Republic of Korea: Magnetic Media Market 2024

Magnetic Media Market Size in Republic of Korea

In 2021, the South Korean magnetic media market decreased by -2.8% to $X, falling for the eighth consecutive year after two years of growth. Over the period under review, consumption continues to indicate a drastic downturn. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Magnetic Media Production in Republic of Korea

In value terms, magnetic media production soared to $X in 2021 estimated in export price. In general, production recorded a abrupt curtailment. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Magnetic Media Exports

Exports from Republic of Korea

In 2021, overseas shipments of magnetic media, not recorded, except cards with a magnetic stripe increased by 57% to X units, rising for the fourth consecutive year after four years of decline. Overall, exports, however, faced a deep reduction. The most prominent rate of growth was recorded in 2020 when exports increased by 99%. Over the period under review, the exports attained the maximum at X units in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, magnetic media exports amounted to $X in 2021. In general, exports, however, recorded a noticeable slump. The most prominent rate of growth was recorded in 2018 with an increase of 142% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X units), Zambia (X units) and Malaysia (X units) were the main destinations of magnetic media exports from South Korea, with a combined 41% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of +19.4%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the United States ($X), China ($X) and Japan ($X) appeared to be the largest markets for magnetic media exported from South Korea worldwide, together comprising 57% of total exports. These countries were followed by Germany, Malaysia, the Netherlands, Mexico, Australia, Zambia, Indonesia, Egypt and Pakistan, which together accounted for a further 9.7%.

Malaysia, with a CAGR of +22.1%, 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

In 2021, the average magnetic media export price amounted to $X per unit, waning by -33.3% against the previous year. In general, the export price, however, saw a buoyant increase. The pace of growth was the most pronounced in 2017 an increase of 600%. Over the period under review, the average export prices hit record highs at $X per unit in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while the average price for exports to Zambia ($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 Indonesia (+54.3%), while the prices for the other major destinations experienced more modest paces of growth.

Magnetic Media Imports

Imports into Republic of Korea

In 2021, supplies from abroad of magnetic media, not recorded, except cards with a magnetic stripe increased by 52% to X units for the first time since 2014, thus ending a six-year declining trend. Over the period under review, imports, however, saw a precipitous descent. The most prominent rate of growth was recorded in 2014 when imports increased by 90% against the previous year. As a result, imports attained the peak of X units. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, magnetic media imports surged to $X in 2021. In general, imports, however, continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2014 when imports increased by 144%. 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 magnetic media to South Korea, accounting for a 49% share of total imports. Moreover, magnetic media imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), sixfold. Iceland (X units) ranked third in terms of total imports with an 8.7% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -18.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-36.7% per year) and Iceland (+82.4% per year).

In value terms, Japan ($X), the United States ($X) and China ($X) were the largest magnetic media suppliers to South Korea, together accounting for 55% of total imports. These countries were followed by Iceland, New Zealand, Switzerland, Germany and Australia, which together accounted for a further 18%.

In terms of the main suppliers, Iceland, with a CAGR of +148.7%, saw 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

The average magnetic media import price stood at $X per unit in 2021, shrinking by -19.8% against the previous year. Over the period under review, the import price, however, continues to indicate a strong increase. The most prominent rate of growth was recorded in 2020 an increase of 59% against the previous year. As a result, import price attained the peak level of $X per unit, and then fell sharply in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+40.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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