Republic of Korea: Electrical Insulating Fittings Market 2025

Electrical Insulating Fittings Market Size in Republic of Korea

The South Korean electrical insulating fittings market declined to $X in 2022, shrinking by -14.1% against the previous year. Over the period under review, consumption, however, showed a strong increase. Electrical insulating fittings consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Electrical Insulating Fittings Production in Republic of Korea

In value terms, electrical insulating fittings production contracted to $X in 2022 estimated in export price. Overall, the total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +9.6% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 33%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Electrical Insulating Fittings Exports

Exports from Republic of Korea

After two years of growth, shipments abroad of electrical insulating fittings of plastics decreased by -1.7% to X tons in 2022. In general, total exports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +6.1% 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 +28.2% against 2019 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 27%. The exports peaked at X tons in 2021, and then dropped modestly in the following year.

In value terms, electrical insulating fittings exports stood at $X in 2022. Over the period under review, total exports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 +97.7% against 2015 indices. The pace of growth appeared the most rapid in 2021 with an increase of 25% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

China (X tons), Vietnam (X tons) and India (X tons) were the main destinations of electrical insulating fittings exports from South Korea, together comprising 60% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +73.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for electrical insulating fittings exported from South Korea were China ($X), Vietnam ($X) and India ($X), with a combined 67% share of total exports.

In terms of the main countries of destination, Vietnam, with a CAGR of +71.4%, saw the highest growth rate of 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

The average electrical insulating fittings export price stood at $X per ton in 2022, rising by 7.5% against the previous year. Overall, the export price, however, saw a noticeable curtailment. The export price peaked at $X per ton in 2012; however, from 2013 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 Slovakia ($X per ton), while the average price for exports to the Philippines ($X per ton) 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 (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Insulating Fittings Imports

Imports into Republic of Korea

After five years of growth, purchases abroad of electrical insulating fittings of plastics decreased by -16.8% to X tons in 2022. Overall, imports, however, showed resilient growth. The pace of growth appeared the most rapid in 2017 when imports increased by 127%. Imports peaked at X tons in 2021, and then contracted dramatically in the following year.

In value terms, electrical insulating fittings imports shrank to $X in 2022. Over the period under review, imports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 75% against the previous year. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest electrical insulating fittings supplier to South Korea, accounting for a 69% share of total imports. Moreover, electrical insulating fittings imports from Vietnam exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The third position in this ranking was taken by Japan (X tons), with a 2% share.

From 2012 to 2022, the average annual growth rate of volume from Vietnam totaled +135.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+6.8% per year) and Japan (-3.8% per year).

In value terms, Vietnam ($X), China ($X) and the United States ($X) appeared to be the largest electrical insulating fittings suppliers to South Korea, together accounting for 80% of total imports.

Among the main suppliers, Vietnam, with a CAGR of +132.4%, recorded the highest rates of growth with regard to 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 electrical insulating fittings import price stood at $X per ton in 2022, rising by 16% against the previous year. Overall, the import price, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2014 when the average import price increased by 17%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+14.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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