Republic of Korea: Grinding Machine Market 2024

Grinding Machine Market Size in Republic of Korea

The South Korean grinding machine market skyrocketed to $X in 2021, picking up by 108% against the previous year. Overall, consumption showed a resilient expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Grinding Machine Production in Republic of Korea

In value terms, grinding machine production rose significantly to $X in 2021 estimated in export price. Over the period under review, production showed resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 138% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Grinding Machine Exports

Exports from Republic of Korea

In 2021, shipments abroad of machines having individual functions, for mixing, kneading, crushing or grinding decreased by -26% to X units, falling for the second year in a row after three years of growth. In general, exports showed a abrupt decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 56%. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, grinding machine exports soared to $X in 2021. Overall, exports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 126%. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in the near future.

Exports by Country

China (X units) was the main destination for grinding machine exports from South Korea, accounting for a 31% share of total exports. Moreover, grinding machine exports to China exceeded the volume sent to the second major destination, Vietnam (X units), threefold. The third position in this ranking was taken by Hungary (X units), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at -2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+3.9% per year) and Hungary (+41.2% per year).

In value terms, China ($X), the United States ($X) and Hungary ($X) appeared to be the largest markets for grinding machine exported from South Korea worldwide, with a combined 60% share of total exports. Slovenia, Sweden, Germany, Vietnam, Poland, Indonesia, India, Bangladesh, Japan and Singapore lagged somewhat behind, together comprising a further 32%.

In terms of the main countries of destination, Slovenia, with a CAGR of +198.9%, 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

In 2021, the average grinding machine export price amounted to $X per unit, rising by 80% against the previous year. Overall, the export price enjoyed a significant expansion. The growth pace was the most rapid in 2020 an increase of 147% against the previous year. The export price peaked in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per unit), while the average price for exports to Bangladesh ($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 the United States (+39.5%), while the prices for the other major destinations experienced more modest paces of growth.

Grinding Machine Imports

Imports into Republic of Korea

In 2021, grinding machine imports into South Korea skyrocketed to X units, picking up by 50% on the previous year's figure. The total import volume increased at an average annual rate of +3.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, imports reached the maximum at X units in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, grinding machine imports skyrocketed to $X in 2021. Overall, total imports indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest supplier of grinding machine to South Korea, with a 41% share of total imports. Moreover, grinding machine imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), twofold. The third position in this ranking was held by Austria (X units), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +11.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+3.6% per year) and Austria (+30.4% per year).

In value terms, the largest grinding machine suppliers to South Korea were Germany ($X), Japan ($X) and China ($X), with a combined 62% share of total imports. These countries were followed by Austria, the United States, Italy, the UK and Taiwan (Chinese), which together accounted for a further 25%.

Among the main suppliers, Austria, with a CAGR of +29.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average grinding machine import price amounted to $X per unit, surging by 4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2020 when the average import price increased by 56%. Over the period under review, average import prices attained the maximum in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the UK ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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