Asia: Working Wire Machine Market 2023

Working Wire Machine Market Size in Asia

In 2021, the Asian working wire machine market decreased by -4% to $X, falling for the fifth consecutive year after three years of growth. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Working Wire Machine Production in Asia

In value terms, working wire machine production rose sharply to $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 30%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Working Wire Machine Exports

Exports in Asia

In 2021, the amount of machines for working wire exported in Asia skyrocketed to X units, rising by 68% against the year before. Overall, exports showed a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, working wire machine exports skyrocketed to $X in 2021. Over the period under review, exports showed a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, China (X units) represented the largest exporter of machines for working wire, comprising 68% of total exports. Taiwan (Chinese) (X units) took the second position in the ranking, distantly followed by India (X units). All these countries together held near 26% share of total exports. The following exporters - Japan (X units) and Turkey (X units) - each resulted at a 4.4% share of total exports.

China was also the fastest-growing in terms of the machines for working wire exports, with a CAGR of +15.4% from 2012 to 2021. At the same time, Turkey (+14.9%), India (+13.2%) and Taiwan (Chinese) (+1.1%) displayed positive paces of growth. Japan experienced a relatively flat trend pattern. China (+38 p.p.) and India (+3.1 p.p.) significantly strengthened its position in terms of the total exports, while Japan and Taiwan (Chinese) saw its share reduced by -1.6% and -8.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest working wire machine supplier in Asia, comprising 66% of total exports. The second position in the ranking was held by Japan ($X), with a 12% share of total exports. It was followed by Taiwan (Chinese), with a 12% share.

From 2012 to 2021, the average annual growth rate of value in China stood at +11.8%. In the other countries, the average annual rates were as follows: Japan (-3.0% per year) and Taiwan (Chinese) (-3.0% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per unit, dropping by -20.3% against the previous year. Overall, the export price continues to indicate a perceptible setback. The pace of growth appeared the most rapid in 2014 when the export price increased by 44%. Over the period under review, the export prices attained the maximum at $X per unit in 2017; however, from 2018 to 2021, 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 ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-2.3%), while the other leaders experienced a decline in the export price figures.

Working Wire Machine Imports

Imports in Asia

Working wire machine imports soared to X units in 2021, growing by 75% compared with the previous year. Total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +7.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, working wire machine imports soared to $X in 2021. Over the period under review, imports, however, showed a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, India (X units), distantly followed by Nepal (X units), the Philippines (X units), Turkey (X units), the United Arab Emirates (X units) and Singapore (X units) represented the major importers of machines for working wire, together making up 61% of total imports. Vietnam (X units), Malaysia (X units), Sri Lanka (X units), China (X units), Thailand (X units), Cyprus (X units) and South Korea (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Cyprus (with a CAGR of +69.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Turkey ($X) and India ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 41% of total imports. These countries were followed by Thailand, Vietnam, South Korea, Malaysia, the United Arab Emirates, the Philippines, Nepal, Singapore, Sri Lanka and Cyprus, which together accounted for a further 31%.

Cyprus, with a CAGR of +109.1%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per unit in 2021, declining by -22.4% against the previous year. Overall, the import price continues to indicate a deep reduction. The pace of growth was the most pronounced in 2015 an increase of 28% against the previous year. Over the period under review, import prices reached the maximum at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was China ($X per unit), while Cyprus ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cyprus (+24.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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