Republic of Korea: Electrical Fuse Market 2024

Electrical Fuse Market Size in Republic of Korea

The South Korean electrical fuse market declined modestly to $X in 2021, which is down by -4.8% against the previous year. Over the period under review, consumption, however, continues to indicate a pronounced descent. Electrical fuse consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Electrical Fuse Production in Republic of Korea

In value terms, electrical fuse production shrank to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a noticeable slump. The most prominent rate of growth was recorded in 2020 when the production volume increased by 15%. Electrical fuse production peaked at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Electrical Fuse Exports

Exports from Republic of Korea

Electrical fuse exports from South Korea surged to X tons in 2021, jumping by 55% against the year before. Overall, exports recorded a relatively flat trend pattern. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, electrical fuse exports soared to $X in 2021. In general, total exports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.7% 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.

Exports by Country

China (X tons) was the main destination for electrical fuse exports from South Korea, with a 36% share of total exports. Moreover, electrical fuse exports to China exceeded the volume sent to the second major destination, Thailand (X tons), twofold. Mexico (X tons) ranked third in terms of total exports with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to -7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+29.1% per year) and Mexico (+15.7% per year).

In value terms, the largest markets for electrical fuse exported from South Korea were China ($X), Vietnam ($X) and Serbia ($X), together accounting for 68% of total exports.

Serbia, with a CAGR of +68.7%, saw the highest rates of growth with regard to the value of exports, among 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

In 2021, the average electrical fuse export price amounted to $X per ton, with an increase of 12% against the previous year. Overall, export price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, electrical fuse export price increased by +83.1% against 2015 indices. The growth pace was the most rapid in 2020 an increase of 50% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Thailand ($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 Serbia (+11.1%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Fuse Imports

Imports into Republic of Korea

For the tenth year in a row, South Korea recorded growth in overseas purchases of electrical fuses, which increased by 25% to X tons in 2021. Over the period under review, total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +6.1% 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 +70.0% against 2012 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, electrical fuse imports surged to $X in 2021. The total import value increased at an average annual rate of +2.6% from 2012 to 2021; however, the trend pattern 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.

Imports by Country

China (X tons), Japan (X tons) and Vietnam (X tons) were the main suppliers of electrical fuse imports to South Korea, with a combined 76% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +9.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and the Philippines ($X) appeared to be the largest electrical fuse suppliers to South Korea, together comprising 72% of total imports. These countries were followed by Mexico, Vietnam, France, Taiwan (Chinese), Germany and Hungary, which together accounted for a further 16%.

France, with a CAGR of +8.7%, recorded the highest growth rate of 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 electrical fuse import price stood at $X per ton in 2021, remaining constant against the previous year. In general, the import price showed a noticeable downturn. The most prominent rate of growth was recorded in 2017 an increase of 6.4% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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