Asia: Refrigerated Vessel Market 2024

Refrigerated Vessel Market Size in Asia

The Asian refrigerated vessel market skyrocketed to $X in 2022, surging by X% against the previous year. Overall, consumption, however, faced a precipitous decrease. Over the period under review, the market attained the maximum level at $X,319.1B in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refrigerated Vessel Production in Asia

In value terms, refrigerated vessel production dropped modestly to $X in 2022 estimated in export price. In general, production, however, showed a precipitous descent. The growth pace was the most rapid in 2016 with an increase of X,890%. As a result, production attained the peak level of $X,021B. From 2017 to 2022, production growth failed to regain momentum.

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Refrigerated Vessel Exports

Exports in Asia

In 2022, the amount of refrigerated vessels (ships) exported in Asia declined dramatically to X units, which is down by X% compared with 2021. Overall, exports continue to indicate a significant curtailment. The growth pace was the most rapid in 2014 with an increase of X,488%. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, refrigerated vessel exports fell rapidly to $X in 2022. In general, exports showed a deep downturn. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Japan dominates exports structure, resulting at X units, which was approx. X% of total exports in 2022. South Korea (X units) held a relatively small share of total exports.

Japan was also the fastest-growing in terms of the refrigerated vessels (ships) exports, with a CAGR of X% from 2012 to 2022. South Korea (X%) illustrated a downward trend over the same period. While the share of Japan (X p.p.) and South Korea (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) remains the largest refrigerated vessel supplier in Asia, comprising X% of total exports. The second position in the ranking was taken by South Korea ($X), with a X% share of total exports.

In Japan, refrigerated vessel exports increased at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Asia amounted to $X per unit, picking up by X% against the previous year. Overall, the export price showed a significant increase. The pace of growth appeared the most rapid in 2015 when the export price increased by X,658% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2016 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 South Korea ($X per unit), while Japan amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (X%).

Refrigerated Vessel Imports

Imports in Asia

In 2022, approx. X units of refrigerated vessels (ships) were imported in Asia; which is down by X% on the previous year. Over the period under review, imports, however, posted slight growth. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, imports reached the peak figure at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, refrigerated vessel imports reduced to $X in 2022. Overall, imports showed a pronounced descent. The pace of growth was the most pronounced in 2018 with an increase of X%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

South Korea represented the key importer of refrigerated vessels (ships) in Asia, with the volume of imports resulting at X units, which was near X% of total imports in 2022. Indonesia (X units) took an X% share (based on physical terms) of total imports, which put it in second place, followed by Bangladesh (X%) and Hong Kong SAR (X%). Turkey (X units), Azerbaijan (X units), India (X units) and Malaysia (X units) followed a long way behind the leaders.

Imports into South Korea increased at an average annual rate of X% from 2012 to 2022. At the same time, Bangladesh (X%) and Indonesia (X%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Asia, with a CAGR of X% from 2012-2022. India and Azerbaijan experienced a relatively flat trend pattern. By contrast, Malaysia (X%), Hong Kong SAR (X%) and Turkey (X%) illustrated a downward trend over the same period. South Korea (X p.p.), Indonesia (X p.p.), Bangladesh (X p.p.), Turkey (X p.p.) and Azerbaijan (X p.p.) significantly strengthened its position in terms of the total imports, while Malaysia and Hong Kong SAR saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

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

Import Prices by Country

In 2022, the import price in Asia amounted to $X,694 per unit, picking up by X% against the previous year. In general, the import price, however, continues to indicate a deep downturn. The growth pace was the most rapid in 2017 when the import price increased by X%. Over the period under review, import prices reached the peak figure at $X,902 per unit in 2012; however, from 2013 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 Hong Kong SAR ($X,131 per unit), while Malaysia ($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 (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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