Republic of Korea: Market for Iron Or Steel Liquid Fuel Domestic Appliances 2025

Market Size for Iron Or Steel Liquid Fuel Domestic Appliances in Republic of Korea

The South Korean metal liquid fuel appliances market reduced rapidly to $X in 2022, waning by -20.5% against the previous year. Over the period under review, consumption showed a pronounced descent. Metal liquid fuel appliances consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Iron Or Steel Liquid Fuel Domestic Appliances in Republic of Korea

In value terms, metal liquid fuel appliances production dropped to $X in 2022 estimated in export price. In general, the total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.6% 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 +15.3% against 2020 indices. The growth pace was the most rapid in 2014 when the production volume increased by 66% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Exports of Iron Or Steel Liquid Fuel Domestic Appliances

Exports from Republic of Korea

In 2022, the amount of iron or steel liquid fuel domestic appliances exported from South Korea skyrocketed to X units, rising by 26% on the previous year's figure. Overall, exports enjoyed prominent growth. The growth pace was the most rapid in 2019 when exports increased by 77% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, metal liquid fuel appliances exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a buoyant increase. The growth pace was the most rapid in 2014 with an increase of 171% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The Netherlands (X units), the United States (X units) and France (X units) were the main destinations of metal liquid fuel appliances exports from South Korea, together comprising 53% of total exports. Finland, Saudi Arabia, Japan, Italy, Iraq and Jordan lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Finland (with a CAGR of +59.4%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Finland ($X) and the Netherlands ($X) were the largest markets for metal liquid fuel appliances exported from South Korea worldwide, together accounting for 58% of total exports.

Finland, with a CAGR of +67.0%, recorded 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

The average metal liquid fuel appliances export price stood at $X per unit in 2022, surging by 4.4% against the previous year. In general, the export price, however, recorded a perceptible descent. The most prominent rate of growth was recorded in 2014 an increase of 59% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per unit), while the average price for exports to France ($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 Finland (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron Or Steel Liquid Fuel Domestic Appliances

Imports into Republic of Korea

In 2022, overseas purchases of iron or steel liquid fuel domestic appliances increased by 31% to X units, rising for the fourth year in a row after two years of decline. Overall, imports posted a prominent increase. The pace of growth appeared the most rapid in 2021 with an increase of 165%. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, metal liquid fuel appliances imports expanded to $X in 2022. In general, imports recorded significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 183% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of metal liquid fuel appliances to South Korea, with a 82% share of total imports. Moreover, metal liquid fuel appliances imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), fivefold.

From 2012 to 2022, the average annual growth rate of volume from Japan stood at +30.9%.

In value terms, Japan ($X) constituted the largest supplier of iron or steel liquid fuel domestic appliances to South Korea, comprising 82% of total imports. The second position in the ranking was taken by China ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan totaled +32.3%.

Import Prices by Country

The average metal liquid fuel appliances import price stood at $X per unit in 2022, declining by -20.8% against the previous year. Overall, the import price, however, posted a strong increase. The most prominent rate of growth was recorded in 2018 an increase of 32%. The import price peaked at $X per unit in 2021, and then fell remarkably in the following year.

Average prices varied noticeably 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 amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+13.3%).

Source: IndexBox Platform

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