EU-based industrial sector is currently experiencing a slow pace of growth; therefore the expansion prospects for the EU steel tube fittings industry largely depend on foreign market demand. Total EU exports of steel tube fittings have levelled out at X billion EUR, and attempts at establishing a post-crisis recovery since 2012 have not regained their momentum. The U.S., China, and Korea are the industry's fastest growing foreign markets; supplies to Korea have more than doubled in recent years.
The total EU Member States exports of steel tube fittings have languished over the last four years, amounting to X million EUR in 2015. Data regarding the EU trade with non-EU countries shows that the EU remains a net exporter of tube fittings.
Italy, Germany and, then the UK, somewhat behind, were the main suppliers on the EU steel tube fitting market, with a combined share of X% of total exports in 2015. Exports from Italy declined by -X% per year from 2007 to 2015, while Germany (+X% per year) and the UK (+X% per year) posted moderate gains. Therefore, Germany and the UK slightly strengthened their positions in terms of European exports, while Italy saw its share reduced.
The EU Member States engaged in the majority of the steel tube fittings trade. However, extra-EU exports accounted for about X% of the total in 2015. Extra-EU exports of tube fittings reached X million EUR that year, which was almost equal to the previous year's figure.
The EU steel tube fittings industry is largely export-orientated. Despite the fact that the industry's dependance on supplying foreign markets has been waned over the recent years, overall, the extra-EU exports share in terms of the total EU tube fittings output increased from X% in 2007 to about X% in 2015. A slowdown in exports has severely hampered growth prospects for the European manufacturers of steel tube fittings.
EU-manufactured steel tube fittings are largely obtainable worldwide. The U.S. (currently X% of extra-EU exports), for many years, was the main foreign market, with Norway, Switzerland, Saudi Arabia, China, Korea and Russia following close behind. Shipments to these countries have traditionally accounted for slightly more than X% of extra-EU exports.
The USA (+X per year), and China (+X per year), both represent a steadily expanding exports market. Exports to Switzerland are experiencing moderate growth, while other leading countries are seeing a downward trend. Korea is worth mentioning, in that imports of EU steel tube fittings have more than doubled over the past three years, thereby revealing new opportunities for European manufacturers.
Asia, along with the USA, is the world's most rapidly developing economy, where industry and the housing market continue to experience a recovery. The EU steel tube fittings industry, therefore, is expected to remain exports-orientated in the medium term, although moderate industrial growth within the EU would advance the domestic demand as well.
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(April 10, 2019)Limited Time Offer
