Republic of Korea: Market for Flexible Tubes, Pipes and Hoses of Plastics, with Fittings 2024

Market Size for Flexible Tubes, Pipes and Hoses of Plastics, with Fittings in Republic of Korea

The South Korean market for flexible tubes, pipes and hoses of plastics, with fittings reached $X in 2022, growing by 2.4% against the previous year. In general, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 -0.2% against 2020 indices. Consumption of peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Flexible Tubes, Pipes and Hoses of Plastics, with Fittings in Republic of Korea

In value terms, production of flexible tubes, pipes and hoses of plastics, with fittings amounted to $X in 2022 estimated in export price. In general, the total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.9% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of 24%. Over the period under review, production of attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Flexible Tubes, Pipes and Hoses of Plastics, with Fittings

Exports from Republic of Korea

In 2022, overseas shipments of flexible tubes, pipes and hoses of plastics, with fittings decreased by -6.1% to X tons, falling for the third consecutive year after five years of growth. Overall, exports, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2019 with an increase of 106%. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of flexible tubes, pipes and hoses of plastics, with fittings rose markedly to $X in 2022. Over the period under review, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 95%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

The United States (X tons), Japan (X tons) and China (X tons) were the main destinations of exports of flexible tubes, pipes and hoses of plastics, with fittings from South Korea, with a combined 57% share of total exports. Slovakia, Saudi Arabia, Ireland, Thailand, Mexico, India, Russia, Singapore, Vietnam and the Czech Republic lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2022, the biggest increases were recorded for Slovakia (with a CAGR of +265.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for flexible tubes, pipes and hoses of plastics, with fittings exported from South Korea were the United States ($X), Slovakia ($X) and China ($X), together accounting for 56% of total exports.

In terms of the main countries of destination, Slovakia, with a CAGR of +260.5%, recorded the highest growth rate of 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

In 2022, the average export price for flexible tubes, pipes and hoses of plastics, with fittings amounted to $X per ton, increasing by 13% against the previous year. Over the last decade, it increased at an average annual rate of +4.5%. The growth pace was the most rapid in 2013 an increase of 42%. The export price peaked in 2022 and is expected to retain growth in the near future.

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 Czech Republic ($X per ton), while the average price for exports to Saudi Arabia ($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 Ireland (+9.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Flexible Tubes, Pipes and Hoses of Plastics, with Fittings

Imports into Republic of Korea

In 2022, supplies from abroad of flexible tubes, pipes and hoses of plastics, with fittings increased by 0.4% to X tons, rising for the third consecutive year after two years of decline. In general, imports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 59%. Over the period under review, imports of attained the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, imports of flexible tubes, pipes and hoses of plastics, with fittings declined modestly to $X in 2022. Over the period under review, imports saw a prominent increase. The pace of growth appeared the most rapid in 2017 when imports increased by 70%. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest flexible tubes, pipes and hoses of plastics, with fittings supplier to South Korea, with a 84% share of total imports. Moreover, imports of flexible tubes, pipes and hoses of plastics, with fittings from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. The Philippines (X tons) ranked third in terms of total imports with a 2.1% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +32.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-2.2% per year) and the Philippines (+171.5% per year).

In value terms, the United States ($X) constituted the largest supplier of flexible tubes, pipes and hoses of plastics, with fittings to South Korea, comprising 53% of total imports. The second position in the ranking was taken by China ($X), with a 15% share of total imports. It was followed by the Philippines, with a 4.3% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +18.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+8.9% per year) and the Philippines (+163.9% per year).

Import Prices by Country

In 2022, the average import price for flexible tubes, pipes and hoses of plastics, with fittings amounted to $X per ton, falling by -2.9% against the previous year. In general, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for flexible tubes, pipes and hoses of plastics, with fittings decreased by -4.7% against 2018 indices. The most prominent rate of growth was recorded in 2018 an increase of 87% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+20.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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