Republic of Korea: Shaft Coupling Market 2024

Shaft Coupling Market Size in Republic of Korea

The South Korean shaft coupling market contracted to $X in 2022, reducing by -9.6% against the previous year. Over the period under review, the total consumption indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +11.7% against 2020 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Shaft Coupling Production in Republic of Korea

In value terms, shaft coupling production dropped to $X in 2022 estimated in export price. Overall, production, however, posted a buoyant increase. The pace of growth appeared the most rapid in 2014 with an increase of 136%. Shaft coupling production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Shaft Coupling Exports

Exports from Republic of Korea

Shaft coupling exports from South Korea shrank to X tons in 2022, with a decrease of -6% against the previous year. Over the period under review, exports saw a noticeable decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 93% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, shaft coupling exports rose modestly to $X in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 61% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons), Japan (X tons) and India (X tons) were the main destinations of shaft coupling exports from South Korea, with a combined 48% share of total exports. Brazil, the United States, Russia, Hong Kong SAR, Thailand, Mexico, Indonesia and South Africa lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +42.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for shaft coupling exported from South Korea were China ($X), Japan ($X) and Russia ($X), with a combined 54% share of total exports.

Russia, with a CAGR of +36.7%, recorded the highest rates of growth with regard to the value of exports, in terms of 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 shaft coupling export price stood at $X per ton in 2022, rising by 11% against the previous year. In general, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, shaft coupling export price increased by +63.0% against 2017 indices. The growth pace was the most rapid in 2019 an increase of 19% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Hong Kong SAR ($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 China (+5.6%), while the prices for the other major destinations experienced more modest paces of growth.

Shaft Coupling Imports

Imports into Republic of Korea

In 2022, supplies from abroad of clutches and shaft couplings decreased by -9.1% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, imports saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2019 when imports increased by 26%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, shaft coupling imports reached $X in 2022. In general, imports continue to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2021 when imports increased by 15% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of shaft coupling to South Korea, with a 49% share of total imports. Moreover, shaft coupling imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. The third position in this ranking was taken by Thailand (X tons), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-4.0% per year) and Thailand (+69.2% per year).

In value terms, Germany ($X), China ($X) and Japan ($X) appeared to be the largest shaft coupling suppliers to South Korea, together accounting for 65% of total imports. The United States, the UK, Thailand, Italy and France lagged somewhat behind, together accounting for a further 24%.

Thailand, with a CAGR of +55.6%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average shaft coupling import price stood at $X per ton in 2022, growing by 11% against the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The most prominent rate of growth was recorded in 2014 when the average import price increased by 35%. Over the period under review, average import prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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 the United States ($X per ton), while the price for Thailand ($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 (+21.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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