Republic of Korea: Market for Iron Or Steel Bridges And Bridge-Sections 2024

Market Size for Iron Or Steel Bridges And Bridge-Sections in Republic of Korea

The South Korean iron or steel bridges market reduced modestly to $X in 2022, with a decrease of -3.4% against the previous year. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Iron or steel bridges consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Iron Or Steel Bridges And Bridge-Sections in Republic of Korea

In value terms, iron or steel bridges production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 37%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Iron Or Steel Bridges And Bridge-Sections

Exports from Republic of Korea

In 2022, approx. X tons of iron or steel bridges and bridge-sections were exported from South Korea; increasing by 53% on 2021. In general, exports, however, showed a noticeable curtailment. The pace of growth was the most pronounced in 2015 with an increase of 491%. Over the period under review, the exports reached the maximum at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, iron or steel bridges exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate resilient growth. The growth pace was the most rapid in 2015 with an increase of 520% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Panama (X tons), the Philippines (X tons) and Vietnam (X tons) were the main destinations of iron or steel bridges exports from South Korea, together comprising 97% 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 the Philippines (with a CAGR of +35.3%), while the other leaders experienced more modest paces of growth.

In value terms, Panama ($X) emerged as the key foreign market for iron or steel bridges and bridge-sections exports from South Korea, comprising 77% of total exports. The second position in the ranking was held by the Philippines ($X), with a 16% share of total exports. It was followed by Vietnam, with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Panama was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+40.4% per year) and Vietnam (+1.6% per year).

Export Prices by Country

In 2022, the average iron or steel bridges export price amounted to $X per ton, rising by 26% against the previous year. Over the period under review, the export price enjoyed a prominent increase. The most prominent rate of growth was recorded in 2017 an increase of 51%. The export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to the United Arab Emirates ($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 Qatar (+55.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron Or Steel Bridges And Bridge-Sections

Imports into Republic of Korea

In 2022, the amount of iron or steel bridges and bridge-sections imported into South Korea reduced remarkably to X tons, which is down by -47.9% compared with the previous year's figure. Overall, imports recorded a deep setback. The pace of growth was the most pronounced in 2021 when imports increased by 67% against the previous year. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, iron or steel bridges imports declined sharply to $X in 2022. In general, imports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2021 when imports increased by 58%. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) was the main supplier of iron or steel bridges to South Korea, accounting for a 96% share of total imports. It was followed by Italy (X tons), with a 2.3% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China totaled -11.6%.

In value terms, China ($X) constituted the largest supplier of iron or steel bridges and bridge-sections to South Korea, comprising 82% of total imports. The second position in the ranking was taken by Italy ($X), with a 6% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled -10.5%.

Import Prices by Country

In 2022, the average iron or steel bridges import price amounted to $X per ton, surging by 6.4% against the previous year. Overall, import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the average import price increased by 73%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for China stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.2%).

Source: IndexBox Platform

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