Republic of Korea: Market for Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels 2022

Market Size for Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels in Republic of Korea

The South Korean market for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels reduced markedly to $X in 2021, with a decrease of -23.2% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then fell rapidly in the following year.

Production of Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels in Republic of Korea

In value terms, grease fittings and oil seals production fell markedly to $X in 2021 estimated in export price. Overall, production, however, continues to indicate slight growth. The pace of growth was the most pronounced in 2020 when the production volume increased by 50% against the previous year. As a result, production attained the peak level of $X, and then contracted remarkably in the following year.

Exports of Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels

Exports from Republic of Korea

In 2021, shipments abroad of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels was finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. Over the period under review, total exports indicated a measured expansion from 2012 to 2021: its volume increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the exports attained the maximum at X units in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, grease fittings and oil seals exports soared to $X in 2021. Overall, total exports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X units), the United States (X units) and Japan (X units) were the main destinations of grease fittings and oil seals exports from South Korea, together comprising 67% of total exports. These countries were followed by Russia, Mexico, India, Vietnam and Germany, which together accounted for a further 19%.

From 2012 to 2021, the biggest increases were in Russia (with a CAGR of +33.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and the United States ($X) constituted the largest markets for grease fittings and oil seals exported from South Korea worldwide, together comprising 64% of total exports. India, Mexico, Russia, Germany and Vietnam lagged somewhat behind, together accounting for a further 16%.

In terms of the main countries of destination, Russia, with a CAGR of +17.5%, saw 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 2021, the average export price for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels amounted to $X per unit, growing by 8.6% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average export price increased by 22%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was India ($X per unit), while the average price for exports to Russia ($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 Vietnam (+16.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels

Imports into Republic of Korea

In 2021, approx. X units of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels were imported into South Korea; increasing by 38% against 2020. Overall, imports, however, recorded a noticeable setback. The most prominent rate of growth was recorded in 2019 when imports increased by 80% against the previous year. Over the period under review, imports reached the peak figure at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, grease fittings and oil seals imports surged to $X in 2021. In general, imports, however, recorded a mild decline. The most prominent rate of growth was recorded in 2017 when imports increased by 37% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Japan (X units), China (X units) and Norway (X units) were the main suppliers of grease fittings and oil seals imports to South Korea, with a combined 69% share of total imports. The United States, Germany, Vietnam, France, Taiwan (Chinese), Italy, Sweden and Finland lagged somewhat behind, together comprising a further 22%.

From 2012 to 2021, the biggest increases were in Vietnam (with a CAGR of +58.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of grease fittings and oil seals to South Korea, comprising 43% of total imports. The second position in the ranking was taken by Germany ($X), with an 11% share of total imports. It was followed by the United States, with a 9.9% share.

From 2012 to 2021, the average annual growth rate of value from Japan totaled +10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+1.7% per year) and the United States (-15.0% per year).

Import Prices by Country

The average import price for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels stood at $X per unit in 2021, reducing by -8.2% against the previous year. In general, import price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, grease fittings and oil seals import price increased by +18.5% against 2019 indices. The pace of growth appeared the most rapid in 2017 an increase of 35% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, 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 China (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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