Republic of Korea: Fire Extinguisher Market 2024

Fire Extinguisher Market Size in Republic of Korea

The South Korean fire extinguisher market soared to $X in 2022, growing by 29% against the previous year. In general, the total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -18.5% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Fire Extinguisher Production in Republic of Korea

In value terms, fire extinguisher production surged to $X in 2022 estimated in export price. In general, production recorded a temperate expansion. The most prominent rate of growth was recorded in 2020 with an increase of 126% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Fire Extinguisher Exports

Exports from Republic of Korea

Fire extinguisher exports from South Korea fell significantly to X units in 2022, dropping by -24.8% compared with 2021 figures. In general, exports showed a noticeable descent. The pace of growth was the most pronounced in 2021 with an increase of 98%. Over the period under review, the exports attained the peak figure at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, fire extinguisher exports contracted to $X in 2022. Over the period under review, exports continue to indicate a pronounced contraction. The growth pace was the most rapid in 2014 when exports increased by 51%. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

China (X units) was the main destination for fire extinguisher exports from South Korea, with a 64% share of total exports. Moreover, fire extinguisher exports to China exceeded the volume sent to the second major destination, Japan (X units), twofold. The Philippines (X units) ranked third in terms of total exports with a 3.9% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at -7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+5.0% per year) and the Philippines (+6.4% per year).

In value terms, China ($X) remains the key foreign market for fire extinguishers exports from South Korea, comprising 55% of total exports. The second position in the ranking was taken by Japan ($X), with a 17% share of total exports. It was followed by the Philippines, with a 4% share.

From 2012 to 2022, the average annual growth rate of value to China stood at -4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+3.4% per year) and the Philippines (+5.7% per year).

Export Prices by Country

The average fire extinguisher export price stood at $X per unit in 2022, surging by 19% against the previous year. Over the period under review, export price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fire extinguisher export price decreased by -24.2% against 2020 indices. The most prominent rate of growth was recorded in 2013 an increase of 49% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2020; however, from 2021 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 Taiwan (Chinese) ($X per unit), while the average price for exports to Japan ($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 Taiwan (Chinese) (+3.5%), while the prices for the other major destinations experienced mixed trend patterns.

Fire Extinguisher Imports

Imports into Republic of Korea

In 2022, approx. X units of fire extinguishers were imported into South Korea; with a decrease of -1.9% compared with the previous year. In general, imports, however, recorded a moderate increase. The most prominent rate of growth was recorded in 2014 with an increase of 52% against the previous year. Imports peaked at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, fire extinguisher imports contracted modestly to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 73% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X units) was the main fire extinguisher supplier to South Korea, accounting for a 91% share of total imports. Moreover, fire extinguisher imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from China totaled +5.6%.

In value terms, China ($X) constituted the largest supplier of fire extinguishers to South Korea, comprising 55% of total imports. The second position in the ranking was held by Malaysia ($X), with a 3.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China totaled +3.5%.

Import Prices by Country

In 2022, the average fire extinguisher import price amounted to $X per unit, remaining constant against the previous year. Overall, the import price, however, continues to indicate a pronounced slump. The growth pace was the most rapid in 2015 an increase of 71%. As a result, import price attained the peak level of $X per unit. From 2016 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($X per unit), while the price for China amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+0.0%).

Source: IndexBox Platform

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