Republic of Korea: Bumper Market 2024

Bumper Market Size in Republic of Korea

The South Korean bumper market surged to $X in 2022, rising by 47% against the previous year. Over the period under review, consumption saw a significant expansion. Bumper consumption peaked in 2022 and is expected to retain growth in the immediate term.

Bumper Production in Republic of Korea

In value terms, bumper production expanded modestly to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by 21%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Bumper Exports

Exports from Republic of Korea

In 2022, bumper exports from South Korea shrank slightly to X tons, waning by -3.8% on 2021 figures. Overall, exports continue to indicate a perceptible slump. The most prominent rate of growth was recorded in 2017 when exports increased by 27% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, bumper exports contracted to $X in 2022. Over the period under review, exports saw a noticeable descent. The pace of growth appeared the most rapid in 2021 with an increase of 18%. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), the Czech Republic (X tons) and Turkey (X tons) were the main destinations of bumper exports from South Korea, together accounting for 75% of total exports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +30.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for bumper exported from South Korea were the Czech Republic ($X), the United States ($X) and Turkey ($X), with a combined 71% share of total exports.

Among the main countries of destination, Turkey, with a CAGR of +28.7%, recorded the highest rates of growth with regard to 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

In 2022, the average bumper export price amounted to $X per ton, shrinking by -9.2% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 19%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Slovakia ($X per ton), while the average price for exports to Mexico ($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 the United States (+4.1%), while the prices for the other major destinations experienced more modest paces of growth.

Bumper Imports

Imports into Republic of Korea

In 2022, after two years of decline, there was significant growth in purchases abroad of bumpers, when their volume increased by 34% to X tons. The total import volume increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, bumper imports skyrocketed to $X in 2022. In general, imports recorded prominent growth. The most prominent rate of growth was recorded in 2018 when imports increased by 41% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

China (X tons), Vietnam (X tons) and Germany (X tons) were the main suppliers of bumper imports to South Korea, with a combined 70% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +463.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of bumpers to South Korea, comprising 44% of total imports. The second position in the ranking was taken by the United States ($X), with a 14% share of total imports. It was followed by China, with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to +16.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+20.8% per year) and China (-7.0% per year).

Import Prices by Country

The average bumper import price stood at $X per ton in 2022, dropping by -13.5% against the previous year. Over the period under review, the import price, however, showed a strong expansion. The most prominent rate of growth was recorded in 2021 an increase of 27%. As a result, import price attained the peak level of $X per ton, and then contracted 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 ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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