Republic of Korea: Wood Bending Machine Market 2024

Wood Bending Machine Market Size in Republic of Korea

After three years of growth, the South Korean wood bending machine market decreased by -9.4% to $X in 2021. Over the period under review, consumption continues to indicate a abrupt contraction. Wood bending machine consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Wood Bending Machine Production in Republic of Korea

In value terms, wood bending machine production expanded to $X in 2021 estimated in export price. Over the period under review, production saw a pronounced decrease. The pace of growth was the most pronounced in 2015 when the production volume increased by 20%. Wood bending machine production peaked at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Wood Bending Machine Exports

Exports from Republic of Korea

In 2021, overseas shipments of bending or assembling machines increased by 13% to X units for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 162% against the previous year. As a result, the exports reached the peak of X units. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, wood bending machine exports surged to $X in 2021. Overall, exports saw a remarkable increase. The most prominent rate of growth was recorded in 2015 when exports increased by 232%. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Mexico (X units), India (X units) and the United States (X units) were the main destinations of wood bending machine exports from South Korea, with a combined 59% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Mexico (with a CAGR of +55.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), the United States ($X) and Indonesia ($X) appeared to be the largest markets for wood bending machine exported from South Korea worldwide, together accounting for 63% of total exports.

Indonesia, with a CAGR of +51.2%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average wood bending machine export price stood at $X per unit in 2021, surging by 12% against the previous year. Overall, the export price, however, saw a pronounced curtailment. The most prominent rate of growth was recorded in 2015 an increase of 27%. The export price peaked at $X per unit in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+12.6%), while the prices for the other major destinations experienced more modest paces of growth.

Wood Bending Machine Imports

Imports into Republic of Korea

After four years of growth, purchases abroad of bending or assembling machines decreased by -45.1% to X units in 2021. In general, imports showed a abrupt setback. The most prominent rate of growth was recorded in 2020 with an increase of 133%. Imports peaked at X units in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, wood bending machine imports fell markedly to $X in 2021. Overall, imports recorded a abrupt decrease. The pace of growth was the most pronounced in 2014 with an increase of 116% against the previous year. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Austria (X units), Vietnam (X units) and China (X units) were the main suppliers of wood bending machine imports to South Korea, together comprising 88% of total imports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +116.6%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest wood bending machine suppliers to South Korea were Austria ($X), China ($X) and Vietnam ($X), with a combined 75% share of total imports.

Vietnam, with a CAGR of +630.3%, 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 wood bending machine import price amounted to $X per unit, which is down by -3.3% against the previous year. Over the period under review, import price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, wood bending machine import price decreased by -37.5% against 2018 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by 22%. The import price peaked at $X per unit in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

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 the United States ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+230.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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