Interchangeable Spanner Socket Market

The article discusses the projected growth of the global market for interchangeable spanner sockets from 2022 to 2030, including consumption, production, exports, and imports data. Consumption and production volume are expected to increase, with the United States, China, and India leading in consumption. The Netherlands experienced the highest growth rate in consumption and production. The United States, Germany, and China were the top importing countries, while China, Taiwan, and the Netherlands dominated in exports. Overall, the global market is expected to grow steadily in the near future.

Market Forecast

Driven by increasing demand for interchangeable spanner sockets worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.7% for the period from 2022 to 2030, which is projected to bring the market volume to 267K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market value to $3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Interchangeable Spanner Sockets

In 2022, consumption of interchangeable spanner sockets increased by 6.4% to 234K tons, rising for the second consecutive year after two years of decline. The total consumption volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption reached the peak volume in 2022 and is likely to continue growth in the near future.

The global interchangeable spanner socket market value expanded significantly to $2.3B in 2022, growing by 6.5% 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 market value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. Global consumption peaked in 2022 and is expected to retain growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (50K tons), China (26K tons) and India (21K tons), together accounting for 41% of global consumption. Germany, Japan, the Netherlands, Mexico, Poland, Russia, the UK, Australia, France and Vietnam lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +22.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($448M), Japan ($292M) and India ($136M) constituted the countries with the highest levels of market value in 2022, together comprising 38% of the global market. China, Mexico, Germany, the Netherlands, Vietnam, Australia, the UK, France, Poland and Russia lagged somewhat behind, together accounting for a further 33%.

The Netherlands, with a CAGR of +19.9%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of interchangeable spanner socket per capita consumption was registered in the Netherlands (530 kg per 1000 persons), followed by Australia (197 kg per 1000 persons), Poland (148 kg per 1000 persons) and the United States (148 kg per 1000 persons), while the world average per capita consumption of interchangeable spanner socket was estimated at 0.4 kg per 1000 persons.

From 2012 to 2022, the average annual growth rate of the interchangeable spanner socket per capita consumption in the Netherlands stood at +22.1%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Australia (+2.8% per year) and Poland (+8.2% per year).

Production

World Production of Interchangeable Spanner Sockets

In 2022, production of interchangeable spanner sockets increased by 4.2% to 229K tons, rising for the second year in a row after two years of decline. The total output volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 20% against the previous year. Global production peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, interchangeable spanner socket production declined modestly to $1.9B in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 10% against the previous year. As a result, production reached the peak level of $2B. From 2019 to 2022, global production growth failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (100K tons), Taiwan (Chinese) (65K tons) and India (18K tons), together accounting for 80% of global production. Japan, the Netherlands, Vietnam, Democratic Republic of the Congo and Mexico lagged somewhat behind, together accounting for a further 12%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by the Netherlands (with a CAGR of +31.7%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Interchangeable Spanner Sockets

For the seventh consecutive year, the global market recorded growth in supplies from abroad of interchangeable spanner sockets, which increased by 6.1% to 188K tons in 2022. Overall, total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +64.6% against 2014 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 27%. Over the period under review, global imports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, interchangeable spanner socket imports expanded significantly to $1.6B in 2022. Over the period under review, total imports indicated a moderate expansion from 2012 to 2022: its value 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, imports increased by +42.2% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 30% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports By Country

The United States was the main importer of interchangeable spanner sockets in the world, with the volume of imports amounting to 50K tons, which was approx. 27% of total imports in 2022. Germany (15K tons) ranks second in terms of the total imports with an 8% share, followed by China (5.6%) and the Netherlands (5.2%). The following importers - Poland (7.7K tons), France (5.8K tons), the UK (5.7K tons), Russia (5.4K tons), Australia (4.9K tons), Mexico (4.9K tons), Brazil (4.2K tons), Belgium (4.1K tons) and Canada (3.8K tons) - together made up 25% of total imports.

From 2012 to 2022, average annual rates of growth with regard to interchangeable spanner socket imports into the United States stood at +8.8%. At the same time, the Netherlands (+22.0%), Poland (+11.0%), Belgium (+9.8%), Mexico (+9.2%), Brazil (+8.5%), Germany (+6.2%), the UK (+5.5%), Australia (+3.5%) and France (+1.7%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the world, with a CAGR of +22.0% from 2012-2022. Russia and China experienced a relatively flat trend pattern. By contrast, Canada (-1.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States, the Netherlands and Poland increased by +6.5, +3.9 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($380M) constitutes the largest market for imported interchangeable spanner sockets worldwide, comprising 25% of global imports. The second position in the ranking was held by Germany ($152M), with a 9.8% share of global imports. It was followed by the Netherlands, with a 5.5% share.

In the United States, interchangeable spanner socket imports expanded at an average annual rate of +3.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+6.8% per year) and the Netherlands (+18.8% per year).

Import Prices By Country

In 2022, the average interchangeable spanner socket import price amounted to $8,266 per ton, rising by 3.1% against the previous year. In general, the import price, however, recorded a mild reduction. The most prominent rate of growth was recorded in 2018 an increase of 3.3%. Global import price peaked at $9,748 per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($13,019 per ton), while China ($4,506 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+1.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Interchangeable Spanner Sockets

For the third year in a row, the global market recorded growth in shipments abroad of interchangeable spanner sockets, which increased by 3.4% to 183K tons in 2022. In general, total exports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +27.5% against 2018 indices. The pace of growth was the most pronounced in 2021 with an increase of 24%. The global exports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, interchangeable spanner socket exports expanded significantly to $1.7B in 2022. Over the period under review, total exports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +40.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 30% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to see gradual growth in the near future.

Exports By Country

China (84K tons) and Taiwan (Chinese) (66K tons) dominates exports structure, together making up 82% of total exports. The Netherlands (8K tons) and Germany (6.2K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the Netherlands (with a CAGR of +29.5%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest interchangeable spanner socket supplying countries worldwide were Taiwan (Chinese) ($684M), China ($442M) and Germany ($127M), together comprising 76% of global exports. These countries were followed by the Netherlands, which accounted for a further 4%.

Among the main exporting countries, the Netherlands, with a CAGR of +22.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average interchangeable spanner socket export price amounted to $9,029 per ton, with an increase of 4.9% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. Over the period under review, the average export prices reached the peak figure at $9,165 per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($20,320 per ton), while China ($5,235 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.8%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform