Republic of Korea: Market for Vacuum Pumps and Air or Gas Compressors 2024

Market Size for Vacuum Pumps and Air or Gas Compressors in Republic of Korea

The South Korean market for vacuum pumps and air or gas compressors shrank notably to $X in 2022, which is down by -22.3% against the previous year. Overall, consumption recorded a pronounced decline. Consumption of peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Vacuum Pumps and Air or Gas Compressors in Republic of Korea

In value terms, production of vacuum pumps and air or gas compressors declined to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 33%. Over the period under review, production of hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Vacuum Pumps and Air or Gas Compressors

Exports from Republic of Korea

In 2022, the amount of vacuum pumps and air or gas compressors exported from South Korea surged to X units, growing by 42% on the previous year's figure. Overall, total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +7.3% 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 +70.7% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, exports of vacuum pumps and air or gas compressors expanded markedly to $X in 2022. The total export value increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 14% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Mexico (X units), Poland (X units) and China (X units) were the main destinations of exports of vacuum pumps and air or gas compressors from South Korea, together comprising 51% of total exports.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +25.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Mexico ($X) were the largest markets for vacuum pump and air or gas compressor exported from South Korea worldwide, with a combined 59% share of total exports. Japan, Slovakia, Taiwan (Chinese), India, Saudi Arabia, Poland, Thailand and Russia lagged somewhat behind, together comprising a further 26%.

In terms of the main countries of destination, Poland, with a CAGR of +12.0%, 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

In 2022, the average export price for vacuum pumps and air or gas compressors amounted to $X per unit, reducing by -22.6% against the previous year. In general, the export price showed a noticeable downturn. The most prominent rate of growth was recorded in 2016 when the average export price increased by 9.5%. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Poland ($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 (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Vacuum Pumps and Air or Gas Compressors

Imports into Republic of Korea

For the third consecutive year, South Korea recorded growth in supplies from abroad of vacuum pumps and air or gas compressors, which increased by 36% to X units in 2022. Over the period under review, total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +7.7% 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 +106.7% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, imports of vacuum pumps and air or gas compressors totaled $X in 2022. The total import value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2020 when imports increased by 18% against the previous year. Over the period under review, imports of attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest supplier of vacuum pump and air or gas compressor to South Korea, with a 52% share of total imports. Moreover, imports of vacuum pumps and air or gas compressors from China exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold. The third position in this ranking was taken by Japan (X units), with a 6.4% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+15.4% per year) and Japan (-1.8% per year).

In value terms, China ($X) constituted the largest supplier of vacuum pumps and air or gas compressors to South Korea, comprising 35% of total imports. The second position in the ranking was held by Japan ($X), with a 14% share of total imports. It was followed by France, with an 8.5% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +11.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.0% per year) and France (+4.2% per year).

Import Prices by Country

The average import price for vacuum pumps and air or gas compressors stood at $X per unit in 2022, declining by -15.5% against the previous year. Over the period under review, the import price recorded a noticeable setback. The most prominent rate of growth was recorded in 2016 when the average import price increased by 12% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per unit), while the price for Romania ($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 (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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