Capacitor Market

The global market for electrical capacitors is projected to experience significant growth over the next eight years, with a forecasted CAGR of +6.9%. In 2022, consumption decreased by -6.4%, but overall consumption patterns show buoyant growth. China leads both in consumption and production of capacitors, while countries like Hungary, Japan, and the United States also play significant roles in the market. Import and export trends indicate fluctuations, with China being a key player in both aspects. Prices vary by product type and country of origin, with the market expected to continue expanding in the coming years.

Market Forecast

Driven by increasing demand for electrical capacitors 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 +6.9% for the period from 2022 to 2030, which is projected to bring the market volume to 8,961B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.8% for the period from 2022 to 2030, which is projected to bring the market value to $190.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Electrical Capacitors

In 2022, consumption of electrical capacitors decreased by -6.4% to 5,274B units, falling for the fifth consecutive year after six years of growth. In general, consumption, however, continues to indicate buoyant growth. Global consumption peaked at 6,728B units in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

The global capacitor market value was estimated at $121B in 2022, with an increase of 5.8% 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). Over the period under review, consumption, however, saw a resilient increase. Global consumption peaked at $124.2B in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Consumption By Country

China (1,363B units) constituted the country with the largest volume of capacitor consumption, accounting for 26% of total volume. Moreover, capacitor consumption in China exceeded the figures recorded by the second-largest consumer, Hungary (509B units), threefold. The third position in this ranking was held by Japan (234B units), with a 4.4% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +12.8%. The remaining consuming countries recorded the following average annual rates of consumption growth: Hungary (-0.8% per year) and Japan (+15.0% per year).

In value terms, China ($15.5B), Indonesia ($9.7B) and the United States ($3.4B) constituted the countries with the highest levels of market value in 2022, with a combined 24% share of the global market.

In terms of the main consuming countries, the United States, with a CAGR of +17.3%, saw 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.

In 2022, the highest levels of capacitor per capita consumption was registered in Hungary (53 units per person), followed by Hong Kong SAR (13 units per person), Romania (4.9 units per person) and Poland (2.5 units per person), while the world average per capita consumption of capacitor was estimated at 0.7 units per person.

From 2012 to 2022, the average annual growth rate of the capacitor per capita consumption in Hungary was relatively modest. In the other countries, the average annual rates were as follows: Hong Kong SAR (-3.8% per year) and Romania (+12.2% per year).

Production

World Production of Electrical Capacitors

In 2022, the amount of electrical capacitors produced worldwide expanded sharply to 3,768B units, picking up by 9.5% on the year before. Over the period under review, production continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 44%. Over the period under review, global production attained the peak volume at 3,868B units in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In value terms, capacitor production expanded modestly to $108.5B in 2022 estimated in export price. In general, production recorded a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 29%. Global production peaked at $112.9B in 2020; however, from 2021 to 2022, production failed to regain momentum.

Production By Country

China (1,515B units) remains the largest capacitor producing country worldwide, comprising approx. 40% of total volume. Moreover, capacitor production in China exceeded the figures recorded by the second-largest producer, Japan (355B units), fourfold. Malaysia (308B units) ranked third in terms of total production with an 8.2% share.

In China, capacitor production expanded at an average annual rate of +13.8% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Japan (+8.0% per year) and Malaysia (+18.5% per year).

Imports

World Imports of Electrical Capacitors

In 2022, approx. 4,886B units of electrical capacitors were imported worldwide; waning by -19.6% against 2021. Overall, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 28%. Global imports peaked at 6,173B units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, capacitor imports dropped to $39.5B in 2022. Over the period under review, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +70.9% against 2016 indices. The pace of growth appeared the most rapid in 2018 when imports increased by 31%. Global imports peaked at $43.2B in 2021, and then reduced in the following year.

Imports By Country

In 2022, China (1,180B units), distantly followed by Hungary (528B units), Hong Kong SAR (493B units), Germany (327B units) and Belgium (308B units) were the key importers of electrical capacitors, together committing 58% of total imports. Mexico (159B units), the Netherlands (155B units), the United States (154B units), France (121B units), Italy (114B units), Vietnam (108B units), Poland (97B units) and Romania (95B units) took a relatively small share of total imports.

Imports into China increased at an average annual rate of +12.7% from 2012 to 2022. At the same time, Belgium (+22.7%), the Netherlands (+14.9%), Vietnam (+13.3%), Germany (+12.1%), Italy (+11.6%), Romania (+11.5%), France (+9.9%), Poland (+8.2%), Mexico (+1.8%) and the United States (+1.0%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing importer imported in the world, with a CAGR of +22.7% from 2012-2022. Hong Kong SAR experienced a relatively flat trend pattern. By contrast, Hungary (-1.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Belgium, Germany and the Netherlands increased by +12, +4.9, +3.2 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest capacitor importing markets worldwide were China ($10.3B), Hong Kong SAR ($5.5B) and Germany ($2.7B), together comprising 47% of global imports. The United States, Mexico, Vietnam, the Netherlands, Hungary, Italy, Poland, Romania, France and Belgium lagged somewhat behind, together accounting for a further 21%.

Vietnam, with a CAGR of +18.0%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Electrical capacitors; fixed, ceramic dielectric, multilayer dominates imports structure, amounting to 4,639B units, which was near 95% of total imports in 2022. Electrical capacitors; fixed, ceramic dielectric, single layer (111B units) took a relatively small share of total imports.

Electrical capacitors; fixed, ceramic dielectric, multilayer was also the fastest-growing in terms of imports, with a CAGR of +5.8% from 2012 to 2022. electrical capacitors; fixed, ceramic dielectric, single layer (-4.5%) illustrated a downward trend over the same period. While the share of electrical capacitors; fixed, ceramic dielectric, multilayer (+5.3 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of electrical capacitors; fixed, ceramic dielectric, single layer (-3.7 p.p.) displayed negative dynamics.

In value terms, electrical capacitors; fixed, ceramic dielectric, multilayer ($22.6B) constitutes the largest type of electrical capacitors imported worldwide, comprising 57% of global imports. The second position in the ranking was taken by electrical capacitors; fixed, aluminium electrolytic ($7B), with an 18% share of global imports. It was followed by electrical capacitors; fixed, n.e.s. in heading no. 8532, with a 7.8% share.

From 2012 to 2022, the average annual growth rate of the value of electrical capacitors; fixed, ceramic dielectric, multilayer imports totaled +8.3%. For the other products, the average annual rates were as follows: electrical capacitors; fixed, aluminium electrolytic (+3.8% per year) and electrical capacitors; fixed, n.e.s. in heading no. 8532 (+4.1% per year).

Import Prices By Type

The average capacitor import price stood at $8.1 per thousand units in 2022, rising by 14% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the average import price increased by 32%. Global import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by the product type; the product with the highest price was electrical capacitors; fixed, designed for use in 50/60 hz circuits and having a reactive power handling capacity of not less than 0.5 kVAr (power capacitors) ($1,781 per thousand units), while the price for electrical capacitors; fixed, ceramic dielectric, multilayer ($4.9 per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by variable capacitor (+11.3%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average capacitor import price stood at $8.1 per thousand units in 2022, rising by 14% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average import price increased by 32%. Global import price peaked in 2022 and is expected to retain growth in years to come.

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 the United States ($17 per thousand units), while Belgium ($0.7 per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+5.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Electrical Capacitors

In 2022, after two years of growth, there was significant decline in shipments abroad of electrical capacitors, when their volume decreased by -13% to 3,380B units. Overall, total exports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +6.1% 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 +51.7% against 2017 indices. The most prominent rate of growth was recorded in 2021 with an increase of 34%. As a result, the exports attained the peak of 3,883B units, and then reduced in the following year.

In value terms, capacitor exports fell to $36.2B in 2022. Over the period under review, total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.5% 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 +6.4% against 2018 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 31%. Over the period under review, the global exports reached the maximum at $40B in 2021, and then declined in the following year.

Exports By Country

China represented the key exporter of electrical capacitors in the world, with the volume of exports finishing at 1,332B units, which was near 39% of total exports in 2022. Hong Kong SAR (392B units) ranks second in terms of the total exports with a 12% share, followed by Malaysia (10%), Belgium (6.5%), Taiwan (Chinese) (4.9%) and South Korea (4.5%). Japan (148B units), Germany (121B units), the Netherlands (113B units) and Singapore (87B units) took a minor share of total exports.

Exports from China increased at an average annual rate of +13.7% from 2012 to 2022. At the same time, Belgium (+21.9%), Malaysia (+18.1%), Germany (+8.3%), South Korea (+6.9%), Taiwan (Chinese) (+3.8%), the Netherlands (+2.4%), Japan (+1.8%) and Hong Kong SAR (+1.2%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing exporter exported in the world, with a CAGR of +21.9% from 2012-2022. By contrast, Singapore (-3.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Malaysia and Belgium increased by +20, +6.5 and +4.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($6.7B), China ($6.2B) and Hong Kong SAR ($5.5B) constituted the countries with the highest levels of exports in 2022, together comprising 51% of global exports. Taiwan (Chinese), Germany, Singapore, South Korea, Malaysia, the Netherlands and Belgium lagged somewhat behind, together accounting for a further 27%.

Belgium, with a CAGR of +14.0%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Electrical capacitors; fixed, ceramic dielectric, multilayer prevails in exports structure, recording 3,208B units, which was near 95% of total exports in 2022. The following types - electrical capacitors; fixed, aluminium electrolytic (79B units) and electrical capacitors; fixed, ceramic dielectric, single layer (52B units) - each accounted for a 3.9% share of total exports.

Exports of electrical capacitors; fixed, ceramic dielectric, multilayer increased at an average annual rate of +7.2% from 2012 to 2022. At the same time, electrical capacitors; fixed, aluminium electrolytic (+7.7%) displayed positive paces of growth. Moreover, electrical capacitors; fixed, aluminium electrolytic emerged as the fastest-growing type exported in the world, with a CAGR of +7.7% from 2012-2022. By contrast, electrical capacitors; fixed, ceramic dielectric, single layer (-11.6%) illustrated a downward trend over the same period. While the share of electrical capacitors; fixed, ceramic dielectric, multilayer (+8.5 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of electrical capacitors; fixed, ceramic dielectric, single layer (-8 p.p.) displayed negative dynamics. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, electrical capacitors; fixed, ceramic dielectric, multilayer ($20.7B) remains the largest type of electrical capacitors supplied worldwide, comprising 57% of global exports. The second position in the ranking was taken by electrical capacitors; fixed, aluminium electrolytic ($6.6B), with an 18% share of global exports. It was followed by electrical capacitors; fixed, tantalum, with a 7.2% share.

For electrical capacitors; fixed, ceramic dielectric, multilayer, exports expanded at an average annual rate of +7.2% over the period from 2012-2022. For the other products, the average annual rates were as follows: electrical capacitors; fixed, aluminium electrolytic (+2.9% per year) and electrical capacitors; fixed, tantalum (+0.9% per year).

Export Prices By Type

In 2022, the average capacitor export price amounted to $11 per thousand units, increasing by 3.9% against the previous year. Over the period under review, the export price, however, showed a mild decrease. The most prominent rate of growth was recorded in 2017 an increase of 21% against the previous year. The global export price peaked at $13 per thousand units in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by the product type; the product with the highest price was electrical capacitors; fixed, designed for use in 50/60 hz circuits and having a reactive power handling capacity of not less than 0.5 kVAr (power capacitors) ($1,897 per thousand units), while the average price for exports of electrical capacitors; fixed, ceramic dielectric, multilayer ($6.4 per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by variable capacitor (+12.0%), while the other products experienced more modest paces of growth.

Export Prices By Country

The average capacitor export price stood at $11 per thousand units in 2022, with an increase of 3.9% against the previous year. In general, the export price, however, recorded a mild setback. The most prominent rate of growth was recorded in 2017 when the average export price increased by 21%. Over the period under review, the average export prices reached the maximum at $13 per thousand units in 2013; however, from 2014 to 2022, 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 ($45 per thousand units), while Belgium ($1 per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+8.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform