Republic of Korea: Market for Hydraulic Pumps (Gear or Vane) and other Rotary Positive Displacement Pumps 2025

Market Size for Hydraulic Pumps (Gear or Vane) and other Rotary Positive Displacement Pumps in Republic of Korea

In 2021, the South Korean market for hydraulic pumps (gear or vane) and other rotary positive displacement pumps decreased by -17.7% to $X for the first time since 2018, thus ending a two-year rising trend. In general, the total consumption indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +10.0% against 2018 indices. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Hydraulic Pumps (Gear or Vane) and other Rotary Positive Displacement Pumps in Republic of Korea

In value terms, production of hydraulic pumps (gear or vane) and other rotary positive displacement pumps expanded modestly to $X in 2021 estimated in export price. Overall, production posted a significant increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by 162% against the previous year. Over the period under review, production of reached the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Hydraulic Pumps (Gear or Vane) and other Rotary Positive Displacement Pumps

Exports from Republic of Korea

In 2021, the amount of hydraulic pumps (gear or vane) and other rotary positive displacement pumps exported from South Korea skyrocketed to X units, with an increase of 23% on 2020 figures. Overall, exports enjoyed moderate growth. The most prominent rate of growth was recorded in 2018 when exports increased by 107%. Over the period under review, the exports of reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, exports of hydraulic pumps (gear or vane) and other rotary positive displacement pumps expanded notably to $X in 2021. In general, exports showed a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 106% against the previous year. Over the period under review, the exports of reached the maximum at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), China (X units) and Mexico (X units) were the main destinations of exports of hydraulic pumps (gear or vane) and other rotary positive displacement pumps from South Korea, together comprising 83% of total exports. Slovakia, Japan and Brazil lagged somewhat behind, together comprising a further 9.4%.

From 2012 to 2021, the biggest increases were recorded for Slovakia (with a CAGR of +99.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for hydraulic pump (gear or vane) and other rotary positive displacement pump exported from South Korea were China ($X), the United States ($X) and Mexico ($X), together accounting for 80% of total exports. Slovakia, Brazil and Japan lagged somewhat behind, together accounting for a further 7.5%.

Slovakia, with a CAGR of +75.8%, saw the highest rates of growth with regard to 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 2021, the average export price for hydraulic pumps (gear or vane) and other rotary positive displacement pumps amounted to $X per unit, shrinking by -7.7% against the previous year. In general, the export price, however, enjoyed resilient growth. The pace of growth appeared the most rapid in 2015 an increase of 130% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Brazil ($X per unit), while the average price for exports to Slovakia ($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 Brazil (+19.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Hydraulic Pumps (Gear or Vane) and other Rotary Positive Displacement Pumps

Imports into Republic of Korea

In 2021, overseas purchases of hydraulic pumps (gear or vane) and other rotary positive displacement pumps increased by 12% to X units, rising for the third year in a row after six years of decline. Over the period under review, imports, however, recorded a abrupt curtailment. The growth pace was the most rapid in 2020 with an increase of 38% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, imports of hydraulic pumps (gear or vane) and other rotary positive displacement pumps skyrocketed to $X in 2021. In general, imports, however, showed a relatively flat trend pattern. Imports peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) was the main supplier of hydraulic pump (gear or vane) and other rotary positive displacement pump to South Korea, accounting for a 95% share of total imports. Moreover, imports of hydraulic pumps (gear or vane) and other rotary positive displacement pumps from China exceeded the figures recorded by the second-largest supplier, Germany (X units), fivefold. The third position in this ranking was held by the United States (X units), with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +22.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-5.4% per year) and the United States (-4.7% per year).

In value terms, the largest hydraulic pump (gear or vane) and other rotary positive displacement pump suppliers to South Korea were China ($X), Japan ($X) and Germany ($X), with a combined 83% share of total imports. These countries were followed by the United States, Italy, Norway, France, Austria, Canada, Denmark, Taiwan (Chinese) and Sweden, which together accounted for a further 48%.

Among the main suppliers, Norway, with a CAGR of +59.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for hydraulic pumps (gear or vane) and other rotary positive displacement pumps stood at $X per unit in 2021, increasing by 11% against the previous year. Over the period under review, the import price saw a resilient expansion. The pace of growth appeared the most rapid in 2015 when the average import price increased by 100%. The import price peaked at $X per unit in 2018; however, from 2019 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 Sweden ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+19.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform