Republic of Korea: Rock Cutter Market 2024

Rock Cutter Market Size in Republic of Korea

In 2022, after three years of decline, there was significant growth in the South Korean rock cutter market, when its value increased by 104% to $X. Overall, consumption continues to indicate a buoyant increase. Rock cutter consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Rock Cutter Production in Republic of Korea

In value terms, rock cutter production declined to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the production volume increased by 14%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Rock Cutter Exports

Exports from Republic of Korea

After three years of growth, shipments abroad of coal or rock cutters and tunnelling machinery decreased by -16.5% to X units in 2022. In general, exports saw a mild downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 50% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, rock cutter exports contracted to $X in 2022. Overall, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 32% against the previous year. As a result, the exports attained the peak of $X, and then shrank in the following year.

Exports by Country

The United States (X units) was the main destination for rock cutter exports from South Korea, with a 55% share of total exports. Moreover, rock cutter exports to the United States exceeded the volume sent to the second major destination, Germany (X units), fivefold. Canada (X units) ranked third in terms of total exports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +12.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+79.4% per year) and Canada (+14.8% per year).

In value terms, the United States ($X) remains the key foreign market for coal or rock cutters and tunnelling machinery exports from South Korea, comprising 71% of total exports. The second position in the ranking was taken by Canada ($X), with a 13% share of total exports. It was followed by Germany, with a 2.8% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +7.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+10.1% per year) and Germany (+52.5% per year).

Export Prices by Country

In 2022, the average rock cutter export price amounted to $X per unit, picking up by 5.3% against the previous year. Over the period under review, the export price showed a mild increase. The most prominent rate of growth was recorded in 2013 an increase of 18% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was South Africa ($X per unit), while the average price for exports to Singapore ($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 Saudi Arabia (+8.8%), while the prices for the other major destinations experienced mixed trend patterns.

Rock Cutter Imports

Imports into Republic of Korea

In 2022, supplies from abroad of coal or rock cutters and tunnelling machinery decreased by -27.1% to X units for the first time since 2018, thus ending a three-year rising trend. Overall, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when imports increased by 259% against the previous year. As a result, imports attained the peak of X units. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, rock cutter imports fell remarkably to $X in 2022. In general, imports recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2014 when imports increased by 202% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Japan (X units) and South Africa (X units) were the main suppliers of rock cutter imports to South Korea.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +1.0%).

In value terms, the largest rock cutter suppliers to South Korea were Japan ($X) and South Africa ($X).

South Africa, with a CAGR of 0.0%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review.

Import Prices by Country

The average rock cutter import price stood at $X per unit in 2022, with a decrease of -3.4% against the previous year. Overall, the import price recorded a pronounced shrinkage. The pace of growth appeared the most rapid in 2018 when the average import price increased by 27% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Africa ($X per unit), while the price for Japan stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (-1.9%).

Source: IndexBox Platform

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