 2013 to 2024, the average annual rate of growth in terms of the iron or steel tube fitting per capita consumption in Singapore totaled -1.1%. In the other countries, the average annual rates were as follows: South Korea (+6.2% per year) and Malaysia (+4.2% per year).

Iron or steel tube fitting production rose to 5M tons in 2024, with an increase of 3% on the year before. The total production indicated temperate growth from 2013 to 2024: its volume increased at an average annual rate of +3.0% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -2.8% against 2022 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 46%. The volume of production peaked at 5.1M tons in 2022; however, from 2023 to 2024, production failed to regain momentum.

In value terms, iron or steel tube fitting production reached $21.5B in 2024 estimated in export price. The total production indicated a prominent increase from 2013 to 2024: its value increased at an average annual rate of +5.7% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -4.0% against 2022 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 29%. Over the period under review, production reached the peak level at $22.4B in 2022; however, from 2023 to 2024, production remained at a lower figure.

China (3M tons) remains the largest iron or steel tube fitting producing country in Asia-Pacific, accounting for 61% of total volume. Moreover, iron or steel tube fitting production in China exceeded the figures recorded by the second-largest producer, India (793K tons), fourfold. Indonesia (283K tons) ranked third in terms of total production with a 5.7% share.

In China, iron or steel tube fitting production increased at an average annual rate of +1.8% over the period from 2013-2024. The remaining producing countries recorded the following average annual rates of production growth: India (+3.9% per year) and Indonesia (+10.0% per year).

In 2024, overseas purchases of tube or pipe fittings (of iron or steel) decreased by -10.5% to 790K tons, falling for the second consecutive year after two years of growth. Over the period under review, imports showed a perceptible downturn. The most prominent rate of growth was recorded in 2016 with an increase of 12%. As a result, imports attained the peak of 1.1M tons. From 2017 to 2024, the growth of imports remained at a somewhat lower figure.

In value terms, iron or steel tube fitting imports dropped slightly to $4.9B in 2024. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 14%. Over the period under review, imports hit record highs at $5.4B in 2022; however, from 2023 to 2024, imports remained at a lower figure.

Japan (117K tons), India (98K tons), Malaysia (94K tons) and Singapore (89K tons) represented roughly 50% of total imports in 2024. South Korea (56K tons) ranks next in terms of the total imports with a 7% share, followed by Thailand (6.1%), Taiwan (Chinese) (6%), Vietnam (5.3%) and Hong Kong SAR (5.1%).

From 2013 to 2024, the biggest increases were recorded for India (with a CAGR of +6.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($711M), Singapore ($392M) and India ($338M) constituted the countries with the highest levels of imports in 2024, together accounting for 29% of total imports.

India, with a CAGR of +3.7%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Tube or pipe flanges, other than stainless steel (183K tons), tube or pipe fittings of non-stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings (131K tons), iron or steel cast fittings, other than of non-malleable cast iron (130K tons) and tube or pipe butt welding fittings, other than stainless steel (123K tons) represented roughly 72% of total imports in 2024. Tube or pipe fittings of non-malleable cast iron (63K tons) ranks next in terms of the total imports with an 8% share, followed by tube or pipe flanges of stainless steel (6.5%) and tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings (6.1%).

From 2013 to 2024, the biggest increases were recorded for tube or pipe fittings of non-malleable cast iron (with a CAGR of +1.8%), while purchases for the other products experienced a decline in the imports figures.

In value terms, tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings ($1.1B), tube or pipe fittings of non-stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings ($1B) and tube or pipe flanges of stainless steel ($542M) appeared to be the products with the highest levels of imports in 2024, with a combined 55% share of total imports.

Tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings, with a CAGR of +4.5%, recorded the highest growth rate of the value of imports, among the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.

The import price in Asia-Pacific stood at $6,212 per ton in 2024, picking up by 9.3% against the previous year. Over the last eleven-year period, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2017 an increase of 18%. Over the period under review, import prices hit record highs in 2024 and is expected to retain growth in the immediate term.

Prices varied noticeably by the product type; the product with the highest price was tube or pipe threaded elbows, bends and sleeves of stainless steel ($23,170 per ton), while the price for tube or pipe flanges, other than stainless steel ($2,571 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings (+6.8%), while the other products experienced more modest paces of growth.

The import price in Asia-Pacific stood at $6,212 per ton in 2024, growing by 9.3% against the previous year. Over the last eleven-year period, it increased at an average annual rate of +2.6%. The pace of growth was the most pronounced in 2017 when the import price increased by 18% against the previous year. The level of import peaked in 2024 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Thailand ($6,832 per ton), while Malaysia ($2,395 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+5.5%), while the other leaders experienced more modest paces of growth.

In 2024, iron or steel tube fitting exports in Asia-Pacific expanded significantly to 2.4M tons, picking up by 8.7% compared with the previous year's figure. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 109% against the previous year. Over the period under review, the exports hit record highs at 2.5M tons in 2018; however, from 2019 to 2024, the exports stood at a somewhat lower figure.

In value terms, iron or steel tube fitting exports contracted to $8.3B in 2024. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 20% against the previous year. The level of export peaked at $10.1B in 2022; however, from 2023 to 2024, the exports failed to regain momentum.

China represented the main exporter of tube or pipe fittings (of iron or steel) in Asia-Pacific, with the volume of exports reaching 1.7M tons, which was near 71% of total exports in 2024. It was distantly followed by India (287K tons), making up a 12% share of total exports. South Korea (67K tons), Malaysia (61K tons), Taiwan (Chinese) (59K tons), Thailand (58K tons) and Vietnam (41K tons) took a little 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, Vietnam (+7.8%), India (+2.9%) and Malaysia (+1.8%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +7.8% from 2013-2024. Thailand experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-1.5%) and South Korea (-9.3%) illustrated a downward trend over the same period. From 2013 to 2024, the share of China and India increased by +4.2 and +2.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($4.4B) remains the largest iron or steel tube fitting supplier in Asia-Pacific, comprising 54% of total exports. The second position in the ranking was held by India ($937M), with an 11% share of total exports. It was followed by South Korea, with an 8.6% share.

From 2013 to 2024, the average annual growth rate of value in China was relatively modest. In the other countries, the average annual rates were as follows: India (+4.7% per year) and South Korea (-4.4% per year).

In 2024, tube or pipe flanges, other than stainless steel (623K tons), distantly followed by tube or pipe fittings of non-malleable cast iron (389K tons), tube or pipe butt welding fittings, other than stainless steel (361K tons), tube or pipe fittings of non-stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings (352K tons), iron or steel cast fittings, other than of non-malleable cast iron (278K tons), tube or pipe flanges of stainless steel (141K tons) and tube or pipe threaded elbows, bends and sleeves, other than stainless steel (117K tons) represented the key types of tube or pipe fittings (of iron or steel), together making up 93% of total exports.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the main exported products, was attained by tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings (with a CAGR of +4.5%), while the other products experienced more modest paces of growth.

In value terms, the largest types of exported tube or pipe fittings (of iron or steel) were tube or pipe fittings of non-stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings ($1.6B), tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings ($1.2B) and tube or pipe flanges, other than stainless steel ($1.1B), together comprising 47% of total exports.

Tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings, with a CAGR of +4.8%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.

The export price in Asia-Pacific stood at $3,414 per ton in 2024, dropping by -12.2% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the export price increased by 80%. As a result, the export price reached the peak level of $5,914 per ton. From 2017 to 2024, the export prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was tube or pipe fittings of stainless steel, other than flanges, elbows, bends, sleeves or butt welding fittings ($13,318 per ton), while the average price for exports of tube or pipe flanges, other than stainless steel ($1,801 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by tube or pipe threaded elbows, bends and sleeves of stainless steel (+2.4%), while the other products experienced more modest paces of growth.

In 2024, the export price in Asia-Pacific amounted to $3,414 per ton, shrinking by -12.2% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 80% against the previous year. As a result, the export price attained the peak level of $5,914 per ton. From 2017 to 2024, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was South Korea ($10,534 per ton), while Malaysia ($2,537 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by South Korea (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for iron or steel tube fitting in Asia-Pacific. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

Making Data-Driven Decisions to Grow Your Business

A Quick Overview of Market Performance

Understanding the Current State of The Market and Its Prospects

Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

Choosing the Best Countries to Boost Your Exports

The Latest Trends and Insights into The Industry

The Largest Importers on The Market and How They Succeed

The Largest Exporters on The Market and How They Succeed

The Largest Producers on The Market and Their Profiles

The Largest Markets And Their Profiles