Asia: Refrigerated Vessel Market 2023

Refrigerated Vessel Market Size in Asia

The Asian refrigerated vessel market soared to $X in 2022, picking up by 698% against the previous year. Over the period under review, consumption, however, saw a perceptible decrease. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refrigerated Vessel Production in Asia

In value terms, refrigerated vessel production dropped modestly to $X in 2022 estimated in export price. In general, production saw a noticeable descent. The growth pace was the most rapid in 2016 when the production volume increased by 41%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Refrigerated Vessel Exports

Exports in Asia

In 2022, refrigerated vessel exports in Asia fell markedly to X units, dropping by -96.3% on 2021. Over the period under review, exports continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2021 when exports increased by 489% against the previous year. As a result, the exports attained the peak of X units, and then shrank rapidly in the following year.

In value terms, refrigerated vessel exports declined significantly to $X in 2022. In general, exports continue to indicate a slight descent. The pace of growth was the most pronounced in 2017 when exports increased by 1,921%. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, China (X units), distantly followed by Japan (X units), South Korea (X units), Singapore (X units) and Thailand (X units) represented the main exporters of refrigerated vessels (ships), together constituting 100% of total exports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +7.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and South Korea ($X) were the countries with the highest levels of exports in 2022, with a combined 99% share of total exports.

Japan, with a CAGR of +97.5%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per unit in 2022, rising by 1,182% against the previous year. In general, the export price enjoyed a buoyant expansion. As a result, the export price attained 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 Japan ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+84.3%), while the other leaders experienced more modest paces of growth.

Refrigerated Vessel Imports

Imports in Asia

In 2022, overseas purchases of refrigerated vessels (ships) increased by 12% to X units, rising for the second consecutive year after two years of decline. Overall, imports, however, showed a noticeable descent. The growth pace was the most rapid in 2017 when imports increased by 185% against the previous year. The volume of import peaked at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, refrigerated vessel imports reduced to $X in 2022. Over the period under review, imports, however, continue to indicate a perceptible contraction. The pace of growth appeared the most rapid in 2018 with an increase of 55%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Indonesia (X units) represented the main importer of refrigerated vessels (ships), comprising 65% of total imports. Hong Kong SAR (X units) took the second position in the ranking, distantly followed by Singapore (X units). All these countries together held approx. 24% share of total imports. The following importers - China (X units), India (X units), South Korea (X units) and Turkey (X units) - each resulted at an 11% share of total imports.

Indonesia was also the fastest-growing in terms of the refrigerated vessels (ships) imports, with a CAGR of +47.6% from 2012 to 2022. At the same time, India (+7.2%) displayed positive paces of growth. Turkey and China experienced a relatively flat trend pattern. By contrast, South Korea (-7.4%), Hong Kong SAR (-8.8%) and Singapore (-22.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Indonesia, Turkey, South Korea and India increased by +64, +2.7, +2.7 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported refrigerated vessels (ships) in Asia, comprising 65% of total imports. The second position in the ranking was taken by South Korea ($X), with a 13% share of total imports. It was followed by China, with a 5.4% share.

In Hong Kong SAR, refrigerated vessel imports declined by an average annual rate of -3.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+40.1% per year) and China (+1.8% per year).

Import Prices by Country

The import price in Asia stood at $X per unit in 2022, waning by -19.4% against the previous year. Over the period under review, the import price showed a perceptible downturn. The most prominent rate of growth was recorded in 2019 when the import price increased by 106% against the previous year. Over the period under review, import prices reached the peak figure at $X per unit in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+6.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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