Republic of Korea: Furnace Burner Market 2024

Furnace Burner Market Size in Republic of Korea

The South Korean furnace burner market surged to $X in 2021, rising by 89% against the previous year. Overall, the total consumption indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Furnace Burner Production in Republic of Korea

In value terms, furnace burner production reduced to $X in 2021 estimated in export price. In general, the total production indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +56.6% against 2018 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by 108% against the previous year. Furnace burner production peaked at $X in 2020, and then shrank modestly in the following year.

Furnace Burner Exports

Exports from Republic of Korea

After two years of growth, overseas shipments of furnace burners, mechanical stokers, mechanical grates and mechanical ash dischargers decreased by -76.3% to X tons in 2021. Over the period under review, exports saw a drastic downturn. The pace of growth was the most pronounced in 2019 when exports increased by 111% against the previous year. The exports peaked at X tons in 2020, and then declined remarkably in the following year.

In value terms, furnace burner exports reduced notably to $X in 2021. Overall, exports saw a mild decrease. The most prominent rate of growth was recorded in 2016 when exports increased by 99%. Over the period under review, the exports hit record highs at $X in 2020, and then declined remarkably in the following year.

Exports by Country

China (X tons) was the main destination for furnace burner exports from South Korea, with a 32% share of total exports. Moreover, furnace burner exports to China exceeded the volume sent to the second major destination, Australia (X tons), threefold. The third position in this ranking was held by Kazakhstan (X tons), with a 9.3% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+35.8% per year) and Kazakhstan (+5.9% per year).

In value terms, the largest markets for furnace burner exported from South Korea were China ($X), Australia ($X) and Kazakhstan ($X), with a combined 55% share of total exports.

Australia, with a CAGR of +33.7%, saw the highest rates of growth with regard to the value of exports, among 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 furnace burner export price stood at $X per ton in 2021, dropping by -3.5% against the previous year. In general, export price indicated a prominent increase from 2012 to 2021: its price increased at an average annual rate of +7.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, furnace burner export price decreased by -22.9% against 2017 indices. The pace of growth was the most pronounced in 2017 when the average export price increased by 63% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Kazakhstan ($X per ton), while the average price for exports to Indonesia ($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 India (+14.3%), while the prices for the other major destinations experienced more modest paces of growth.

Furnace Burner Imports

Imports into Republic of Korea

In 2021, after three years of growth, there was significant decline in overseas purchases of furnace burners, mechanical stokers, mechanical grates and mechanical ash dischargers, when their volume decreased by -9.6% to X tons. Over the period under review, imports showed a noticeable setback. The pace of growth appeared the most rapid in 2015 when imports increased by 24%. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, furnace burner imports declined to $X in 2021. In general, imports showed a perceptible decline. The pace of growth was the most pronounced in 2018 with an increase of 47% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Germany (X tons), Japan (X tons) and China (X tons) were the main suppliers of furnace burner imports to South Korea, together comprising 76% of total imports. India, Italy, the United States, Austria, Finland and France lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +117.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Japan ($X) and China ($X) appeared to be the largest furnace burner suppliers to South Korea, together comprising 67% of total imports. Finland, Italy, the United States, India, Austria and France lagged somewhat behind, together accounting for a further 27%.

Among the main suppliers, India, with a CAGR of +118.7%, recorded the highest rates of growth with regard to 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 furnace burner import price stood at $X per ton in 2021, with a decrease of -4.9% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 27% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+14.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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