Republic of Korea: Market for Furnace Burners For Solid Fuel Or Gas 2022

Market Size for Furnace Burners For Solid Fuel Or Gas in Republic of Korea

In 2021, after three years of decline, there was significant growth in the South Korean solid fuel furnace burner market, when its value increased by 69% to $X. Overall, the total consumption indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Solid fuel furnace burner consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Production of Furnace Burners For Solid Fuel Or Gas in Republic of Korea

In value terms, solid fuel furnace burner production declined to $X in 2021 estimated in export price. In general, the total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +37.0% against 2018 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 80%. Over the period under review, production hit record highs at $X in 2020, and then fell in the following year.

Exports of Furnace Burners For Solid Fuel Or Gas

Exports from Republic of Korea

After two years of growth, overseas shipments of furnace burners for solid fuel or gas decreased by -79.8% to X tons in 2021. In general, exports saw a pronounced descent. The growth pace was the most rapid in 2019 when exports increased by 129% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020, and then shrank notably in the following year.

In value terms, solid fuel furnace burner exports declined sharply to $X in 2021. Overall, exports saw a slight contraction. The pace of growth appeared the most rapid in 2016 with an increase of 97% against the previous year. The exports peaked at $X in 2020, and then contracted sharply in the following year.

Exports by Country

China (X tons) was the main destination for solid fuel furnace burner exports from South Korea, with a 45% share of total exports. Moreover, solid fuel furnace burner exports to China exceeded the volume sent to the second major destination, Kazakhstan (X tons), threefold. Indonesia (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +17.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kazakhstan (+17.6% per year) and Indonesia (-11.2% per year).

In value terms, China ($X) emerged as the key foreign market for solid fuel furnace burner exports from South Korea, comprising 38% of total exports. The second position in the ranking was taken by Kazakhstan ($X), with a 17% share of total exports. It was followed by Thailand, with a 9.1% share.

From 2012 to 2021, the average annual growth rate of value to China stood at +10.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kazakhstan (+21.7% per year) and Thailand (+3.5% per year).

Export Prices by Country

In 2021, the average solid fuel furnace burner export price amounted to $X per ton, waning by -12.5% against the previous year. In general, export price indicated measured growth from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, solid fuel furnace burner export price decreased by -36.4% against 2017 indices. The most prominent rate of growth was recorded in 2017 an increase of 76%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Kazakhstan ($X per ton), while the average price for exports to Indonesia ($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 India (+12.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Furnace Burners For Solid Fuel Or Gas

Imports into Republic of Korea

Solid fuel furnace burner imports into South Korea dropped sharply to X tons in 2021, with a decrease of -40.7% against the previous year's figure. Overall, imports saw a abrupt slump. The pace of growth appeared the most rapid in 2020 with an increase of 41%. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, solid fuel furnace burner imports fell markedly to $X in 2021. Over the period under review, imports showed a abrupt decline. The most prominent rate of growth was recorded in 2018 when imports increased by 50% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Japan (X tons), China (X tons) and India (X tons) were the main suppliers of solid fuel furnace burner imports to South Korea, together accounting for 70% of total imports.

From 2012 to 2021, the biggest increases were in India (with a CAGR of +32.4%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest solid fuel furnace burner suppliers to South Korea were Japan ($X), China ($X) and Germany ($X), with a combined 69% share of total imports. The United States, Italy, India, France and Austria lagged somewhat behind, together accounting for a further 22%.

In terms of the main suppliers, Austria, with a CAGR of +11.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average solid fuel furnace burner import price stood at $X per ton in 2021, increasing by 18% against the previous year. Over the last nine years, it increased at an average annual rate of +1.1%. The pace of growth appeared the most rapid in 2018 when the average import price increased by 37%. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+14.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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