Republic of Korea: Market for Non-Numerically Controlled Sharpening Machines For Working Metal 2024

Market Size for Non-Numerically Controlled Sharpening Machines For Working Metal in Republic of Korea

The South Korean non-numerically controlled sharpening machine market expanded to $X in 2022, picking up by 3% against the previous year. Over the period under review, the total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.9% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Non-Numerically Controlled Sharpening Machines For Working Metal in Republic of Korea

In value terms, non-numerically controlled sharpening machine production stood at $X in 2022 estimated in export price. Overall, the total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.8% against 2020 indices. The pace of growth appeared the most rapid in 2017 when the production volume increased by 32% against the previous year. Non-numerically controlled sharpening machine production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Non-Numerically Controlled Sharpening Machines For Working Metal

Exports from Republic of Korea

In 2022, non-numerically controlled sharpening machine exports from South Korea soared to X units, rising by 51% against the previous year's figure. Overall, exports, however, showed a noticeable curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 492%. Over the period under review, the exports reached the maximum at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, non-numerically controlled sharpening machine exports fell to $X in 2022. In general, exports, however, faced a deep setback. The growth pace was the most rapid in 2018 when exports increased by 536% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X units) was the main destination for non-numerically controlled sharpening machine exports from South Korea, with a 55% share of total exports. Moreover, non-numerically controlled sharpening machine exports to Vietnam exceeded the volume sent to the second major destination, Thailand (X units), fourfold. The third position in this ranking was held by India (X units), with a 9.4% share.

From 2012 to 2022, the average annual growth rate of volume to Vietnam totaled +96.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+2.4% per year) and India (+15.8% per year).

In value terms, the largest markets for non-numerically controlled sharpening machine exported from South Korea were Vietnam ($X), India ($X) and Thailand ($X), together comprising 85% of total exports.

Vietnam, with a CAGR of +86.2%, recorded the highest rates of growth with regard to the value of exports, in terms of 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

In 2022, the average non-numerically controlled sharpening machine export price amounted to $X per unit, falling by -41% against the previous year. Overall, the export price continues to indicate a deep slump. The pace of growth appeared the most rapid in 2021 an increase of 39%. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Canada ($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 Denmark (+18.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Non-Numerically Controlled Sharpening Machines For Working Metal

Imports into Republic of Korea

In 2022, non-numerically controlled sharpening machine imports into South Korea soared to X units, with an increase of 86% on the year before. Over the period under review, imports posted a buoyant increase. The growth pace was the most rapid in 2020 when imports increased by 362%. As a result, imports reached the peak of X units. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, non-numerically controlled sharpening machine imports soared to $X in 2022. In general, imports, however, recorded a abrupt decline. The pace of growth was the most pronounced in 2020 with an increase of 336% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of non-numerically controlled sharpening machine to South Korea, accounting for a 59% share of total imports. Moreover, non-numerically controlled sharpening machine imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), twofold. The third position in this ranking was held by Taiwan (Chinese) (X units), with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +22.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.4% per year) and Taiwan (Chinese) (+5.9% per year).

In value terms, China ($X), Taiwan (Chinese) ($X) and the United States ($X) were the largest non-numerically controlled sharpening machine suppliers to South Korea, with a combined 53% share of total imports.

Taiwan (Chinese), with a CAGR of +4.3%, saw 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

The average non-numerically controlled sharpening machine import price stood at $X per unit in 2022, which is down by -35.2% against the previous year. Overall, the import price faced a abrupt slump. The pace of growth was the most pronounced in 2015 when the average import price increased by 49%. As a result, import price attained the peak level of $X per unit. From 2016 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+14.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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