Republic of Korea: Market for Rubber-to-Metal and Moulded Articles 2024

Market Size for Rubber-to-Metal and Moulded Articles in Republic of Korea

The South Korean rubber-to-metal and moulded article market skyrocketed to $X in 2021, increasing by 17% against the previous year. Overall, consumption showed a strong expansion. Rubber-to-metal and moulded article consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Production of Rubber-to-Metal and Moulded Articles in Republic of Korea

In value terms, rubber-to-metal and moulded article production surged to $X in 2021 estimated in export price. Over the period under review, the total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +7.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -13.6% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 33%. Rubber-to-metal and moulded article production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Rubber-to-Metal and Moulded Articles

Exports from Republic of Korea

In 2021, overseas shipments of rubber-to-metal and moulded articles increased by 16% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by 22% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, rubber-to-metal and moulded article exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +4.4% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons), the United States (X tons) and Mexico (X tons) were the main destinations of rubber-to-metal and moulded article exports from South Korea, together accounting for 43% of total exports. India, Japan, Vietnam, Slovakia, Russia, the Czech Republic, Poland, the United Arab Emirates, Germany and Canada lagged somewhat behind, together comprising a further 44%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +58.0%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for rubber-to-metal and moulded articles exports from South Korea, comprising 24% of total exports. The second position in the ranking was held by the United States ($X), with a 12% share of total exports. It was followed by Mexico, with a 9.4% share.

From 2012 to 2021, the average annual growth rate of value to China stood at +3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-6.1% per year) and Mexico (+40.9% per year).

Export Prices by Country

In 2021, the average rubber-to-metal and moulded article export price amounted to $X per ton, surging by 6.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.0%. The pace of growth was the most pronounced in 2015 when the average export price increased by 9.5%. The export price peaked in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Russia ($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 Vietnam (+19.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Rubber-to-Metal and Moulded Articles

Imports into Republic of Korea

In 2021, approx. X tons of rubber-to-metal and moulded articles were imported into South Korea; with an increase of 9.3% on the year before. Over the period under review, total imports indicated modest growth from 2012 to 2021: its volume increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +100.2% against 2015 indices. The most prominent rate of growth was recorded in 2016 with an increase of 42%. Imports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, rubber-to-metal and moulded article imports soared to $X in 2021. In general, total imports indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +73.5% against 2013 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of rubber-to-metal and moulded article to South Korea, with a 58% share of total imports. Moreover, rubber-to-metal and moulded article imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), twofold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 2.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +1.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+6.6% per year) and Taiwan (Chinese) (+24.7% per year).

In value terms, the largest rubber-to-metal and moulded article suppliers to South Korea were China ($X), Japan ($X) and Vietnam ($X), with a combined 57% share of total imports. These countries were followed by Germany, the United States, Taiwan (Chinese), Malaysia and Thailand, which together accounted for a further 18%.

Taiwan (Chinese), with a CAGR of +11.0%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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 rubber-to-metal and moulded article import price amounted to $X per ton, with an increase of 10% against the previous year. In general, the import price saw a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+15.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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