Republic of Korea: Metal Washer Market 2025

Metal Washer Market Size in Republic of Korea

In 2021, the South Korean metal washer market decreased by -3.3% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Metal Washer Production in Republic of Korea

In value terms, metal washer production reduced to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 26%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Metal Washer Exports

Exports from Republic of Korea

In 2021, overseas shipments of iron or steel washers were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, total exports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +9.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 32% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in the immediate term.

In value terms, metal washer exports expanded rapidly to $X in 2021. In general, exports enjoyed a prominent expansion. The growth pace was the most rapid in 2013 with an increase of 51%. Over the period under review, the exports attained the maximum in 2021 and are likely to see steady growth in years to come.

Exports by Country

The United States (X tons), Mexico (X tons) and China (X tons) were the main destinations of metal washer exports from South Korea, together accounting for 54% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +40.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for metal washer exported from South Korea were China ($X), the United States ($X) and Mexico ($X), together accounting for 58% of total exports.

In terms of the main countries of destination, Mexico, with a CAGR of +36.0%, 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 metal washer export price stood at $X per ton in 2021, standing approx. at the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +5.1%. The most prominent rate of growth was recorded in 2017 when the average export price increased by 16%. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+18.1%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Washer Imports

Imports into Republic of Korea

In 2021, overseas purchases of iron or steel washers increased by 13% to X tons, rising for the third year in a row after two years of decline. The total import volume increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 19%. Imports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, metal washer imports skyrocketed to $X in 2021. In general, total imports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 29%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest metal washer supplier to South Korea, accounting for a 83% share of total imports. Moreover, metal washer imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.5% per year) and Germany (+8.7% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel washers to South Korea, comprising 45% of total imports. The second position in the ranking was taken by Germany ($X), with a 12% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+2.2% per year) and the United States (+2.6% per year).

Import Prices by Country

The average metal washer import price stood at $X per ton in 2021, growing by 13% against the previous year. Overall, import price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the average import price increased by 20%. Over the period under review, average import prices hit record highs in 2021 and is likely to see steady growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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