Republic of Korea: Heat Exchange Unit Market 2024

Heat Exchange Unit Market Size in Republic of Korea

After two years of growth, the South Korean heat exchange unit market decreased by -13.9% to $X in 2022. Overall, the total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +58.0% against 2019 indices. Over the period under review, the market hit record highs at $X in 2021, and then reduced in the following year.

Heat Exchange Unit Production in Republic of Korea

In value terms, heat exchange unit production rose rapidly to $X in 2022 estimated in export price. Overall, production, however, saw a perceptible slump. The most prominent rate of growth was recorded in 2020 with an increase of 27% against the previous year. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Heat Exchange Unit Exports

Exports from Republic of Korea

In 2022, approx. X units of heat exchange units were exported from South Korea; with an increase of 25% compared with 2021. Over the period under review, exports, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2014 when exports increased by 38%. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, heat exchange unit exports rose sharply to $X in 2022. Overall, exports, however, saw a pronounced decline. The most prominent rate of growth was recorded in 2014 when exports increased by 29%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X units), China (X units) and Russia (X units) were the main destinations of heat exchange unit exports from South Korea, together accounting for 32% of total exports. Thailand, Oman, the United States, Bahrain, Japan, the United Arab Emirates, Vietnam, Saudi Arabia, the Philippines and Kuwait lagged somewhat behind, together comprising a further 50%.

From 2012 to 2022, the biggest increases were recorded for Bahrain (with a CAGR of +24.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for heat exchange unit exported from South Korea were the United States ($X), China ($X) and Japan ($X), together accounting for 36% of total exports. Indonesia, Thailand, Russia, Bahrain, Oman, Saudi Arabia, the United Arab Emirates, the Philippines, Vietnam and Kuwait lagged somewhat behind, together comprising a further 41%.

Bahrain, with a CAGR of +25.2%, recorded the highest growth rate of 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

In 2022, the average heat exchange unit export price amounted to $X per unit, dropping by -8% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 30%. The export price peaked at $X per unit in 2021, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Oman ($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 the United States (+8.0%), while the prices for the other major destinations experienced more modest paces of growth.

Heat Exchange Unit Imports

Imports into Republic of Korea

In 2022, purchases abroad of heat exchange units decreased by -10.9% to X units, falling for the third consecutive year after four years of growth. Over the period under review, imports, however, saw a mild expansion. The pace of growth was the most pronounced in 2013 with an increase of 128% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, heat exchange unit imports expanded sharply to $X in 2022. In general, total imports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -17.8% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 137%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest heat exchange unit supplier to South Korea, with a 54% share of total imports. Moreover, heat exchange unit imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), sixfold. France (X units) ranked third in terms of total imports with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+4.7% per year) and France (+2.6% per year).

In value terms, the largest heat exchange unit suppliers to South Korea were China ($X), France ($X) and the United States ($X), together accounting for 64% of total imports.

China, with a CAGR of +11.5%, 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 heat exchange unit import price amounted to $X per unit, with an increase of 18% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 22%. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :