Republic of Korea: Metal Honing Machine Market 2024

Metal Honing Machine Market Size in Republic of Korea

In 2021, the South Korean metal honing machine market decreased by -38.3% to $X, falling for the fourth consecutive year after two years of growth. In general, consumption showed a noticeable curtailment. Metal honing machine consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Metal Honing Machine Production in Republic of Korea

In value terms, metal honing machine production contracted modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.1% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 when the production volume increased by 17%. Metal honing machine production peaked at $X in 2020, and then reduced in the following year.

Metal Honing Machine Exports

Exports from Republic of Korea

In 2021, overseas shipments of honing or lapping machines for working metal were finally on the rise to reach X units for the first time since 2016, thus ending a four-year declining trend. In general, exports, however, showed a perceptible shrinkage. Over the period under review, the exports reached the peak figure at X units in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, metal honing machine exports shrank dramatically to $X in 2021. Overall, exports, however, faced a abrupt decrease. The growth pace was the most rapid in 2016 when exports increased by 14%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

China (X units), the Philippines (X units) and Vietnam (X units) were the main destinations of metal honing machine exports from South Korea, with a combined 58% share of total exports.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +59.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the key foreign market for honing or lapping machines for working metal exports from South Korea, comprising 18% of total exports. The second position in the ranking was taken by China ($X), with a 6.4% share of total exports. It was followed by Brazil, with a 4.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam totaled +45.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-28.3% per year) and Brazil (+47.0% per year).

Export Prices by Country

The average metal honing machine export price stood at $X per unit in 2021, which is down by -65% against the previous year. In general, the export price recorded a deep downturn. The pace of growth was the most pronounced in 2019 an increase of 41% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2020, and then declined remarkably in the following year.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Brazil ($X per unit), while the average price for exports to the Philippines ($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 Vietnam (+245.8%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Honing Machine Imports

Imports into Republic of Korea

In 2021, supplies from abroad of honing or lapping machines for working metal decreased by -4.5% to X units, falling for the fourth year in a row after six years of growth. In general, imports, however, recorded notable growth. The growth pace was the most rapid in 2016 with an increase of 136% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, metal honing machine imports shrank significantly to $X in 2021. Overall, imports recorded a abrupt setback. The growth pace was the most rapid in 2017 when imports increased by 71% against the previous year. 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

Sweden (X units), China (X units) and Japan (X units) were the main suppliers of metal honing machine imports to South Korea, with a combined 94% share of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +56.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and Germany ($X) were the largest metal honing machine suppliers to South Korea, with a combined 47% share of total imports.

Among the main suppliers, China, with a CAGR of +14.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average metal honing machine import price stood at $X per unit in 2021, reducing by -40.7% against the previous year. Over the period under review, the import price recorded a abrupt slump. The pace of growth was the most pronounced in 2020 when the average import price increased by 93%. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a 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 Germany ($X per unit), while the price for Sweden ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+75.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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