Republic of Korea: Hydraulic Press Market 2024

Hydraulic Press Market Size in Republic of Korea

The South Korean hydraulic press market declined slightly to $X in 2022, remaining constant against the previous year. Over the period under review, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.9% 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 +25.2% against 2017 indices. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Hydraulic Press Production in Republic of Korea

In value terms, hydraulic press production stood at $X in 2022 estimated in export price. Over the period under review, the total production indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.5% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 44% against the previous year. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Hydraulic Press Exports

Exports from Republic of Korea

In 2022, exports of hydraulic presses for working metal from South Korea skyrocketed to X units, increasing by 30% on the previous year's figure. In general, total exports indicated a slight expansion from 2012 to 2022: its volume increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -27.7% against 2020 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 80% against the previous year. As a result, the exports attained the peak of X units. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, hydraulic press exports expanded modestly to $X in 2022. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 73% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Turkey (X units) was the main destination for hydraulic press exports from South Korea, accounting for a 28% share of total exports. Moreover, hydraulic press exports to Turkey exceeded the volume sent to the second major destination, Vietnam (X units), twofold. The third position in this ranking was held by Saudi Arabia (X units), with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Turkey stood at +38.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+19.4% per year) and Saudi Arabia (+6.9% per year).

In value terms, the largest markets for hydraulic press exported from South Korea were Poland ($X), Saudi Arabia ($X) and Vietnam ($X), together accounting for 29% of total exports. Taiwan (Chinese), India, China, South Africa, Uzbekistan, the United Arab Emirates, Turkey, the United States and Egypt lagged somewhat behind, together accounting for a further 41%.

Among the main countries of destination, Taiwan (Chinese), with a CAGR of +46.1%, saw the highest rates of growth with regard to the value of exports, 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 hydraulic press export price amounted to $X per unit, waning by -19.9% against the previous year. Overall, the export price continues to indicate a slight contraction. The pace of growth was the most pronounced in 2021 when the average export price increased by 67%. As a result, the export price attained the peak level of $X per unit, and then dropped significantly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Poland ($X per unit), while the average price for exports to Turkey ($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 Egypt (+18.0%), while the prices for the other major destinations experienced more modest paces of growth.

Hydraulic Press Imports

Imports into Republic of Korea

In 2022, after three years of decline, there was significant growth in purchases abroad of hydraulic presses for working metal, when their volume increased by 24% to X units. Overall, imports continue to indicate a strong expansion. The pace of growth was the most pronounced in 2016 when imports increased by 153% against the previous year. Imports peaked at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, hydraulic press imports shrank rapidly to $X in 2022. In general, imports, however, showed a drastic downturn. The pace of growth was the most pronounced in 2016 with an increase of 106%. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Japan (X units), France (X units) and China (X units) were the main suppliers of hydraulic press imports to South Korea, with a combined 38% share of total imports.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +64.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of hydraulic presses for working metal to South Korea, comprising 39% of total imports. The second position in the ranking was held by China ($X), with a 6.8% share of total imports. It was followed by Switzerland, with a 6.3% share.

From 2012 to 2022, the average annual growth rate of value from Japan stood at -6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-0.5% per year) and Switzerland (+12.6% per year).

Import Prices by Country

The average hydraulic press import price stood at $X per unit in 2022, waning by -36.8% against the previous year. Overall, the import price recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 an increase of 97%. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 Switzerland ($X per unit), while the price for Norway ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+13.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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