Republic of Korea: Metal Bath Market 2025

Metal Bath Market Size in Republic of Korea

The South Korean metal bath market surged to $X in 2021, growing by 420% against the previous year. Overall, consumption showed significant growth. Metal bath consumption peaked in 2021 and is expected to retain growth in years to come.

Metal Bath Production in Republic of Korea

In value terms, metal bath production declined to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 when the production volume increased by 22% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then declined in the following year.

Metal Bath Exports

Exports from Republic of Korea

In 2021, after two years of growth, there was significant decline in shipments abroad of baths of iron or steel, when their volume decreased by -7.3% to X tons. Overall, exports saw a mild decline. The growth pace was the most rapid in 2014 when exports increased by 132% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, metal bath exports contracted to $X in 2021. Over the period under review, exports, however, posted a modest expansion. The pace of growth was the most pronounced in 2014 when exports increased by 89%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Myanmar (X tons) was the main destination for metal bath exports from South Korea, accounting for a 90% share of total exports. Moreover, metal bath exports to Myanmar exceeded the volume sent to the second major destination, the Philippines (X tons), more than tenfold. The third position in this ranking was taken by Russia (X tons), with a 1% share.

From 2012 to 2021, the average annual growth rate of volume to Myanmar amounted to +93.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-12.2% per year) and Russia (-19.7% per year).

In value terms, Myanmar ($X) emerged as the key foreign market for baths of iron or steel exports from South Korea, comprising 84% of total exports. The second position in the ranking was held by the Philippines ($X), with a 0.8% share of total exports. It was followed by Russia, with a 0.1% share.

From 2012 to 2021, the average annual growth rate of value to Myanmar amounted to +79.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-19.8% per year) and Russia (-35.0% per year).

Export Prices by Country

In 2021, the average metal bath export price amounted to $X per ton, picking up by 3.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.4%. The most prominent rate of growth was recorded in 2018 an increase of 30%. The export price peaked in 2021 and is likely to see gradual growth in years to come.

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 Myanmar ($X per ton), while the average price for exports to Russia ($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 the United Arab Emirates (+8.9%), while the prices for the other major destinations experienced mixed trend patterns.

Metal Bath Imports

Imports into Republic of Korea

In 2021, approx. X tons of baths of iron or steel were imported into South Korea; with an increase of 393% on the previous year. Overall, imports continue to indicate a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, metal bath imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Germany (X tons) constituted the largest metal bath supplier to South Korea, accounting for a 17% share of total imports. Moreover, metal bath imports from Germany exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was taken by the United States (X tons), with a 2.5% share.

From 2012 to 2021, the average annual growth rate of volume from Germany was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.2% per year) and the United States (-8.6% per year).

In value terms, the largest metal bath suppliers to South Korea were Germany ($X), China ($X) and the United States ($X), with a combined 19% share of total imports. India lagged somewhat behind, accounting for a further 0.4%.

India, with a CAGR of +70.7%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average metal bath import price amounted to $X per ton, increasing by 6.6% against the previous year. In general, import price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +3.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, metal bath import price increased by +81.4% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by 70%. Over the period under review, average import prices reached the maximum in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+16.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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