Republic of Korea: Market for Flexible Tubes, Pipes and Hoses of Plastics, without Fittings 2024

Market Size for Flexible Tubes, Pipes and Hoses of Plastics, without Fittings in Republic of Korea

The South Korean market for flexible tubes, pipes and hoses of plastics, without fittings rose notably to $X in 2022, increasing by 10% against the previous year. Overall, the total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.7% 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 -8.8% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Flexible Tubes, Pipes and Hoses of Plastics, without Fittings in Republic of Korea

In value terms, production of flexible tubes, pipes and hoses of plastics, without fittings expanded notably to $X in 2022 estimated in export price. Over the period under review, the total production indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.6% 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 -7.5% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 50% against the previous year. Over the period under review, production of hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Flexible Tubes, Pipes and Hoses of Plastics, without Fittings

Exports from Republic of Korea

In 2022, overseas shipments of flexible tubes, pipes and hoses of plastics, without fittings decreased by -2.6% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, total exports indicated a mild expansion from 2012 to 2022: its volume increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +79.0% against 2015 indices. The growth pace was the most rapid in 2016 when exports increased by 26% against the previous year. Over the period under review, the exports of reached the peak figure at X tons in 2021, and then dropped slightly in the following year.

In value terms, exports of flexible tubes, pipes and hoses of plastics, without fittings stood at $X in 2022. Overall, exports, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 28% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

China (X tons) was the main destination for exports of flexible tubes, pipes and hoses of plastics, without fittings from South Korea, accounting for a 32% share of total exports. Moreover, exports of flexible tubes, pipes and hoses of plastics, without fittings to China exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was taken by Vietnam (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+1.6% per year) and Vietnam (+37.7% per year).

In value terms, China ($X), the United States ($X) and Japan ($X) were the largest markets for flexible tubes, pipes and hoses of plastics, without fittings exported from South Korea worldwide, together accounting for 44% of total exports. Vietnam, India, Singapore, Malaysia, Thailand, Australia, Canada and Germany lagged somewhat behind, together comprising a further 26%.

Vietnam, with a CAGR of +33.0%, saw the highest rates of growth with regard to the value of exports, in terms of 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

The average export price for flexible tubes, pipes and hoses of plastics, without fittings stood at $X per ton in 2022, growing by 8.8% against the previous year. Over the last decade, it increased at an average annual rate of +5.8%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 23%. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Canada ($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 China (+12.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Flexible Tubes, Pipes and Hoses of Plastics, without Fittings

Imports into Republic of Korea

In 2022, after two years of growth, there was significant decline in purchases abroad of flexible tubes, pipes and hoses of plastics, without fittings, when their volume decreased by -7.2% to X tons. Overall, imports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2017 when imports increased by 38% against the previous year. Over the period under review, imports of hit record highs at X tons in 2021, and then contracted in the following year.

In value terms, imports of flexible tubes, pipes and hoses of plastics, without fittings rose remarkably to $X in 2022. Over the period under review, imports, however, recorded prominent growth. The pace of growth was the most pronounced in 2017 when imports increased by 41% against the previous year. Over the period under review, imports of attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest flexible tubes, pipes and hoses of plastics, without fittings supplier to South Korea, with a 42% share of total imports. Moreover, imports of flexible tubes, pipes and hoses of plastics, without fittings from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), fourfold. The third position in this ranking was taken by the United States (X tons), with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +9.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+51.1% per year) and the United States (+9.1% per year).

In value terms, the largest flexible tubes, pipes and hoses of plastics, without fittings suppliers to South Korea were the United States ($X), China ($X) and Germany ($X), together accounting for 64% of total imports. Japan, Vietnam, the Philippines, Italy, the UK, the Czech Republic, Thailand, Taiwan (Chinese) and Australia lagged somewhat behind, together accounting for a further 27%.

Vietnam, with a CAGR of +66.1%, saw the highest growth rate of 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 2022, the average import price for flexible tubes, pipes and hoses of plastics, without fittings amounted to $X per ton, picking up by 15% against the previous year. Over the last decade, it increased at an average annual rate of +2.4%. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, 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 ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+14.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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