Republic of Korea: Market for Bearing Housings Incorporating Ball Or Roller Bearings 2024

Market Size for Bearing Housings Incorporating Ball Or Roller Bearings in Republic of Korea

The South Korean market for bearing housings incorporating ball or roller bearings shrank to $X in 2022, which is down by -9.8% against the previous year. Overall, the total consumption indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +5.8% against 2020 indices. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Bearing Housings Incorporating Ball Or Roller Bearings in Republic of Korea

In value terms, bearing housing with ball bearing production dropped to $X in 2022 estimated in export price. In general, the total production indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +14.3% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 57%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Exports of Bearing Housings Incorporating Ball Or Roller Bearings

Exports from Republic of Korea

In 2022, shipments abroad of bearing housings incorporating ball or roller bearings increased by 23% to X tons, rising for the second year in a row after two years of decline. In general, total exports indicated a slight expansion from 2012 to 2022: its volume increased at an average annual rate of +1.1% 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 +25.8% against 2020 indices. The growth pace was the most rapid in 2018 when exports increased by 53% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, bearing housing with ball bearing exports skyrocketed to $X in 2022. Over the period under review, exports showed a mild increase. The most prominent rate of growth was recorded in 2018 with an increase of 106% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Austria (X tons), Turkey (X tons) and Sweden (X tons) were the main destinations of bearing housing with ball bearing exports from South Korea, with a combined 38% share of total exports. India, China, the United States, Slovenia, the Philippines, Germany, Finland, Malaysia, Russia and Colombia lagged somewhat behind, together comprising a further 47%.

From 2012 to 2022, the biggest increases were recorded for Slovenia (with a CAGR of +94.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Turkey ($X) appeared to be the largest markets for bearing housing with ball bearing exported from South Korea worldwide, together comprising 38% of total exports. Austria, Sweden, Malaysia, the United States, Germany, Russia, Finland, the Philippines, Slovenia and Colombia lagged somewhat behind, together accounting for a further 38%.

Among the main countries of destination, Slovenia, with a CAGR of +109.0%, saw the highest growth rate of 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 bearing housings incorporating ball or roller bearings stood at $X per ton in 2022, reducing by -2.1% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 35% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a 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 India ($X per ton), while the average price for exports to Slovenia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+9.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Bearing Housings Incorporating Ball Or Roller Bearings

Imports into Republic of Korea

In 2022, after three years of decline, there was significant growth in supplies from abroad of bearing housings incorporating ball or roller bearings, when their volume increased by 25% to X tons. Overall, imports recorded resilient growth. The most prominent rate of growth was recorded in 2013 when imports increased by 77% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, bearing housing with ball bearing imports reached $X in 2022. Over the period under review, imports recorded a remarkable increase. The most prominent rate of growth was recorded in 2020 with an increase of 36% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), Vietnam (X tons) and Germany (X tons) were the main suppliers of bearing housing with ball bearing imports to South Korea, with a combined 93% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +140.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest bearing housing with ball bearing suppliers to South Korea were China ($X), Vietnam ($X) and Germany ($X), with a combined 71% share of total imports.

In terms of the main suppliers, Vietnam, with a CAGR of +156.1%, saw 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 2022, the average import price for bearing housings incorporating ball or roller bearings amounted to $X per ton, declining by -12.7% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average import price increased by 48% against the previous year. The import price peaked at $X per ton in 2021, and then reduced in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+16.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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