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Jun 11, 2025

UK's Interchangeable Spanner Sockets Market to Grow at 0.6% CAGR Over Next Decade - News and Statistics - IndexBox

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform. IndexBox has just published a new report: United Kingdom - Interchangeable Spanner Sockets -

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IndexBox has just published a new report: United Kingdom - Interchangeable Spanner Sockets - Market Analysis, Forecast, Size, Trends And Insights.

Driven by increasing demand, the UK market for interchangeable spanner sockets is expected to experience growth in both volume and value terms over the period from 2024 to 2035. While market performance is forecasted to decelerate, a positive trend is still anticipated with a projected CAGR of +0.6% for volume and +1.5% for value.

Driven by increasing demand for interchangeable spanner sockets in the UK, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.6% for the period from 2024 to 2035, which is projected to bring the market volume to 5.1K tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.5% for the period from 2024 to 2035, which is projected to bring the market value to $56M (in nominal wholesale prices) by the end of 2035.

In 2024, consumption of interchangeable spanner sockets was finally on the rise to reach 4.8K tons after two years of decline. The total consumption volume increased at an average annual rate of +2.1% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Interchangeable spanner socket consumption peaked at 5.6K tons in 2021; however, from 2022 to 2024, consumption stood at a somewhat lower figure.

The value of the interchangeable spanner socket market in the UK soared to $47M in 2024, with an increase of 34% against 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). The market value increased at an average annual rate of +2.4% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $53M in 2021; however, from 2022 to 2024, consumption remained at a lower figure.

Interchangeable spanner socket production in the UK declined slightly to 129 tons in 2024, with a decrease of -2.5% on 2023. In general, production saw a perceptible setback. The most prominent rate of growth was recorded in 2019 when the production volume increased by 26% against the previous year. As a result, production reached the peak volume of 224 tons. From 2020 to 2024, production growth remained at a lower figure.

In value terms, interchangeable spanner socket production shrank slightly to $3M in 2024 estimated in export price. Over the period under review, production saw a perceptible contraction. The pace of growth appeared the most rapid in 2019 when the production volume increased by 6%. Interchangeable spanner socket production peaked at $5M in 2013; however, from 2014 to 2024, production failed to regain momentum.

In 2024, after two years of decline, there was significant growth in purchases abroad of interchangeable spanner sockets, when their volume increased by 41% to 5.4K tons. The total import volume increased at an average annual rate of +2.4% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Imports peaked at 6.2K tons in 2021; however, from 2022 to 2024, imports remained at a lower figure.

In value terms, interchangeable spanner socket imports stood at $59M in 2024. The total import value increased at an average annual rate of +3.2% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 22% against the previous year. As a result, imports attained the peak of $62M. From 2022 to 2024, the growth of imports remained at a lower figure.

In 2024, China (4K tons) constituted the largest supplier of interchangeable spanner socket to the UK, with a 73% share of total imports. Moreover, interchangeable spanner socket imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (1.1K tons), fourfold. The third position in this ranking was held by the United States (93 tons), with a 1.7% share.

From 2013 to 2024, the average annual rate of growth in terms of volume from China totaled +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+0.3% per year) and the United States (-10.4% per year).

In value terms, China ($27M), Taiwan (Chinese) ($15M) and the United States ($8.5M) appeared to be the largest interchangeable spanner socket suppliers to the UK, together accounting for 86% of total imports. Germany, Italy, France and the Netherlands lagged somewhat behind, together comprising a further 6.8%.

Italy, with a CAGR of +7.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

In 2024, the average interchangeable spanner socket import price amounted to $10,895 per ton, with a decrease of -20.8% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2023 when the average import price increased by 31% against the previous year. As a result, import price reached the peak level of $13,752 per ton, and then contracted significantly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($91,094 per ton), while the price for China ($6,821 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United States (+13.1%), while the prices for the other major suppliers experienced more modest paces of growth.

In 2024, overseas shipments of interchangeable spanner sockets increased by 2.2% to 757 tons, rising for the second year in a row after four years of decline. In general, total exports indicated tangible growth from 2013 to 2024: its volume increased at an average annual rate of +2.5% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports increased by +21.4% against 2022 indices. The most prominent rate of growth was recorded in 2014 with an increase of 35%. Over the period under review, the exports attained the maximum at 1.1K tons in 2018; however, from 2019 to 2024, the exports failed to regain momentum.

In value terms, interchangeable spanner socket exports stood at $18M in 2024. Over the period under review, total exports indicated a slight expansion from 2013 to 2024: its value increased at an average annual rate of +1.9% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports decreased by +0.3% against 2022 indices. The pace of growth was the most pronounced in 2014 when exports increased by 47%. The exports peaked at $28M in 2015; however, from 2016 to 2024, the exports remained at a lower figure.

Ireland (123 tons), Denmark (75 tons) and China (59 tons) were the main destinations of interchangeable spanner socket exports from the UK, together accounting for 34% of total exports. The Netherlands, France, the United States, India, Germany, South Africa, Saudi Arabia, Italy, Poland and Spain lagged somewhat behind, together comprising a further 39%.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of +23.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for interchangeable spanner socket exported from the UK were the Netherlands ($2.2M), Germany ($1.7M) and Ireland ($1.5M), together accounting for 30% of total exports.

In terms of the main countries of destination, the Netherlands, with a CAGR of +21.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

In 2024, the average interchangeable spanner socket export price amounted to $23,449 per ton, waning by -2.1% against the previous year. In general, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 21% against the previous year. Over the period under review, the average export prices reached the maximum at $28,378 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2024, amid the top suppliers, the country with the highest price was Germany ($69,796 per ton), while the average price for exports to China ($7,927 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+9.7%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the interchangeable spanner socket market in the UK. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

Making Data-Driven Decisions to Grow Your Business

A Quick Overview of Market Performance

Understanding the Current State of The Market and its Prospects

Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

Choosing the Best Countries to Boost Your Export

The Latest Trends and Insights into The Industry

The Largest Import Supplying Countries

The Largest Destinations for Exports

The Largest Producers on The Market and Their Profiles