ASEAN: Steel Railway Material Market 2024

Steel Railway Material Market Size in ASEAN

The ASEAN steel railway material market was finally on the rise to reach $X in 2023, after three years of decline. In general, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2019; however, from 2020 to 2023, consumption stood at a somewhat lower figure.

Steel Railway Material Production in ASEAN

In value terms, steel railway material production amounted to $X in 2023 estimated in export price. Overall, production recorded a temperate expansion. The growth pace was the most rapid in 2015 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2023, production stood at a somewhat lower figure.

Steel Railway Material Exports

Exports in ASEAN

In 2023, overseas shipments of railway or tramway track construction material of iron or steel decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. Overall, exports continue to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2016 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2022, and then reduced markedly in the following year.

In value terms, steel railway material exports declined notably to $X in 2023. In general, exports continue to indicate a deep reduction. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

Exports by Country

In 2023, Thailand (X tons) represented the largest exporter of railway or tramway track construction material of iron or steel, making up X% of total exports. Indonesia (X tons) ranks second in terms of the total exports with a X% share, followed by Singapore (X%), Malaysia (X%) and Lao People's Democratic Republic (X%). The Philippines (X tons) and Vietnam (X tons) followed a long way behind the leaders.

Thailand was also the fastest-growing in terms of the railway or tramway track construction material of iron or steel exports, with a CAGR of X% from 2012 to 2023. At the same time, Indonesia (X%) and Lao People's Democratic Republic (X%) displayed positive paces of growth. By contrast, Vietnam (X%), the Philippines (X%), Malaysia (X%) and Singapore (X%) illustrated a downward trend over the same period. Thailand (X p.p.), Indonesia (X p.p.) and Lao People's Democratic Republic (X p.p.) significantly strengthened its position in terms of the total exports, while Malaysia and Singapore saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X), Indonesia ($X) and Singapore ($X) appeared to be the countries with the highest levels of exports in 2023, together comprising X% of total exports. Malaysia, Lao People's Democratic Republic, the Philippines and Vietnam lagged somewhat behind, together comprising a further X%.

Among the main exporting countries, Lao People's Democratic Republic, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2023, jumping by X% against the previous year. Over the period under review, the export price, however, recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

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

Steel Railway Material Imports

Imports in ASEAN

After four years of decline, supplies from abroad of railway or tramway track construction material of iron or steel increased by X% to X tons in 2023. In general, imports, however, recorded a slight decrease. The volume of import peaked at X tons in 2015; however, from 2016 to 2023, imports stood at a somewhat lower figure.

In value terms, steel railway material imports soared to $X in 2023. Overall, imports, however, continue to indicate a noticeable decrease. The pace of growth was the most pronounced in 2018 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2023, imports remained at a lower figure.

Imports by Country

Malaysia represented the largest importing country with an import of around X tons, which resulted at X% of total imports. Vietnam (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Indonesia (X%), Singapore (X%) and Lao People's Democratic Republic (X%). Thailand (X tons) followed a long way behind the leaders.

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

In value terms, the largest steel railway material importing markets in ASEAN were Malaysia ($X), Indonesia ($X) and Vietnam ($X), with a combined X% share of total imports. Singapore, Lao People's Democratic Republic and Thailand lagged somewhat behind, together accounting for a further X%.

Lao People's Democratic Republic, with a CAGR of X%, saw the highest growth rate of the value of imports, among 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 ASEAN stood at $X per ton in 2023, declining by X% against the previous year. Overall, the import price recorded a pronounced decrease. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2022, and then fell significantly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform