Report Republic of Korea - Grinding, Sanding or Polishing Machines - Market Analysis, Forecast, Size, Trends and Insights for 499$
Report Update Nov 1, 2024

Republic of Korea - Grinding, Sanding or Polishing Machines - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Market for Grinding, Sanding and Polishing Machines 2024

Market Size for Grinding, Sanding and Polishing Machines in Republic of Korea

In 2021, the South Korean market for grinding, sanding and polishing machines increased by 1.7% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption posted prominent growth. Grinding, sanding and polishing machine consumption peaked in 2021 and is expected to retain growth in the near future.

Production of Grinding, Sanding and Polishing Machines in Republic of Korea

In value terms, grinding, sanding and polishing machine production amounted to less than $X in 2021 estimated in export price. In general, production continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2014 with an increase of 53%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Exports of Grinding, Sanding and Polishing Machines

Exports from Republic of Korea

In 2021, after two years of decline, there was significant growth in overseas shipments of grinding, sanding and polishing machines, when their volume increased by 837% to X units. Overall, exports recorded a perceptible increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, grinding, sanding and polishing machine exports surged to $X in 2021. In general, exports continue to indicate a modest increase. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

France (X units) was the main destination for grinding, sanding and polishing machine exports from South Korea, with a 54% share of total exports. Moreover, grinding, sanding and polishing machine exports to France exceeded the volume sent to the second major destination, Indonesia (X units), threefold. China (X units) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to France amounted to +8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+681.2% per year) and China (-9.1% per year).

In value terms, the United States ($X) remains the key foreign market for grinding, sanding and polishing machines exports from South Korea, comprising 23% of total exports. The second position in the ranking was held by China ($X), with a 7.5% share of total exports. It was followed by Indonesia, with a 0.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +43.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-3.3% per year) and Indonesia (-29.9% per year).

Export Prices by Country

In 2021, the average export price for grinding, sanding and polishing machines amounted to $X per unit, declining by -12.9% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the average export price increased by 132% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2017 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, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to France ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+253.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Grinding, Sanding and Polishing Machines

Imports into Republic of Korea

For the third consecutive year, South Korea recorded growth in purchases abroad of grinding, sanding and polishing machines, which increased by 60% to X units in 2021. Over the period under review, imports continue to indicate significant growth. The pace of growth was the most pronounced in 2017 with an increase of 131%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, grinding, sanding and polishing machine imports shrank to $X in 2021. In general, imports, however, continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2017 with an increase of 149%. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest grinding, sanding and polishing machine supplier to South Korea, accounting for a 54% share of total imports. Moreover, grinding, sanding and polishing machine imports from China exceeded the figures recorded by the second-largest supplier, Portugal (X units), sevenfold. Taiwan (Chinese) (X units) ranked third in terms of total imports with a 2.5% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +31.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (+155.0% per year) and Taiwan (Chinese) (-7.7% per year).

In value terms, China ($X) constituted the largest supplier of grinding, sanding and polishing machines to South Korea, comprising 28% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 12% share of total imports. It was followed by Germany, with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +17.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+5.0% per year) and Germany (-19.3% per year).

Import Prices by Country

The average import price for grinding, sanding and polishing machines stood at $X per unit in 2021, which is down by -46% against the previous year. Overall, the import price recorded a precipitous shrinkage. The growth pace was the most rapid in 2018 when the average import price increased by 15%. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per unit), while the price for Portugal ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+13.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

The countries with the highest volumes of grinding, sanding and polishing machine consumption in 2021 were the United States, China and the Netherlands, together comprising 37% of global consumption.
China remains the largest grinding, sanding and polishing machine producing country worldwide, comprising approx. 43% of total volume. Moreover, grinding, sanding and polishing machine production in China exceeded the figures recorded by the second-largest producer, India, fivefold. The third position in this ranking was occupied by Japan, with a 5.5% share.
In value terms, the largest grinding, sanding and polishing machine suppliers to South Korea were Germany, China and Japan, with a combined 64% share of total imports. These countries were followed by Taiwan Chinese), Thailand, Australia and Portugal, which together accounted for a further 21%.
In value terms, Turkey, the United States and Vietnam constituted the largest markets for grinding, sanding and polishing machine exported from South Korea worldwide, together accounting for 55% of total exports. China, Thailand, Indonesia, Egypt, the Philippines and Brazil lagged somewhat behind, together comprising a further 24%.
In 2021, the average export price for grinding, sanding and polishing machines amounted to $714 per unit, with a decrease of -19.3% against the previous year.
In 2021, the average import price for grinding, sanding and polishing machines amounted to $628 per unit, declining by -5.1% against the previous year.

This report provides an in-depth analysis of the market for grinding, sanding and polishing machine in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • Prodcom 28491263 - Grinding, sanding or polishing machines for working wood, c ork, bone, hard rubber, hard plastics or similar hard materials

Country coverage:

  • South Korea

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Trade (exports and imports) in Republic of Korea
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS
  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. MARKET STRUCTURE
    3. TRADE BALANCE
    4. PER CAPITA CONSUMPTION
    5. MARKET FORECAST TO 2030
  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT
  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES
  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS
  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY
  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY
  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
  11. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption In 2012-2023
    5. Imports, In Physical Terms, By Country, 2012–2023
    6. Imports, In Value Terms, By Country, 2012–2023
    7. Import Prices, By Country Of Origin, 2012–2023
    8. Exports, In Physical Terms, By Country, 2012–2023
    9. Exports, In Value Terms, By Country, 2012–2023
    10. Export Prices, By Country Of Destination, 2012–2023
  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
    5. Trade Balance, In Physical Terms, 2012-2023
    6. Trade Balance, In Value Terms, 2012-2023
    7. Per Capita Consumption, 2012-2023
    8. Market Volume Forecast to 2030
    9. Market Value Forecast to 2030
    10. Products: Market Size And Growth, By Type
    11. Products: Average Per Capita Consumption, By Type
    12. Products: Exports And Growth, By Type
    13. Products: Export Prices And Growth, By Type
    14. Production Volume And Growth
    15. Exports And Growth
    16. Export Prices And Growth
    17. Market Size And Growth
    18. Per Capita Consumption
    19. Imports And Growth
    20. Import Prices
    21. Production, In Physical Terms, 2012–2023
    22. Production, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, 2012–2023
    24. Imports, In Value Terms, 2012–2023
    25. Imports, In Physical Terms, By Country, 2023
    26. Imports, In Physical Terms, By Country, 2012–2023
    27. Imports, In Value Terms, By Country, 2012–2023
    28. Import Prices, By Country Of Origin, 2012–2023
    29. Exports, In Physical Terms, 2012–2023
    30. Exports, In Value Terms, 2012–2023
    31. Exports, In Physical Terms, By Country, 2023
    32. Exports, In Physical Terms, By Country, 2012–2023
    33. Exports, In Value Terms, By Country, 2012–2023
    34. Export Prices, By Country Of Destination, 2012–2023

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