Republic of Korea: Metal Tubular Rivet Market 2024

Metal Tubular Rivet Market Size in Republic of Korea

After three years of decline, the South Korean metal tubular rivet market increased by 9.3% to $X in 2021. Over the period under review, consumption recorded a mild increase. Metal tubular rivet consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Metal Tubular Rivet Production in Republic of Korea

In value terms, metal tubular rivet production rose significantly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 35%. Metal tubular rivet production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Metal Tubular Rivet Exports

Exports from Republic of Korea

In 2021, after three years of decline, there was significant growth in overseas shipments of base metal tubular or bifurcated rivets, when their volume increased by 48% to X tons. Over the period under review, exports, however, continue to indicate a mild decline. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, metal tubular rivet exports soared to $X in 2021. In general, exports, however, showed a deep downturn. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for metal tubular rivet exports from South Korea, accounting for a 33% share of total exports. Moreover, metal tubular rivet exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), fourfold. Mexico (X tons) ranked third in terms of total exports with a 4.7% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +24.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-5.7% per year) and Mexico (+34.4% per year).

In value terms, the United States ($X) remains the key foreign market for base metal tubular or bifurcated rivets exports from South Korea, comprising 23% of total exports. The second position in the ranking was held by Vietnam ($X), with a 7.2% share of total exports. It was followed by Japan, with a 5.7% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +23.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-16.1% per year) and Japan (+0.1% per year).

Export Prices by Country

The average metal tubular rivet export price stood at $X per ton in 2021, therefore, remained relatively stable against the previous year. Overall, the export price recorded a pronounced decrease. The pace of growth appeared the most rapid in 2016 an increase of 19%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+6.1%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Tubular Rivet Imports

Imports into Republic of Korea

In 2021, metal tubular rivet imports into South Korea soared to X tons, jumping by 32% on the year before. In general, imports enjoyed significant growth. The growth pace was the most rapid in 2017 when imports increased by 128% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, metal tubular rivet imports skyrocketed to $X in 2021. Over the period under review, imports showed a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of 66% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of metal tubular rivet to South Korea, accounting for a 69% share of total imports. Moreover, metal tubular rivet imports from China exceeded the figures recorded by the second-largest supplier, France (X tons), more than tenfold. The UK (X tons) ranked third in terms of total imports with a 4.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +47.4%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+64.3% per year) and the UK (-4.2% per year).

In value terms, the largest metal tubular rivet suppliers to South Korea were the United States ($X), China ($X) and Germany ($X), with a combined 53% share of total imports.

In terms of the main suppliers, the United States, with a CAGR of +38.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average metal tubular rivet import price amounted to $X per ton, which is down by -2.9% against the previous year. Overall, the import price saw a abrupt decline. The pace of growth appeared the most rapid in 2018 an increase of 38%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, 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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+18.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :