Asia: Interchangeable Tool Market 2024

Interchangeable Tool Market Size in Asia

The Asian interchangeable tool market reached $X in 2023, standing approx. at the previous year. Overall, consumption saw a notable increase. As a result, consumption attained the peak level of $X. From 2017 to 2023, the growth of the market remained at a somewhat lower figure.

Interchangeable Tool Production in Asia

In value terms, interchangeable tool production stood at $X in 2023 estimated in export price. Over the period under review, production posted a noticeable increase. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2023, production growth remained at a somewhat lower figure.

Interchangeable Tool Exports

Exports in Asia

In 2023, the amount of interchangeable tools for hand tools exported in Asia expanded to X tons, growing by X% compared with 2022. Total exports indicated tangible growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The volume of export peaked at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, interchangeable tool exports fell modestly to $X in 2023. The total export value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The level of export peaked at $X in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

Exports by Country

China represented the key exporter of interchangeable tools for hand tools in Asia, with the volume of exports recording X tons, which was near X% of total exports in 2023. South Korea (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Japan (X%). Taiwan (Chinese) (X tons), Turkey (X tons), India (X tons) and Kazakhstan (X tons) took a minor share of total exports.

From 2012 to 2023, average annual rates of growth with regard to interchangeable tool exports from China stood at X%. At the same time, Kazakhstan (X%), Turkey (X%), India (X%) and South Korea (X%) displayed positive paces of growth. Moreover, Kazakhstan emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2023. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Japan (X%) illustrated a downward trend over the same period. While the share of China (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Taiwan (Chinese) (X p.p.), South Korea (X p.p.) and Japan (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In China, interchangeable tool exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Japan (X% per year) and South Korea (X% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2023, shrinking by X% against the previous year. Over the period under review, the export price saw a pronounced decline. The pace of growth was the most pronounced in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per ton), while Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the other leaders experienced more modest paces of growth.

Interchangeable Tool Imports

Imports in Asia

Interchangeable tool imports totaled X tons in 2023, picking up by X% on the previous year's figure. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2022 to 2023, the growth of imports failed to regain momentum.

In value terms, interchangeable tool imports dropped to $X in 2023. In general, imports, however, continue to indicate a mild slump. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2023, imports failed to regain momentum.

Imports by Country

India (X tons), China (X tons), Malaysia (X tons), Vietnam (X tons), Japan (X tons), Indonesia (X tons), Thailand (X tons), Turkey (X tons), South Korea (X tons), the United Arab Emirates (X tons), Saudi Arabia (X tons) and Taiwan (Chinese) (X tons) represented roughly X% of total imports in 2023.

From 2012 to 2023, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest interchangeable tool importing markets in Asia were China ($X), India ($X) and Thailand ($X), with a combined X% share of total imports. Japan, Vietnam, Turkey, South Korea, Indonesia, Malaysia, Taiwan (Chinese), the United Arab Emirates and Saudi Arabia lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Vietnam, with a CAGR of X%, recorded the highest growth rate of the value of imports, 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 ton in 2023, waning by X% against the previous year. Overall, the import price continues to indicate a slight shrinkage. The growth pace was the most rapid in 2018 an increase of X%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2023, 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 ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform