Republic of Korea: Stone Polishing Machine Market 2024

Stone Polishing Machine Market Size in Republic of Korea

In 2022, the South Korean stone polishing machine market increased by 6.2% to $X, rising for the second consecutive year after two years of decline. Overall, consumption, however, recorded a slight shrinkage. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Stone Polishing Machine Production in Republic of Korea

In value terms, stone polishing machine production reduced slightly to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 1.7% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Stone Polishing Machine Exports

Exports from Republic of Korea

In 2022, shipments abroad of grinding or polishing machines for working stone, ceramics and concrete decreased by -14% to X units, falling for the second year in a row after two years of growth. Over the period under review, exports, however, enjoyed a moderate increase. The most prominent rate of growth was recorded in 2015 with an increase of 150%. As a result, the exports attained the peak of X units. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, stone polishing machine exports fell rapidly to $X in 2022. Overall, exports, however, showed notable growth. The most prominent rate of growth was recorded in 2015 with an increase of 142%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for stone polishing machine exports from South Korea, with a 59% share of total exports. Moreover, stone polishing machine exports to the United States exceeded the volume sent to the second major destination, Vietnam (X units), eightfold. The third position in this ranking was taken by China (X units), with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +14.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+14.6% per year) and China (+6.2% per year).

In value terms, China ($X) remains the key foreign market for grinding or polishing machines for working stone, ceramics and concrete exports from South Korea, comprising 58% of total exports. The second position in the ranking was taken by the United States ($X), with an 8.9% share of total exports. It was followed by Vietnam, with a 5.1% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to +4.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+2.2% per year) and Vietnam (+5.5% per year).

Export Prices by Country

In 2022, the average stone polishing machine export price amounted to $X per unit, with a decrease of -39.9% against the previous year. Over the period under review, the export price saw a slight decline. The most prominent rate of growth was recorded in 2013 when the average export price increased by 78% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to South Africa ($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 China (-1.3%), while the prices for the other major destinations experienced a decline.

Stone Polishing Machine Imports

Imports into Republic of Korea

In 2022, stone polishing machine imports into South Korea dropped remarkably to X units, with a decrease of -64.7% compared with 2021 figures. In general, imports faced a abrupt contraction. The most prominent rate of growth was recorded in 2014 when imports increased by 75% against the previous year. As a result, imports reached the peak of X units. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, stone polishing machine imports contracted remarkably to $X in 2022. Over the period under review, imports showed a deep slump. The pace of growth was the most pronounced in 2014 with an increase of 42% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest stone polishing machine supplier to South Korea, with a 37% share of total imports. Moreover, stone polishing machine imports from China exceeded the figures recorded by the second-largest supplier, France (X units), threefold. Japan (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-0.4% per year) and Japan (-23.2% per year).

In value terms, the largest stone polishing machine suppliers to South Korea were China ($X), France ($X) and Japan ($X), with a combined 57% share of total imports. Denmark, the UK, Taiwan (Chinese), Italy, the United States and Germany lagged somewhat behind, together accounting for a further 38%.

The UK, with a CAGR of +22.0%, 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 stone polishing machine import price amounted to $X per unit, increasing by 51% against the previous year. In general, import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, stone polishing machine import price increased by +118.6% against 2018 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+13.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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