Metal Castor Mounting Market

The global market for castors with mountings of base metal is expected to see a positive growth trend with an anticipated CAGR of +1.7% for consumption and +1.8% for production from 2022 to 2030. China leads both in consumption and production, while the United States, Germany, and Vietnam are significant importers and exporters. Prices are expected to continue growing, with China and Germany having the highest export prices. Overall, the market is forecasted to continue expanding in the years to come.

Market Forecast

Driven by increasing demand for castors with mountings of base metal worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.7% for the period from 2022 to 2030, which is projected to bring the market volume to 850K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $6.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Castors With Mountings Of Base Metal

In 2022, approx. 745K tons of castors with mountings of base metal were consumed worldwide; with an increase of 4.9% on 2021 figures. Over the period under review, consumption saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 9.3% against the previous year. As a result, consumption attained the peak volume of 750K tons. From 2021 to 2022, the growth of the global consumption remained at a lower figure.

The global metal castor mounting market size rose slightly to $4.8B in 2022, picking up by 3.1% 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 +1.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 8.1% against the previous year. Global consumption peaked in 2022 and is expected to retain growth in years to come.

Consumption By Country

China (194K tons) constituted the country with the largest volume of metal castor mounting consumption, comprising approx. 26% of total volume. Moreover, metal castor mounting consumption in China exceeded the figures recorded by the second-largest consumer, India (82K tons), twofold. Germany (80K tons) ranked third in terms of total consumption with an 11% share.

In China, metal castor mounting consumption remained relatively stable over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+1.4% per year) and Germany (+3.8% per year).

In value terms, the largest metal castor mounting markets worldwide were the United States ($932M), China ($732M) and Germany ($560M), together comprising 47% of the global market. Japan, Turkey, India, Brazil, South Korea, Thailand, Spain and Indonesia lagged somewhat behind, together accounting for a further 35%.

Among the main consuming countries, Turkey, with a CAGR of +11.2%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of metal castor mounting per capita consumption was registered in Germany (965 kg per 1000 persons), followed by Spain (357 kg per 1000 persons), Turkey (353 kg per 1000 persons) and South Korea (234 kg per 1000 persons), while the world average per capita consumption of metal castor mounting was estimated at 95 kg per 1000 persons.

In Germany, metal castor mounting per capita consumption expanded at an average annual rate of +3.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Spain (+5.4% per year) and Turkey (+8.4% per year).

Production

World Production of Castors With Mountings Of Base Metal

In 2022, approx. 733K tons of castors with mountings of base metal were produced worldwide; picking up by 2.6% on the year before. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 12% against the previous year. As a result, production attained the peak volume of 750K tons. From 2021 to 2022, global production growth failed to regain momentum.

In value terms, metal castor mounting production expanded slightly to $4.4B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when the production volume increased by 13% against the previous year. Over the period under review, global production reached the maximum level at $4.7B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

China (312K tons) remains the largest metal castor mounting producing country worldwide, comprising approx. 43% of total volume. Moreover, metal castor mounting production in China exceeded the figures recorded by the second-largest producer, India (81K tons), fourfold. The third position in this ranking was held by Germany (77K tons), with an 11% share.

In China, metal castor mounting production increased at an average annual rate of +2.5% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (+1.4% per year) and Germany (+4.4% per year).

Imports

World Imports of Castors With Mountings Of Base Metal

In 2022, approx. 213K tons of castors with mountings of base metal were imported worldwide; which is down by -2% on 2021. The total import volume increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 19% against the previous year. As a result, imports attained the peak of 218K tons, and then dropped modestly in the following year.

In value terms, metal castor mounting imports rose slightly to $1.1B in 2022. Overall, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.2% 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 +26.7% against 2018 indices. The most prominent rate of growth was recorded in 2021 with an increase of 27%. Global imports peaked in 2022 and are likely to see steady growth in years to come.

Imports By Country

In 2022, the United States (31K tons), distantly followed by Indonesia (12K tons) and Germany (11K tons) represented the major importers of castors with mountings of base metal, together generating 25% of total imports. The following importers - Mexico (9.2K tons), the UK (7.5K tons), Thailand (7.4K tons), Russia (6.8K tons), Saudi Arabia (5.6K tons), South Korea (5.4K tons), the Netherlands (5.2K tons), Poland (5.2K tons), Japan (5.1K tons) and Vietnam (5.1K tons) - together made up 29% of total imports.

Imports into the United States increased at an average annual rate of +2.4% from 2012 to 2022. At the same time, Vietnam (+15.1%), Poland (+14.8%), Thailand (+13.9%), the Netherlands (+11.8%), Mexico (+8.3%), Russia (+7.8%), Indonesia (+7.4%), Saudi Arabia (+5.0%), South Korea (+1.7%) and Japan (+1.1%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in the world, with a CAGR of +15.1% from 2012-2022. The UK and Germany experienced a relatively flat trend pattern. While the share of Thailand (+2.1 p.p.), Poland (+1.5 p.p.) and Vietnam (+1.5 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of the United States (-2.6 p.p.) and Germany (-3.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($138M), Germany ($88M) and Mexico ($48M) appeared to be the countries with the highest levels of imports in 2022, with a combined 25% share of global imports. Vietnam, the UK, Japan, Thailand, the Netherlands, Indonesia, Russia, Poland, South Korea and Saudi Arabia lagged somewhat behind, together accounting for a further 27%.

Among the main importing countries, Vietnam, with a CAGR of +19.7%, saw 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

The average metal castor mounting import price stood at $5,171 per ton in 2022, growing by 3.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 6.8% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in years to come.

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 Vietnam ($8,782 per ton), while Indonesia ($2,431 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+6.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Castors With Mountings Of Base Metal

In 2022, after two years of growth, there was significant decline in overseas shipments of castors with mountings of base metal, when their volume decreased by -9.3% to 201K tons. Overall, total exports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +4.9% 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 +61.0% against 2012 indices. The most prominent rate of growth was recorded in 2021 with an increase of 21% against the previous year. As a result, the exports reached the peak of 221K tons, and then reduced in the following year.

In value terms, metal castor mounting exports rose to $1.3B in 2022. Over the period under review, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.8% 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 +112.8% against 2012 indices. The growth pace was the most rapid in 2021 with an increase of 30% against the previous year. Over the period under review, the global exports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Exports By Country

China dominates exports structure, reaching 121K tons, which was approx. 60% of total exports in 2022. It was distantly followed by Taiwan (Chinese) (14K tons) and Malaysia (9.7K tons), together creating a 12% share of total exports. The following exporters - Germany (7.8K tons), Italy (6K tons), the United States (4.2K tons), Ireland (3.8K tons), Turkey (3.4K tons) and the Czech Republic (3.1K tons) - together made up 14% of total exports.

From 2012 to 2022, average annual rates of growth with regard to metal castor mounting exports from China stood at +5.5%. At the same time, the Czech Republic (+17.2%), Turkey (+13.5%), Ireland (+4.4%), Italy (+3.5%), Malaysia (+3.3%), Taiwan (Chinese) (+3.2%) and Germany (+1.1%) displayed positive paces of growth. Moreover, the Czech Republic emerged as the fastest-growing exporter exported in the world, with a CAGR of +17.2% from 2012-2022. The United States experienced a relatively flat trend pattern. From 2012 to 2022, the share of China increased by +3.4 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($629M) remains the largest metal castor mounting supplier worldwide, comprising 50% of global exports. The second position in the ranking was held by Germany ($133M), with a 10% share of global exports. It was followed by Taiwan (Chinese), with a 6.3% share.

In China, metal castor mounting exports increased at an average annual rate of +11.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+3.8% per year) and Taiwan (Chinese) (+4.8% per year).

Export Prices By Country

In 2022, the average metal castor mounting export price amounted to $6,333 per ton, rising by 13% against the previous year. Over the last decade, it increased at an average annual rate of +2.8%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 ($16,977 per ton), while Turkey ($4,295 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform