Republic of Korea: Inductor Market 2024

Inductor Market Size in Republic of Korea

In 2022, the South Korean inductor market decreased by -6.5% to $X, falling for the second year in a row after seven years of growth. In general, consumption, however, showed a remarkable increase. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Inductor Production in Republic of Korea

In value terms, inductor production expanded notably to $X in 2022 estimated in export price. Overall, production continues to indicate buoyant growth. The pace of growth appeared the most rapid in 2015 with an increase of 295%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Inductor Exports

Exports from Republic of Korea

In 2022, shipments abroad of inductors increased by 10% to X units, rising for the third year in a row after four years of decline. Overall, total exports indicated a temperate increase from 2012 to 2022: its volume 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, exports increased by +93.1% against 2019 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 68%. The exports peaked at X units in 2015; afterwards, it flattened through to 2022.

In value terms, inductor exports contracted to $X in 2022. The total export value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 16%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Saudi Arabia (X units), China (X units) and Vietnam (X units) were the main destinations of inductor exports from South Korea, with a combined 53% share of total exports. The United States, India, Bahrain, Japan, Kuwait, Canada, Thailand, Mexico and Qatar lagged somewhat behind, together comprising a further 38%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +53.9%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), China ($X) and India ($X) appeared to be the largest markets for inductor exported from South Korea worldwide, with a combined 60% share of total exports. Saudi Arabia, the United States, Mexico, Japan, Thailand, Bahrain, Canada, Kuwait and Qatar lagged somewhat behind, together comprising a further 24%.

Mexico, with a CAGR of +59.1%, saw 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 inductor export price amounted to $X per unit, shrinking by -14.3% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 18%. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while the average price for exports to Kuwait (less than $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 Mexico (+3.4%), while the prices for the other major destinations experienced more modest paces of growth.

Inductor Imports

Imports into Republic of Korea

In 2022, the amount of inductors imported into South Korea reduced to X units, shrinking by -9.1% on 2021. Overall, total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +14.4% against 2020 indices. The growth pace was the most rapid in 2017 when imports increased by 33% against the previous year. Imports peaked at X units in 2021, and then dropped in the following year.

In value terms, inductor imports declined to $X in 2022. In general, imports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 36% against the previous year. Imports peaked at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, China (X units) constituted the largest inductor supplier to South Korea, accounting for a 69% share of total imports. Moreover, inductor imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), sixfold. Thailand (X units) ranked third in terms of total imports with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+16.9% per year) and Thailand (+22.3% per year).

In value terms, China ($X) constituted the largest supplier of inductors to South Korea, comprising 43% of total imports. The second position in the ranking was held by Japan ($X), with a 15% share of total imports. It was followed by Vietnam, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+5.2% per year) and Vietnam (+23.3% per year).

Import Prices by Country

The average inductor import price stood at $X per unit in 2022, reducing by -4.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The growth pace was the most rapid in 2020 when the average import price increased by 15%. Over the period under review, average import prices hit record highs at $X per unit in 2021, and then reduced modestly in the following year.

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 Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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