Resistor Market

The global market for electrical resistors (except heating resistors) is projected to see significant growth over the next eight years, with consumption expected to increase at a CAGR of +11.3%. In 2022, consumption and production showed strong growth, with Mexico emerging as a key player in both imports and exports. China remains the largest producer and exporter of resistors, while the average price per thousand units showed some fluctuations. Overall, the market is expected to see continued growth in the coming years.

Market Forecast

Driven by increasing demand for electrical resistors (except heating resistors) worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +11.3% for the period from 2022 to 2030, which is projected to bring the market volume to 37,889B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +13.0% for the period from 2022 to 2030, which is projected to bring the market value to $317.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Electrical Resistors (Except Heating Resistors)

In 2022, consumption of electrical resistors (except heating resistors) increased by 124% to 16,082B units, rising for the second consecutive year after two years of decline. In general, consumption posted a prominent increase. As a result, consumption reached the peak volume and is likely to continue growth in the immediate term.

The global resistor market value soared to $119.2B in 2022, picking up by 151% 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). Overall, consumption saw a remarkable increase. Global consumption peaked in 2022 and is expected to retain growth in years to come.

Consumption By Country

The country with the largest volume of resistor consumption was Mexico (12,001B units), accounting for 75% of total volume. Moreover, resistor consumption in Mexico exceeded the figures recorded by the second-largest consumer, the United States (478B units), more than tenfold. The third position in this ranking was taken by Spain (383B units), with a 2.4% share.

From 2012 to 2022, the average annual growth rate of volume in Mexico totaled +67.7%. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+2.4% per year) and Spain (+26.1% per year).

In value terms, Mexico ($79.8B) led the market, alone. The second position in the ranking was taken by China ($2.6B). It was followed by South Africa.

From 2012 to 2022, the average annual growth rate of value in Mexico totaled +67.7%. In the other countries, the average annual rates were as follows: China (-5.3% per year) and South Africa (+58.1% per year).

In 2022, the highest levels of resistor per capita consumption was registered in Mexico (91 units per person), followed by Hungary (36 units per person), Spain (8.1 units per person) and South Africa (5.1 units per person), while the world average per capita consumption of resistor was estimated at 2 units per person.

In Mexico, resistor per capita consumption expanded at an average annual rate of +65.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Hungary (-24.5% per year) and Spain (+26.0% per year).

Production

World Production of Electrical Resistors (Except Heating Resistors)

In 2022, production of electrical resistors (except heating resistors) increased by 1.8% to 3,829B units, rising for the third year in a row after two years of decline. In general, the total production indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +23.5% against 2019 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by 21% against the previous year. Global production peaked in 2022 and is likely to see gradual growth in years to come.

In value terms, resistor production stood at $26.9B in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 32%. As a result, production attained the peak level of $40.3B. From 2015 to 2022, global production growth failed to regain momentum.

Production By Country

China (1,655B units) remains the largest resistor producing country worldwide, comprising approx. 43% of total volume. Moreover, resistor production in China exceeded the figures recorded by the second-largest producer, the United States (405B units), fourfold. The third position in this ranking was taken by India (287B units), with a 7.5% share.

In China, resistor production expanded at an average annual rate of +9.4% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (-0.2% per year) and India (+9.0% per year).

Imports

World Imports of Electrical Resistors (Except Heating Resistors)

In 2022, overseas purchases of electrical resistors (except heating resistors) increased by 142% to 16,067B units, rising for the second consecutive year after two years of decline. In general, imports recorded a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, resistor imports dropped to $15B in 2022. Overall, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +63.9% against 2014 indices. The most prominent rate of growth was recorded in 2021 with an increase of 30% against the previous year. As a result, imports attained the peak of $15B, leveling off in the following year.

Imports By Country

Mexico prevails in imports structure, recording 12,651B units, which was approx. 79% of total imports in 2022. China (491B units), Spain (396B units), Hungary (368B units), South Africa (310B units) and Germany (273B units) took a relatively small share of total imports.

Mexico was also the fastest-growing in terms of the electrical resistors (except heating resistors) imports, with a CAGR of +85.8% from 2012 to 2022. At the same time, South Africa (+60.5%), Spain (+36.4%), China (+15.4%) and Germany (+8.7%) displayed positive paces of growth. By contrast, Hungary (-24.4%) illustrated a downward trend over the same period. While the share of Mexico (+78 p.p.), Spain (+2.2 p.p.), South Africa (+1.9 p.p.) and China (+1.5 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Hungary (-76.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($4.3B) constitutes the largest market for imported electrical resistors (except heating resistors) worldwide, comprising 28% of global imports. The second position in the ranking was taken by Germany ($1.2B), with an 8.2% share of global imports. It was followed by Mexico, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +12.4%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+4.7% per year) and Mexico (+6.5% per year).

Import Prices By Country

The average resistor import price stood at $0.9 per thousand units in 2022, reducing by -58.7% against the previous year. In general, the import price recorded a mild decline. The most prominent rate of growth was recorded in 2020 an increase of 240%. As a result, import price reached the peak level of $3.5 per thousand units. From 2021 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($8.7 per thousand units), while South Africa (less than $0.1 per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+39.8%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Electrical Resistors (Except Heating Resistors)

In 2022, shipments abroad of electrical resistors (except heating resistors) increased by 19% to 3,815B units, rising for the third consecutive year after three years of decline. Over the period under review, exports showed a remarkable increase. The pace of growth appeared the most rapid in 2021 with an increase of 49%. The global exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, resistor exports totaled $15.7B in 2022. In general, total exports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.6% 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 +78.7% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of 40% against the previous year. The global exports peaked in 2022 and are likely to continue growth in the near future.

Exports By Country

China was the main exporter of electrical resistors (except heating resistors) in the world, with the volume of exports resulting at 1,860B units, which was near 49% of total exports in 2022. Mexico (685B units) ranks second in terms of the total exports with an 18% share, followed by Hong Kong SAR (5.4%). Germany (143B units), Belgium (118B units), Singapore (96B units), Taiwan (Chinese) (94B units), Indonesia (77B units), the Netherlands (73B units) and Japan (68B units) took a little share of total exports.

Exports from China increased at an average annual rate of +17.2% from 2012 to 2022. At the same time, Belgium (+22.9%), Mexico (+17.0%), the Netherlands (+6.6%), Germany (+6.6%), Indonesia (+6.2%), Singapore (+6.1%), Taiwan (Chinese) (+3.8%) and Japan (+1.7%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing exporter exported in the world, with a CAGR of +22.9% from 2012-2022. Hong Kong SAR experienced a relatively flat trend pattern. From 2012 to 2022, the share of China, Mexico and Belgium increased by +25, +9.1 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($5.3B) remains the largest resistor supplier worldwide, comprising 33% of global exports. The second position in the ranking was taken by Hong Kong SAR ($1.7B), with an 11% share of global exports. It was followed by Germany, with an 8.5% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +15.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Hong Kong SAR (+4.0% per year) and Germany (+4.5% per year).

Export Prices By Country

The average resistor export price stood at $4.1 per thousand units in 2022, falling by -14.9% against the previous year. Over the period under review, the export price continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2018 an increase of 22% against the previous year. Over the period under review, the average export prices hit record highs at $6.3 per thousand units in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($14 per thousand units), while Mexico ($0.3 per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+3.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform