Metal Washer Market

The global market for iron or steel washers is projected to continue its upward trend in both consumption and value over the next eight years. China emerges as the leading player, accounting for a significant share of production and consumption. The market saw steady growth in consumption from 2020 to 2022, reaching a peak volume of 1.3M tons. In terms of value, the market is forecasted to increase to $7.5B by 2030. The United States, Mexico, and Germany are key importers of metal washers, while China, the United States, and Germany are the largest exporters. Overall, the market is expected to see steady growth in the coming years.

Market Forecast

Driven by increasing demand for iron or steel washers worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.1% for the period from 2022 to 2030, which is projected to bring the market volume to 1.3M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.2% for the period from 2022 to 2030, which is projected to bring the market value to $7.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Iron Or Steel Washers

In 2022, global metal washer consumption dropped slightly to 1.2M tons, approximately reflecting 2021 figures. In general, consumption, however, saw mild growth. As a result, consumption attained the peak volume of 1.3M tons. From 2020 to 2022, the growth of the global consumption failed to regain momentum.

The global metal washer market size reached $5.9B in 2022, standing approx. at 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). Over the period under review, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $6.6B. From 2020 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

The country with the largest volume of metal washer consumption was China (311K tons), accounting for 26% of total volume. Moreover, metal washer consumption in China exceeded the figures recorded by the second-largest consumer, the United States (142K tons), twofold. India (125K tons) ranked third in terms of total consumption with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China was relatively modest. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+4.2% per year) and India (+2.1% per year).

In value terms, the largest metal washer markets worldwide were Indonesia ($673M), Japan ($671M) and China ($662M), with a combined 34% share of the global market. The United States, Thailand, India, Germany, Democratic Republic of the Congo, Mexico, Canada, Poland, Italy and Russia lagged somewhat behind, together comprising a further 34%.

Among the main consuming countries, Italy, with a CAGR of +17.1%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of metal washer per capita consumption in 2022 were Canada (847 kg per 1000 persons), Poland (546 kg per 1000 persons) and Germany (477 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +18.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Iron Or Steel Washers

In 2022, global metal washer production declined slightly to 1.1M tons, flattening at 2021. The total output volume increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the production volume increased by 23% against the previous year. As a result, production reached the peak volume of 1.2M tons. From 2020 to 2022, global production growth remained at a lower figure.

In value terms, metal washer production fell modestly to $5.2B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the production volume increased by 30% against the previous year. As a result, production reached the peak level of $6.6B. From 2020 to 2022, global production growth remained at a lower figure.

Production By Country

The country with the largest volume of metal washer production was China (542K tons), accounting for 50% of total volume. Moreover, metal washer production in China exceeded the figures recorded by the second-largest producer, India (144K tons), fourfold. The third position in this ranking was taken by the United States (66K tons), with a 6.1% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +1.7%. The remaining producing countries recorded the following average annual rates of production growth: India (+3.1% per year) and the United States (+2.5% per year).

Imports

World Imports of Iron Or Steel Washers

In 2022, overseas purchases of iron or steel washers increased by 1.9% to 575K tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 19% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, metal washer imports rose notably to $3B in 2022. The total import value increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 25% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in the near future.

Imports By Country

In 2022, the United States (112K tons), distantly followed by Mexico (40K tons), Germany (39K tons) and Canada (35K tons) were the key importers of iron or steel washers, together creating 39% of total imports. The following importers - Russia (25K tons), Vietnam (20K tons), Poland (19K tons), Spain (14K tons), France (14K tons), the Netherlands (14K tons), Italy (13K tons), the Czech Republic (12K tons) and the UK (12K tons) - together made up 25% of total imports.

Imports into the United States increased at an average annual rate of +5.1% from 2012 to 2022. At the same time, Germany (+7.8%), Russia (+7.7%), France (+5.2%), Italy (+3.8%), the Netherlands (+3.6%), Mexico (+3.6%), Vietnam (+2.9%), Poland (+2.7%) and the Czech Republic (+2.6%) displayed positive paces of growth. Moreover, Germany emerged as the fastest-growing importer imported in the world, with a CAGR of +7.8% from 2012-2022. Canada and the UK experienced a relatively flat trend pattern. By contrast, Spain (-2.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States and Germany increased by +2.9 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest metal washer importing markets worldwide were the United States ($381M), Mexico ($240M) and Germany ($226M), with a combined 28% share of global imports. Vietnam, Canada, Poland, France, the Netherlands, the Czech Republic, the UK, Russia, Italy and Spain lagged somewhat behind, together comprising a further 24%.

Russia, with a CAGR of +8.2%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average metal washer import price amounted to $5,277 per ton, rising by 4.7% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 5.2%. Over the period under review, average import prices reached the maximum at $5,584 per ton in 2014; however, from 2015 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 Mexico ($6,035 per ton), while Russia ($2,112 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+7.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Iron Or Steel Washers

In 2022, overseas shipments of iron or steel washers increased by 2.8% to 474K tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +4.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 23% against the previous year. The global exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, metal washer exports rose significantly to $2.6B in 2022. In general, total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.4% 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 +42.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 29% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports By Country

China prevails in exports structure, amounting to 242K tons, which was approx. 51% of total exports in 2022. The United States (36K tons) held the second position in the ranking, followed by Germany (34K tons) and India (24K tons). All these countries together took approx. 20% share of total exports. The following exporters - the Netherlands (21K tons), Japan (18K tons), Taiwan (Chinese) (17K tons) and Italy (17K tons) - each recorded a 15% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to metal washer exports from China stood at +6.2%. At the same time, the Netherlands (+17.9%), Italy (+8.0%), India (+5.0%), the United States (+3.6%), Japan (+2.1%) and Germany (+1.9%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +17.9% from 2012-2022. By contrast, Taiwan (Chinese) (-1.9%) illustrated a downward trend over the same period. While the share of China (+6.6 p.p.) and the Netherlands (+3 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Germany (-2.3 p.p.) and Taiwan (Chinese) (-3.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($760M) remains the largest metal washer supplier worldwide, comprising 30% of global exports. The second position in the ranking was held by Germany ($313M), with a 12% share of global exports. It was followed by the United States, with a 12% share.

In China, metal washer exports expanded at an average annual rate of +11.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (+3.1% per year) and the United States (+5.3% per year).

Export Prices By Country

In 2022, the average metal washer export price amounted to $5,433 per ton, growing by 7.8% against the previous year. In general, the export price recorded a relatively flat trend pattern. As a result, the export price reached 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 ($12,556 per ton), while India ($2,850 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+5.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform