Republic of Korea: Market for Furnace Burners For Liquid Fuel 2025

Market Size for Furnace Burners For Liquid Fuel in Republic of Korea

In 2021, the South Korean liquid fuel furnace burner market decreased by -28.7% to $X for the first time since 2017, thus ending a three-year rising trend. In general, consumption, however, saw a strong expansion. As a result, consumption attained the peak level of $X, and then shrank dramatically in the following year.

Production of Furnace Burners For Liquid Fuel in Republic of Korea

In value terms, liquid fuel furnace burner production declined notably to $X in 2021 estimated in export price. Over the period under review, production, however, showed a prominent increase. The pace of growth appeared the most rapid in 2020 with an increase of 120%. As a result, production reached the peak level of $X, and then plummeted in the following year.

Exports of Furnace Burners For Liquid Fuel

Exports from Republic of Korea

In 2021, overseas shipments of furnace burners for liquid fuel increased by 25% to X tons, rising for the third consecutive year after two years of decline. Overall, exports, however, recorded a abrupt curtailment. The pace of growth was the most pronounced in 2020 when exports increased by 98%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, liquid fuel furnace burner exports soared to $X in 2021. Over the period under review, exports, however, continue to indicate a slight setback. The pace of growth was the most pronounced in 2020 with an increase of 140%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Australia (X tons) was the main destination for liquid fuel furnace burner exports from South Korea, with a 61% share of total exports. Moreover, liquid fuel furnace burner exports to Australia exceeded the volume sent to the second major destination, Germany (X tons), more than tenfold. The third position in this ranking was taken by the Netherlands (X tons), with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Australia totaled +36.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+52.7% per year) and the Netherlands (+42.9% per year).

In value terms, Australia ($X) remains the key foreign market for furnace burners for liquid fuel exports from South Korea, comprising 60% of total exports. The second position in the ranking was taken by Germany ($X), with an 11% share of total exports. It was followed by Poland, with a 5.7% share.

From 2012 to 2021, the average annual growth rate of value to Australia amounted to +33.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+66.8% per year) and Poland (+57.6% per year).

Export Prices by Country

The average liquid fuel furnace burner export price stood at $X per ton in 2021, surging by 18% against the previous year. In general, the export price showed a buoyant increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by 98%. Over the period under review, the average export prices hit record highs in 2021 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was China ($X per ton), while the average price for exports to the Netherlands ($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 Qatar (+87.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Furnace Burners For Liquid Fuel

Imports into Republic of Korea

Liquid fuel furnace burner imports into South Korea contracted sharply to X tons in 2021, which is down by -42.5% compared with the previous year. Over the period under review, imports continue to indicate a deep slump. The pace of growth was the most pronounced in 2014 when imports increased by 187%. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, liquid fuel furnace burner imports fell sharply to $X in 2021. Overall, imports, however, recorded perceptible growth. The most prominent rate of growth was recorded in 2014 with an increase of 174% against the previous year. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Finland (X tons) constituted the largest supplier of liquid fuel furnace burner to South Korea, with a 48% share of total imports. Moreover, liquid fuel furnace burner imports from Finland exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. Germany (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Finland totaled +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-11.5% per year) and Germany (-4.5% per year).

In value terms, Finland ($X) constituted the largest supplier of furnace burners for liquid fuel to South Korea, comprising 64% of total imports. The second position in the ranking was taken by Germany ($X), with a 12% share of total imports. It was followed by Italy, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Finland amounted to +14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-3.9% per year) and Italy (-0.5% per year).

Import Prices by Country

In 2021, the average liquid fuel furnace burner import price amounted to $X per ton, surging by 43% against the previous year. Over the period under review, the import price enjoyed a strong increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+22.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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