Asia's Tube or Pipe Fittings Market to Reach $29.7B by 2035 with +3.5% CAGR - News and Statistics - IndexBox

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

The market for tube or pipe fittings made of iron or steel in Asia is expected to continue its upward consumption trend, with a forecasted CAGR of +3.5% from 2024 to 2035. By the end of 2035, the market volume is projected to reach 5.7M tons and the market value is expected to increase to $29.7B in nominal prices.

Driven by increasing demand for tube or pipe fittings (of iron or steel) in Asia, 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 +3.5% for the period from 2024 to 2035, which is projected to bring the market volume to 5.7M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.2% for the period from 2024 to 2035, which is projected to bring the market value to $29.7B (in nominal wholesale prices) by the end of 2035.

In 2024, consumption of tube or pipe fittings (of iron or steel) decreased by -3.2% to 4M 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% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak volume of 4.3M tons. From 2023 to 2024, the growth of the consumption remained at a somewhat lower figure.

The size of the market for tube or pipe fittings (of iron or steel) in Asia contracted modestly to $20.9B in 2024, falling by -2.5% 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 prominent growth from 2013 to 2024: its value increased at an average annual rate of +5.5% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -3.6% against 2022 indices. The level of consumption peaked at $21.7B in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

China (1.3M tons) constituted the country with the largest volume of iron or steel tube fitting consumption, accounting for 34% 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. Indonesia (296K tons) ranked third in terms of total consumption with a 7.5% share.

From 2013 to 2024, the average annual growth rate of volume in China amounted to +2.7%. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+4.9% per year) and Indonesia (+3.2% per year).

In value terms, Japan ($5.5B), China ($4.2B) and India ($2B) constituted the countries with the highest levels of market value in 2024, together comprising 56% of the total market. Turkey, Vietnam, Indonesia, South Korea, Thailand, Saudi Arabia and Malaysia lagged somewhat behind, together comprising a further 29%.

Among the main consuming countries, Turkey, with a CAGR of +13.6%, saw the highest growth rate of market size over the period under review, while market for the other leaders experienced more modest paces of growth.

The countries with the highest levels of iron or steel tube fitting per capita consumption in 2024 were Turkey (3 kg per person), South Korea (2.7 kg per person) and Malaysia (2.5 kg per person).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Turkey (with a CAGR of +10.7%), while consumption for the other leaders experienced more modest paces of growth.

In 2024, approx. 5.2M tons of tube or pipe fittings (of iron or steel) were produced in Asia; picking up by 3.2% on the previous year's figure. The total production indicated a notable expansion from 2013 to 2024: its volume increased at an average annual rate of +3.2% 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 -3.0% against 2022 indices. The growth pace was the most rapid in 2017 when the production volume increased by 45%. The volume of production peaked at 5.4M tons in 2022; however, from 2023 to 2024, production remained at a lower figure.

In value terms, iron or steel tube fitting production expanded to $23.4B in 2024 estimated in export price. The total production indicated a buoyant increase from 2013 to 2024: its value increased at an average annual rate of +6.1% 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 -2.3% against 2022 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 29% against the previous year. Over the period under review, production hit record highs at $24B in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.

China (3M tons) remains the largest iron or steel tube fitting producing country in Asia, comprising approx. 58% 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 5.4% share.

In China, iron or steel tube fitting production expanded 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, after two years of growth, there was significant decline in supplies from abroad of tube or pipe fittings (of iron or steel), when their volume decreased by -7.2% to 1.2M tons. In general, imports showed a perceptible downturn. The most prominent rate of growth was recorded in 2016 when imports increased by 11%. As a result, imports attained the peak of 1.7M tons. From 2017 to 2024, the growth of imports remained at a lower figure.

In value terms, iron or steel tube fitting imports fell to $6.6B in 2024. Overall, imports recorded a mild reduction. The growth pace was the most rapid in 2021 with an increase of 9.5% against the previous year. The level of import peaked at $7.6B in 2013; however, from 2014 to 2024, imports remained at a lower figure.

Japan (117K tons), the United Arab Emirates (103K tons), India (98K tons), Saudi Arabia (96K tons), Malaysia (94K tons) and Singapore (89K tons) represented roughly 51% of total imports in 2024. It was followed by South Korea (56K tons), generating a 4.7% share of total imports. The following importers - Thailand (49K tons), Taiwan (Chinese) (48K tons) and Vietnam (42K tons) - each resulted at a 12% share of total imports.

From 2013 to 2024, the biggest increases were recorded for India (with a CAGR of +6.8%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Japan ($711M), Saudi Arabia ($677M) and the United Arab Emirates ($470M) were the countries with the highest levels of imports in 2024, together comprising 28% of total imports. Singapore, India, Thailand, South Korea, Taiwan (Chinese), Malaysia and Vietnam lagged somewhat behind, together accounting for a further 31%.

Among the main importing countries, India, with a CAGR of +3.7%, 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.

Tube or pipe flanges other than stainless steel (273K tons), tube or pipe butt welding fittings other than of stainless steel (200K tons), tube or pipe fittings of non-stainless steel other than flanges, elbows, bends, sleeves or butt welding fittings (184K tons) and iron or steel cast fittings, other than of non-malleable cast iron (171K tons) represented roughly 71% of total imports in 2024. Iron or steel cast fittings of non-malleable cast iron (93K tons) took the next position in the ranking, followed by tube or pipe fittings of stainless steel other than flanges, elbows, bends, sleeves or butt welding fittings (92K tons) and tube or pipe flanges of stainless steel (73K tons). All these products together took near 22% share of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the main imported products, was attained by iron or steel cast fittings of non-malleable cast iron (with a CAGR of +0.8%), while imports for the other products experienced more modest paces of growth.

In value terms, tube or pipe fittings of stainless steel other than flanges, elbows, bends, sleeves or butt welding fittings ($1.4B), tube or pipe fittings of non-stainless steel other than flanges, elbows, bends, sleeves or butt welding fittings ($1.3B) and tube or pipe flanges other than stainless steel ($854M) appeared to be the products with the highest levels of imports in 2024, with a combined 53% 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 +3.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.

In 2024, the import price in Asia amounted to $5,636 per ton, standing approx. at the previous year. Over the period from 2013 to 2024, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2021 when the import price increased by 14% against the previous year. Over the period under review, import prices attained the maximum at $5,657 per ton in 2023, and then contracted in the following year.

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 ($20,880 per ton), while the price for iron or steel cast fittings, other than of non-malleable cast iron ($3,037 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 (+6.5%), while the other products experienced more modest paces of growth.

In 2024, the import price in Asia amounted to $5,636 per ton, remaining stable against the previous year. Over the last eleven-year period, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2021 an increase of 14% against the previous year. Over the period under review, import prices attained the maximum at $5,657 per ton in 2023, and then fell in the following year.

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 Saudi Arabia ($7,029 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, approx. 2.5M tons of tube or pipe fittings (of iron or steel) were exported in Asia; growing by 8.8% compared with the year before. In general, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 101% against the previous year. The volume of export peaked at 2.6M 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 dropped to $8.7B in 2024. Over the period under review, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 20%. Over the period under review, the exports attained the peak figure at $10.7B in 2022; however, from 2023 to 2024, the exports remained at a lower figure.

China represented the major exporting country with an export of about 1.7M tons, which amounted to 70% of total exports. It was distantly followed by India (287K tons), making up a 12% share of total exports. The following exporters - South Korea (67K tons), Malaysia (61K tons), Taiwan (Chinese) (59K tons), Thailand (58K tons) and Vietnam (41K tons) - together made up 12% 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, 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 +6.5 and +3.1 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, comprising 51% 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 8.1% share.

From 2013 to 2024, the average annual growth rate of value in China was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: India (+4.7% per year) and South Korea (-4.4% per year).

In 2024, tube or pipe flanges other than stainless steel (631K tons), distantly followed by iron or steel cast fittings of non-malleable cast iron (392K tons), tube or pipe butt welding fittings other than of stainless steel (376K tons), tube or pipe fittings of non-stainless steel other than flanges, elbows, bends, sleeves or butt welding fittings (341K tons), iron or steel cast fittings, other than of non-malleable cast iron (287K tons), tube or pipe flanges of stainless steel (144K tons) and tube or pipe threaded elbows, bends and sleeves other than of stainless steel (121K tons) were the major types of tube or pipe fittings (of iron or steel), together committing 93% of total exports.

From 2013 to 2024, the biggest increases were recorded for tube or pipe fittings of stainless steel other than flanges, elbows, bends, sleeves or butt welding fittings (with a CAGR of +4.4%), while shipments for 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 ($1.3B) and tube or pipe flanges other than stainless steel ($1.2B), with a combined 47% share 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 growth rate of 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 stood at $3,546 per ton in 2024, shrinking by -12.8% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 70%. As a result, the export price reached the peak level of $5,665 per ton. From 2017 to 2024, the export prices remained at a lower figure.

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 ($13,919 per ton), while the average price for exports of tube or pipe butt welding fittings other than of stainless steel ($1,860 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 (+4.1%), while the other products experienced more modest paces of growth.

The export price in Asia stood at $3,546 per ton in 2024, dropping by -12.8% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 70% against the previous year. As a result, the export price attained the peak level of $5,665 per ton. From 2017 to 2024, the export prices remained at a 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. 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.

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Understanding the Current State of The Market and its Prospects

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The Latest Trends and Insights into The Industry

The Largest Import Supplying Countries

The Largest Destinations for Exports

The Largest Producers on The Market and Their Profiles

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