Republic of Korea: Dental Fitting Market 2024

Dental Fitting Market Size in Republic of Korea

In 2022, the South Korean dental fitting market increased by 13% to $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Dental fitting consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Dental Fitting Production in Republic of Korea

In value terms, dental fitting production reduced to $X in 2022 estimated in export price. Overall, production, however, saw a prominent increase. The growth pace was the most rapid in 2018 with an increase of 35% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Dental Fitting Exports

Exports from Republic of Korea

In 2022, the amount of dental fittings exported from South Korea contracted to X tons, shrinking by -14.2% against 2021. In general, exports, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2021 with an increase of 44% against the previous year. As a result, the exports attained the peak of X tons, and then declined in the following year.

In value terms, dental fitting exports reduced remarkably to $X in 2022. Over the period under review, exports, however, continue to indicate a prominent expansion. The pace of growth was the most pronounced in 2021 with an increase of 51%. As a result, the exports reached the peak of $X, and then shrank remarkably in the following year.

Exports by Country

China (X tons) was the main destination for dental fitting exports from South Korea, with a 40% share of total exports. Moreover, dental fitting exports to China exceeded the volume sent to the second major destination, Russia (X tons), threefold. The third position in this ranking was taken by Turkey (X tons), with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to +30.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+30.8% per year) and Turkey (+35.3% per year).

In value terms, China ($X) remains the key foreign market for dental fittings exports from South Korea, comprising 45% of total exports. The second position in the ranking was held by Russia ($X), with a 12% share of total exports. It was followed by the United States, with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to +25.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+23.6% per year) and the United States (+1.3% per year).

Export Prices by Country

In 2022, the average dental fitting export price amounted to $X per ton, with a decrease of -3% against the previous year. Overall, the export price continues to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2015 an increase of 23%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 the Netherlands ($X per ton), while the average price for exports to Japan ($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 (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Dental Fitting Imports

Imports into Republic of Korea

In 2022, the amount of dental fittings imported into South Korea reduced to X tons, waning by -14.7% against the year before. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 27% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, dental fitting imports declined to $X in 2022. The total import value increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when imports increased by 23% against the previous year. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

The United States (X tons), Japan (X tons) and Switzerland (X tons) were the main suppliers of dental fitting imports to South Korea, with a combined 58% share of total imports. Mexico, China, Taiwan (Chinese), Italy, Iran, Indonesia, the United Arab Emirates, France, Germany and Cambodia lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +83.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Japan ($X) and Switzerland ($X) appeared to be the largest dental fitting suppliers to South Korea, together comprising 70% of total imports. Mexico, China, Taiwan (Chinese), the United Arab Emirates, Italy, France, Germany, Iran, Indonesia and Cambodia lagged somewhat behind, together comprising a further 19%.

The United Arab Emirates, with a CAGR of +93.9%, saw 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

The average dental fitting import price stood at $X per ton in 2022, increasing by 11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.8%. The pace of growth appeared the most rapid in 2019 an increase of 11%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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