Republic of Korea: Filling Containers Machinery Market 2024

Filling Containers Machinery Market Size in Republic of Korea

The South Korean filling containers machinery market surged to $X in 2021, rising by 60% against the previous year. In general, consumption saw a prominent increase. Filling containers machinery consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Filling Containers Machinery Production in Republic of Korea

In value terms, filling containers machinery production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. Filling containers machinery production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Filling Containers Machinery Exports

Exports from Republic of Korea

In 2021, overseas shipments of machinery for filling, closing, sealing, capsuling or labelling containers were finally on the rise to reach X units after three years of decline. Overall, total exports indicated a tangible increase from 2012 to 2021: its volume increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when exports increased by 56%. As a result, the exports reached the peak of X units. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, filling containers machinery exports surged to $X in 2021. Over the period under review, total exports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +7.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for filling containers machinery exports from South Korea, with a 46% share of total exports. Moreover, filling containers machinery exports to the United States exceeded the volume sent to the second major destination, Russia (X units), fivefold. The third position in this ranking was held by Hungary (X units), with a 6% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +24.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+20.3% per year) and Hungary (+66.9% per year).

In value terms, China ($X), the United States ($X) and Thailand ($X) appeared to be the largest markets for filling containers machinery exported from South Korea worldwide, together accounting for 50% of total exports. Indonesia, Russia, Taiwan (Chinese), Australia, Turkey, Hungary, the Philippines, Italy, the Netherlands and Myanmar lagged somewhat behind, together comprising a further 18%.

Myanmar, with a CAGR of +87.0%, saw the highest rates of growth with regard to 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 filling containers machinery export price stood at $X per unit in 2021, picking up by 8.7% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 31% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2014 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was China ($X per unit), while the average price for exports to Myanmar ($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 China (+23.1%), while the prices for the other major destinations experienced more modest paces of growth.

Filling Containers Machinery Imports

Imports into Republic of Korea

In 2021, the amount of machinery for filling, closing, sealing, capsuling or labelling containers imported into South Korea surged to X units, jumping by 36% against 2020. In general, imports recorded a strong expansion. The most prominent rate of growth was recorded in 2015 with an increase of 90% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, filling containers machinery imports dropped remarkably to $X in 2021. Overall, imports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2015 with an increase of 58%. Imports peaked at $X in 2020, and then shrank rapidly in the following year.

Imports by Country

China (X units), Germany (X units) and Austria (X units) were the main suppliers of filling containers machinery imports to South Korea, together accounting for 89% of total imports. Italy, Canada, the United States and Japan lagged somewhat behind, together accounting for a further 8.7%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Canada (with a CAGR of +74.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of machinery for filling, closing, sealing, capsuling or labelling containers to South Korea, comprising 54% of total imports. The second position in the ranking was held by China ($X), with a 21% share of total imports. It was followed by Italy, with a 5.1% share.

From 2012 to 2021, the average annual growth rate of value from Germany amounted to +8.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+44.3% per year) and Italy (+4.6% per year).

Import Prices by Country

The average filling containers machinery import price stood at $X per unit in 2021, reducing by -38.4% against the previous year. Over the period under review, the import price showed a abrupt descent. The most prominent rate of growth was recorded in 2020 when the average import price increased by 24% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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