Republic of Korea: Construction Equipment Blade Market 2024

Construction Equipment Blade Market Size in Republic of Korea

In 2022, the South Korean construction equipment blade market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption, however, faced a abrupt shrinkage. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Construction Equipment Blade Production in Republic of Korea

In value terms, construction equipment blade production dropped modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2018 when the production volume increased by 33% against the previous year. Over the period under review, production attained the peak level at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Construction Equipment Blade Exports

Exports from Republic of Korea

Construction equipment blade exports from South Korea shrank dramatically to X units in 2022, with a decrease of -62.3% on 2021. In general, exports continue to indicate a sharp curtailment. The pace of growth was the most pronounced in 2021 with an increase of 720% against the previous year. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, construction equipment blade exports fell significantly to $X in 2022. Over the period under review, exports continue to indicate a abrupt decrease. The growth pace was the most rapid in 2021 when exports increased by 770% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

The UK (X units) was the main destination for construction equipment blade exports from South Korea, with a 42% share of total exports. Moreover, construction equipment blade exports to the UK exceeded the volume sent to the second major destination, the Philippines (X units), threefold. Belgium (X units) ranked third in terms of total exports with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the UK amounted to +181.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-27.4% per year) and Belgium (+27.6% per year).

In value terms, the UK ($X) emerged as the key foreign market for blades for construction equipment exports from South Korea, comprising 57% of total exports. The second position in the ranking was taken by the Philippines ($X), with a 10% share of total exports. It was followed by Egypt, with a 5.5% share.

From 2012 to 2022, the average annual growth rate of value to the UK amounted to +114.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-19.0% per year) and Egypt (+23.3% per year).

Export Prices by Country

In 2022, the average construction equipment blade export price amounted to $X per unit, surging by 48% against the previous year. Overall, export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, construction equipment blade export price increased by +56.8% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to the Netherlands ($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 Poland (+23.1%), while the prices for the other major destinations experienced more modest paces of growth.

Construction Equipment Blade Imports

Imports into Republic of Korea

Construction equipment blade imports into South Korea fell rapidly to X units in 2022, which is down by -56.9% compared with the year before. Overall, imports recorded a precipitous decrease. The pace of growth appeared the most rapid in 2021 with an increase of 1,332%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, construction equipment blade imports reduced notably to $X in 2022. Over the period under review, imports saw a dramatic curtailment. The pace of growth was the most pronounced in 2021 with an increase of 1,158% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of construction equipment blade to South Korea, accounting for a 81% share of total imports. Moreover, construction equipment blade imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +12.2%.

In value terms, China ($X) constituted the largest supplier of blades for construction equipment to South Korea, comprising 75% of total imports. The second position in the ranking was taken by the United States ($X), with an 18% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at +17.3%.

Import Prices by Country

The average construction equipment blade import price stood at $X per unit in 2022, increasing by 25% against the previous year. Overall, the import price enjoyed a strong increase. The most prominent rate of growth was recorded in 2018 when the average import price increased by 116% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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