Republic of Korea: Market for Turbo, Rotary and Reciporating Displacement Compressors 2025

Market Size for Turbo, Rotary and Reciporating Displacement Compressors in Republic of Korea

In 2022, the South Korean market for turbo, rotary and reciporating displacement compressors was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption showed a pronounced downturn. Consumption of peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Production of Turbo, Rotary and Reciporating Displacement Compressors in Republic of Korea

In value terms, production of turbo, rotary and reciporating displacement compressors fell significantly to $X in 2022 estimated in export price. Overall, production continues to indicate a perceptible decrease. The pace of growth was the most pronounced in 2018 with an increase of 149%. Production of peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Turbo, Rotary and Reciporating Displacement Compressors

Exports from Republic of Korea

In 2022, approx. X units of turbo, rotary and reciporating displacement compressors were exported from South Korea; waning by -21.2% compared with 2021. In general, total exports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.8% 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 +28.0% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 63%. As a result, the exports reached the peak of X units, and then fell significantly in the following year.

In value terms, exports of turbo, rotary and reciporating displacement compressors shrank to $X in 2022. Over the period under review, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by 25% against the previous year. Over the period under review, the exports of attained the peak figure at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Slovakia (X units), Japan (X units) and Saudi Arabia (X units) were the main destinations of exports of turbo, rotary and reciporating displacement compressors from South Korea, together accounting for 46% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Slovakia (with a CAGR of +44.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for turbo, rotary and reciporating displacement compressor exported from South Korea were China ($X), Saudi Arabia ($X) and the United States ($X), together accounting for 40% of total exports. Japan, Thailand, Slovakia, Uzbekistan, Vietnam, Iraq, Taiwan (Chinese), India, Brazil and the Czech Republic lagged somewhat behind, together comprising a further 32%.

In terms of the main countries of destination, Slovakia, with a CAGR of +26.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for turbo, rotary and reciporating displacement compressors stood at $X per unit in 2022, surging by 11% against the previous year. Overall, the export price, however, continues to indicate a deep setback. The most prominent rate of growth was recorded in 2019 an increase of 14%. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Slovakia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+4.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Turbo, Rotary and Reciporating Displacement Compressors

Imports into Republic of Korea

In 2022, imports of turbo, rotary and reciporating displacement compressors into South Korea shrank to X units, with a decrease of -9% compared with 2021 figures. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 83%. Over the period under review, imports of hit record highs at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, imports of turbo, rotary and reciporating displacement compressors soared to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when imports increased by 33%. Over the period under review, imports of hit record highs at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Romania (X units), China (X units) and Thailand (X units) were the main suppliers of imports of turbo, rotary and reciporating displacement compressors to South Korea, with a combined 53% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Romania (with a CAGR of +66.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest turbo, rotary and reciporating displacement compressor suppliers to South Korea were China ($X), France ($X) and the United States ($X), together comprising 47% of total imports. Germany, Italy, Japan, Romania, Thailand and India lagged somewhat behind, together comprising a further 30%.

Romania, with a CAGR of +52.6%, 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.

Import Prices by Country

The average import price for turbo, rotary and reciporating displacement compressors stood at $X per unit in 2022, picking up by 28% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average import price increased by 34% against the previous year. As a result, import price reached the peak level of $X per unit. From 2017 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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