Republic of Korea: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in Republic of Korea

The South Korean grinding and sharpening machine market totaled $X in 2022, flattening at the previous year. Overall, consumption showed prominent growth. Grinding and sharpening machine consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Grinding And Sharpening Metal Finishing Machines in Republic of Korea

In value terms, grinding and sharpening machine production contracted slightly to $X in 2022 estimated in export price. Overall, production saw a resilient increase. The growth pace was the most rapid in 2017 with an increase of 58%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from Republic of Korea

In 2022, approx. X units of grinding and sharpening metal finishing machines were exported from South Korea; growing by 56% against 2021. Over the period under review, exports, however, saw a pronounced descent. The most prominent rate of growth was recorded in 2018 when exports increased by 100% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, grinding and sharpening machine exports surged to $X in 2022. In general, exports, however, recorded a deep reduction. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X units), India (X units) and China (X units) were the main destinations of grinding and sharpening machine exports from South Korea, together accounting for 67% of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +48.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and Vietnam ($X) constituted the largest markets for grinding and sharpening machine exported from South Korea worldwide, together accounting for 68% of total exports. The United States, Germany, Mexico, Indonesia, Japan, Thailand, the United Arab Emirates, Taiwan (Chinese) and Denmark lagged somewhat behind, together comprising a further 27%.

Among the main countries of destination, Denmark, with a CAGR of +19.7%, recorded 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 2022, the average grinding and sharpening machine export price amounted to $X per unit, therefore, remained relatively stable against the previous year. In general, the export price continues to indicate a perceptible shrinkage. The pace of growth was the most pronounced in 2017 an increase of 193%. As a result, the export price attained the peak level of $X per unit. From 2018 to 2022, 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 the United Arab Emirates ($X per unit), while the average price for exports to Denmark ($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 the United Arab Emirates (+50.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into Republic of Korea

In 2022, the amount of grinding and sharpening metal finishing machines imported into South Korea surged to X units, growing by 60% against the year before. Overall, imports recorded a pronounced increase. The pace of growth was the most pronounced in 2020 when imports increased by 196% against the previous year. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, grinding and sharpening machine imports fell to $X in 2022. Over the period under review, imports, however, continue to indicate a pronounced curtailment. The pace of growth was the most pronounced in 2014 with an increase of 16%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest grinding and sharpening machine supplier to South Korea, accounting for a 52% share of total imports. Moreover, grinding and sharpening machine imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), twofold. Japan (X units) ranked third in terms of total imports with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +20.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.2% per year) and Japan (-10.4% per year).

In value terms, Japan ($X) constituted the largest supplier of grinding and sharpening metal finishing machines to South Korea, comprising 47% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 5.6% share of total imports. It was followed by Thailand, with a 5.4% share.

From 2012 to 2022, the average annual growth rate of value from Japan totaled -5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+2.5% per year) and Thailand (+9.5% per year).

Import Prices by Country

The average grinding and sharpening machine import price stood at $X per unit in 2022, declining by -38.1% against the previous year. In general, the import price continues to indicate a deep setback. The most prominent rate of growth was recorded in 2021 an increase of 124% against the previous year. The import price peaked at $X per unit in 2019; however, from 2020 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 Switzerland ($X per unit), while the price for Denmark ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+28.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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