Republic of Korea: Market for Mechanical Appliances For Projecting, Dispersing Or Spraying 2024

Market Size for Mechanical Appliances For Projecting, Dispersing Or Spraying in Republic of Korea

The South Korean market for mechanical appliances for projecting, dispersing or spraying declined notably to $X in 2022, which is down by -25.8% against the previous year. Over the period under review, consumption saw a noticeable slump. As a result, consumption reached the peak level of $X, and then fell dramatically in the following year.

Production of Mechanical Appliances For Projecting, Dispersing Or Spraying in Republic of Korea

In value terms, production of mechanical appliances for projecting, dispersing or spraying contracted to $X in 2022 estimated in export price. In general, the total production indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 +14.5% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 42% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production of growth remained at a lower figure.

Exports of Mechanical Appliances For Projecting, Dispersing Or Spraying

Exports from Republic of Korea

In 2022, overseas shipments of mechanical appliances for projecting, dispersing or spraying were finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. In general, exports enjoyed a strong increase. The pace of growth appeared the most rapid in 2018 when exports increased by 71%. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, exports of mechanical appliances for projecting, dispersing or spraying rose rapidly to $X in 2022. Over the period under review, exports posted a prominent expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 58% against the previous year. Over the period under review, the exports of attained the maximum at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for exports of mechanical appliances for projecting, dispersing or spraying from South Korea, accounting for a 32% share of total exports. Moreover, exports of mechanical appliances for projecting, dispersing or spraying to the United States exceeded the volume sent to the second major destination, Japan (X units), twofold. The third position in this ranking was held by China (X units), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +48.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+45.6% per year) and China (+0.2% per year).

In value terms, the largest markets for mechanical appliances for projecting, dispersing or spraying exported from South Korea were the United States ($X), China ($X) and Japan ($X), with a combined 64% share of total exports. Vietnam, Thailand, India, Canada, Spain, Indonesia, Taiwan (Chinese), Australia, Russia and Brazil lagged somewhat behind, together accounting for a further 19%.

Among the main countries of destination, Spain, with a CAGR of +44.8%, saw the highest rates of growth with regard to 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 2022, the average export price for mechanical appliances for projecting, dispersing or spraying amounted to $X per unit, flattening at the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The pace of growth appeared the most rapid in 2013 when the average export price increased by 22%. Over the period under review, the average export prices attained the maximum at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Brazil ($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 Australia (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Mechanical Appliances For Projecting, Dispersing Or Spraying

Imports into Republic of Korea

In 2022, overseas purchases of mechanical appliances for projecting, dispersing or spraying decreased by -6.1% to X units for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports, however, recorded a strong increase. The pace of growth appeared the most rapid in 2013 when imports increased by 81% against the previous year. Imports peaked at X units in 2021, and then declined in the following year.

In value terms, imports of mechanical appliances for projecting, dispersing or spraying reduced to $X in 2022. In general, imports, however, showed a prominent expansion. The growth pace was the most rapid in 2020 with an increase of 60% against the previous year. Over the period under review, imports of reached the maximum at $X in 2021, and then contracted modestly in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of mechanical appliances for projecting, dispersing or spraying to South Korea, with a 77% share of total imports. Moreover, imports of mechanical appliances for projecting, dispersing or spraying from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), ninefold. The third position in this ranking was taken by Germany (X units), with a 2.6% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +27.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+139.6% per year) and Germany (+8.2% per year).

In value terms, China ($X) constituted the largest supplier of mechanical appliances for projecting, dispersing or spraying to South Korea, comprising 37% of total imports. The second position in the ranking was taken by Germany ($X), with a 9.6% share of total imports. It was followed by Vietnam, with a 7.1% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +31.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+6.1% per year) and Vietnam (+164.7% per year).

Import Prices by Country

In 2022, the average import price for mechanical appliances for projecting, dispersing or spraying amounted to $X per unit, surging by 6.2% against the previous year. Overall, the import price, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2014 when the average import price increased by 27% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+10.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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