Republic of Korea: Market for Conveyor Or Transmission Belts Or Belting 2024

Market Size for Conveyor Or Transmission Belts Or Belting in Republic of Korea

In 2021, the South Korean conveyor or transmission belt market increased by 3.2% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Production of Conveyor Or Transmission Belts Or Belting in Republic of Korea

In value terms, conveyor or transmission belt production dropped modestly to $X in 2021 estimated in export price. Overall, production continues to indicate a slight descent. The pace of growth was the most pronounced in 2013 with an increase of 76% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Exports of Conveyor Or Transmission Belts Or Belting

Exports from Republic of Korea

In 2021, shipments abroad of conveyor or transmission belts or belting increased by 100% to X tons for the first time since 2014, thus ending a six-year declining trend. In general, total exports indicated a mild increase from 2012 to 2021: its volume increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, conveyor or transmission belt exports surged to $X in 2021. The total export value increased at an average annual rate of +2.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons), the United Arab Emirates (X tons) and Vietnam (X tons) were the main destinations of conveyor or transmission belt exports from South Korea, with a combined 42% share of total exports. These countries were followed by India, Russia, Germany, Australia, Indonesia, Japan, Egypt, Saudi Arabia, Colombia and China, which together accounted for a further 34%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Colombia (with a CAGR of +22.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for conveyor or transmission belt exported from South Korea were the United Arab Emirates ($X), the United States ($X) and Russia ($X), with a combined 34% share of total exports. These countries were followed by China, Vietnam, India, Colombia, Egypt, Germany, Japan, Saudi Arabia, Indonesia and Australia, which together accounted for a further 31%.

In terms of the main countries of destination, Colombia, with a CAGR of +23.8%, 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

The average conveyor or transmission belt export price stood at $X per ton in 2021, shrinking by -20.7% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average export price increased by 12% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Vietnam ($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 Japan (+7.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Conveyor Or Transmission Belts Or Belting

Imports into Republic of Korea

After two years of decline, purchases abroad of conveyor or transmission belts or belting increased by 48% to X tons in 2021. Overall, total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +8.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, conveyor or transmission belt imports soared to $X in 2021. In general, total imports indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +65.3% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Vietnam (X tons) and Japan (X tons) were the main suppliers of conveyor or transmission belt imports to South Korea, with a combined 95% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +16.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of conveyor or transmission belts or belting to South Korea, comprising 41% of total imports. The second position in the ranking was held by Vietnam ($X), with an 18% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China amounted to +6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+14.4% per year) and Japan (-2.6% per year).

Import Prices by Country

In 2021, the average conveyor or transmission belt import price amounted to $X per ton, falling by -6.6% against the previous year. In general, the import price saw a noticeable reduction. The growth pace was the most rapid in 2020 when the average import price increased by 9%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, 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 Japan ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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