Republic of Korea: Market for Iron or Steel Cans 2025

Market Size for Iron or Steel Cans in Republic of Korea

The South Korean iron or steel can market stood at $X in 2021, growing by 2.3% against the previous year. In general, the total consumption indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -2.5% against 2019 indices. Iron or steel can consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Production of Iron or Steel Cans in Republic of Korea

In value terms, iron or steel can production rose slightly to $X in 2021 estimated in export price. Overall, the total production indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -3.3% against 2018 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by 31%. Over the period under review, production reached the maximum level at $X in 2018; afterwards, it flattened through to 2021.

Exports of Iron or Steel Cans

Exports from Republic of Korea

In 2021, the amount of iron or steel cans exported from South Korea amounted to X units, with an increase of 10% compared with the year before. In general, exports recorded significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 152% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, iron or steel can exports expanded sharply to $X in 2021. Overall, exports posted a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 133%. The exports peaked in 2021 and are likely to see steady growth in the immediate term.

Exports by Country

Papua New Guinea (X units) was the main destination for iron or steel can exports from South Korea, accounting for a 64% share of total exports. Moreover, iron or steel can exports to Papua New Guinea exceeded the volume sent to the second major destination, New Zealand (X units), fivefold. Vietnam (X units) ranked third in terms of total exports with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Papua New Guinea amounted to +36.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Zealand (+95.0% per year) and Vietnam (+164.9% per year).

In value terms, Papua New Guinea ($X) remains the key foreign market for iron or steel cans exports from South Korea, comprising 61% of total exports. The second position in the ranking was taken by New Zealand ($X), with a 12% share of total exports. It was followed by China, with a 6.4% share.

From 2012 to 2021, the average annual growth rate of value to Papua New Guinea stood at +32.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Zealand (+94.0% per year) and China (+24.7% per year).

Export Prices by Country

In 2021, the average iron or steel can export price amounted to $X per unit, declining by -4.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. The growth pace was the most rapid in 2016 when the average export price increased by 58%. The export price peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was China ($X per unit), while the average price for exports to India ($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 Singapore (+8.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Cans

Imports into Republic of Korea

Iron or steel can imports into South Korea surged to X units in 2021, with an increase of 22% on 2020 figures. Over the period under review, imports posted a significant expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 1,039% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, iron or steel can imports totaled $X in 2021. Overall, imports continue to indicate a significant increase. The pace of growth was the most pronounced in 2014 when imports increased by 1,386% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of iron or steel can to South Korea, with a 70% share of total imports. Moreover, iron or steel can imports from China exceeded the figures recorded by the second-largest supplier, Spain (X units), threefold.

From 2012 to 2021, the average annual growth rate of volume from China totaled +33.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+106.1% per year) and Vietnam (+4.1% per year).

In value terms, Spain ($X), China ($X) and Vietnam ($X) were the largest iron or steel can suppliers to South Korea, together accounting for 96% of total imports.

Among the main suppliers, Spain, with a CAGR of +114.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average iron or steel can import price amounted to $X per unit, shrinking by -16.8% against the previous year. Over the period under review, the import price recorded a perceptible decline. The most prominent rate of growth was recorded in 2017 an increase of 43% against the previous year. As a result, import price reached the peak level of $X per unit. From 2018 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Spain ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+4.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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