Republic of Korea: Bridge Market 2024

Bridge Market Size in Republic of Korea

In 2021, the South Korean bridge market decreased by -22.7% to $X for the first time since 2017, thus ending a three-year rising trend. Overall, consumption continues to indicate a perceptible downturn. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Bridge Production in Republic of Korea

In value terms, bridge production declined modestly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a slight decline. The pace of growth was the most pronounced in 2019 with an increase of 55% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Bridge Exports

Exports from Republic of Korea

In 2021, bridge exports from South Korea skyrocketed to X tons, jumping by 56% compared with 2020 figures. In general, exports recorded a mild increase. The pace of growth appeared the most rapid in 2019 when exports increased by 1,421%. Over the period under review, the exports attained the peak figure in 2021 and are likely to see steady growth in the immediate term.

In value terms, bridge exports soared to $X in 2021. Over the period under review, exports saw a tangible expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 1,523% against the previous year. The exports peaked in 2021 and are likely to see steady growth in the near future.

Exports by Country

Taiwan (Chinese) (X tons), the United States (X tons) and Japan (X tons) were the main destinations of bridge exports from South Korea, together comprising 77% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of +687.1%), while the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X) emerged as the key foreign market for bridges, bridge sections, towers and lattice masts (of iron or steel) exports from South Korea, comprising 53% of total exports. The second position in the ranking was taken by the United States ($X), with a 17% share of total exports. It was followed by Japan, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Taiwan (Chinese) stood at +938.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-10.4% per year) and Japan (+16.5% per year).

Export Prices by Country

The average bridge export price stood at $X per ton in 2021, rising by 14% against the previous year. Over the period under review, the export price showed a modest increase. The most prominent rate of growth was recorded in 2018 when the average export price increased by 21% against the previous year. The export price peaked in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Japan ($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 Taiwan (Chinese) (+31.9%), while the prices for the other major destinations experienced mixed trend patterns.

Bridge Imports

Imports into Republic of Korea

In 2021, purchases abroad of bridges, bridge sections, towers and lattice masts (of iron or steel) was finally on the rise to reach X tons after two years of decline. Overall, imports, however, saw a pronounced setback. The pace of growth appeared the most rapid in 2018 when imports increased by 127% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, bridge imports shrank to $X in 2021. In general, imports continue to indicate temperate growth. The most prominent rate of growth was recorded in 2018 when imports increased by 131%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest bridge supplier to South Korea, with a 76% share of total imports. Moreover, bridge imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), fourfold. The third position in this ranking was held by Brunei Darussalam (X tons), with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+221.5% per year) and Brunei Darussalam (+77.4% per year).

In value terms, the largest bridge suppliers to South Korea were Turkey ($X), China ($X) and Brunei Darussalam ($X), together comprising 97% of total imports.

Among the main suppliers, Brunei Darussalam, with a CAGR of +211.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average bridge import price stood at $X per ton in 2021, with a decrease of -22% against the previous year. In general, the import price, however, recorded a remarkable increase. The pace of growth appeared the most rapid in 2020 an increase of 121% against the previous year. As a result, import price reached the peak level of $X per ton, and then dropped notably in the following year.

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 Turkey ($X per ton), while the price for Brunei Darussalam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brunei Darussalam (+75.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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