Republic of Korea: Civil Reaction Engine Market 2024

Civil Reaction Engine Market Size in Republic of Korea

In 2021, the South Korean civil reaction engine market decreased by -2.6% to $X, falling for the second year in a row after three years of growth. Over the period under review, consumption, however, recorded a drastic downturn. Civil reaction engine consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Civil Reaction Engine Production in Republic of Korea

In value terms, civil reaction engine production reduced sharply to $X in 2021 estimated in export price. Overall, production, however, posted strong growth. The growth pace was the most rapid in 2020 with an increase of 67% against the previous year. As a result, production attained the peak level of $X, and then dropped markedly in the following year.

Civil Reaction Engine Exports

Exports from Republic of Korea

In 2021, shipments abroad of civil reaction engines was finally on the rise to reach X units after two years of decline. Overall, exports saw a significant increase. The growth pace was the most rapid in 2015 with an increase of 3,241% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, civil reaction engine exports soared to $X in 2021. Over the period under review, exports recorded significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore (X units), Turkey (X units) and Belgium (X units) were the main destinations of civil reaction engine exports from South Korea, with a combined 90% share 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 Singapore (with a CAGR of +185.6%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Turkey ($X) and Belgium ($X) constituted the largest markets for civil reaction engine exported from South Korea worldwide, with a combined 72% share of total exports.

Singapore, with a CAGR of +217.3%, 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

In 2021, the average civil reaction engine export price amounted to $X per unit, with an increase of 178% against the previous year. In general, the export price posted a resilient expansion. The pace of growth was the most pronounced in 2014 an increase of 231% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to Germany ($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 Qatar (+28.9%), while the prices for the other major destinations experienced mixed trend patterns.

Civil Reaction Engine Imports

Imports into Republic of Korea

In 2021, imports of civil reaction engines into South Korea skyrocketed to X units, rising by 251% compared with the previous year. In general, imports, however, saw a abrupt decrease. The pace of growth was the most pronounced in 2018 with an increase of 559% against the previous year. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, civil reaction engine imports surged to $X in 2021. Overall, imports, however, showed a noticeable curtailment. The pace of growth was the most pronounced in 2018 with an increase of 1,277% against the previous year. Over the period under review, imports attained the peak figure at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the UK (X units) constituted the largest civil reaction engine supplier to South Korea, accounting for a 57% share of total imports. Moreover, civil reaction engine imports from the UK exceeded the figures recorded by the second-largest supplier, Russia (X units), fourfold. Israel (X units) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the UK totaled -6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (-14.4% per year) and Israel (+25.6% per year).

In value terms, Russia ($X), France ($X) and the UK ($X) appeared to be the largest civil reaction engine suppliers to South Korea, with a combined 82% share of total imports. These countries were followed by Israel, Switzerland, Norway, the Netherlands, Italy and China, which together accounted for a further 14%.

Israel, with a CAGR of +42.0%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average civil reaction engine import price amounted to $X per unit, which is down by -47.9% against the previous year. In general, the import price, however, showed temperate growth. The pace of growth was the most pronounced in 2018 an increase of 109%. As a result, import price reached the peak level of $X per unit. From 2019 to 2021, the average 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 France ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+40.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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