Republic of Korea: Electric Heating Resistor Market 2024

Electric Heating Resistor Market Size in Republic of Korea

The South Korean electric heating resistor market rose notably to $X in 2021, with an increase of 14% against the previous year. In general, consumption, however, showed a noticeable slump. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Electric Heating Resistor Production in Republic of Korea

In value terms, electric heating resistor production surged to $X in 2021 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by 41% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Electric Heating Resistor Exports

Exports from Republic of Korea

In 2021, the amount of electric heating resistors exported from South Korea surged to X units, with an increase of 45% compared with 2020. Over the period under review, total exports indicated a temperate increase from 2012 to 2021: its volume increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, 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.

In value terms, electric heating resistor exports surged to $X in 2021. In general, exports posted prominent growth. The pace of growth was the most pronounced in 2019 with an increase of 36%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

China (X units), Mexico (X units) and Indonesia (X units) were the main destinations of electric heating resistor exports from South Korea, together comprising 53% of total exports. India, Russia, Vietnam, Thailand, Japan and the United States lagged somewhat behind, together comprising a further 32%.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +27.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for electric heating resistors exports from South Korea, comprising 36% of total exports. The second position in the ranking was held by Mexico ($X), with an 11% share of total exports. It was followed by the United States, with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to +11.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+21.2% per year) and the United States (+12.8% per year).

Export Prices by Country

In 2021, the average electric heating resistor export price amounted to $X per unit, declining by -14.3% against the previous year. Over the last nine years, it increased at an average annual rate of +3.0%. The pace of growth was the most pronounced in 2020 when the average export price increased by 17%. As a result, the export price attained the peak level of $X per unit, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Indonesia ($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 China (+10.2%), while the prices for the other major destinations experienced more modest paces of growth.

Electric Heating Resistor Imports

Imports into Republic of Korea

For the tenth consecutive year, South Korea recorded growth in overseas purchases of electric heating resistors, which increased by 21% to X units in 2021. Over the period under review, imports showed strong growth. The growth pace was the most rapid in 2015 when imports increased by 47% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, electric heating resistor imports surged to $X in 2021. Overall, imports continue to indicate prominent growth. The growth pace was the most rapid in 2017 when imports increased by 20% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest supplier of electric heating resistor to South Korea, accounting for a 71% share of total imports. Moreover, electric heating resistor imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), threefold. The third position in this ranking was taken by the United States (X units), with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +18.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+23.6% per year) and the United States (-5.5% per year).

In value terms, China ($X), Vietnam ($X) and the United States ($X) appeared to be the largest electric heating resistor suppliers to South Korea, together accounting for 64% of total imports. Mexico lagged somewhat behind, accounting for a further 1.9%.

Mexico, with a CAGR of +33.2%, saw the highest rates of growth with regard to 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

In 2021, the average electric heating resistor import price amounted to $X per unit, declining by -3.8% against the previous year. Over the period under review, the import price continues to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2017 when the average import price increased by 8.5%. The import price peaked at $X per unit in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+10.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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