Republic of Korea: Market for Numerically Controlled Drilling Machines For Working Metal 2024

Market Size for Numerically Controlled Drilling Machines For Working Metal in Republic of Korea

In 2021, the South Korean numerically controlled drilling machine market decreased by -45.5% to $X, falling for the second consecutive year after two years of growth. Overall, consumption, however, enjoyed a temperate increase. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Production of Numerically Controlled Drilling Machines For Working Metal in Republic of Korea

In value terms, numerically controlled drilling machine production reduced to $X in 2021 estimated in export price. In general, production, however, enjoyed strong growth. The pace of growth was the most pronounced in 2014 when the production volume increased by 3,034%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Numerically Controlled Drilling Machines For Working Metal

Exports from Republic of Korea

In 2021, overseas shipments of numerically controlled drilling machines for working metal were finally on the rise to reach X tons after three years of decline. In general, exports posted modest growth. The pace of growth appeared the most rapid in 2017 with an increase of 164% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, numerically controlled drilling machine exports surged to $X in 2021. Overall, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when exports increased by 90%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for numerically controlled drilling machine exports from South Korea, with a 50% share of total exports. Moreover, numerically controlled drilling machine exports to China exceeded the volume sent to the second major destination, Turkey (X tons), more than tenfold. The third position in this ranking was taken by Germany (X tons), with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +19.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+5.5% per year) and Germany (-2.8% per year).

In value terms, China ($X) remains the key foreign market for numerically controlled drilling machines for working metal exports from South Korea, comprising 34% of total exports. The second position in the ranking was held by Vietnam ($X), with a 6.1% share of total exports. It was followed by Russia, with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to +6.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+0.5% per year) and Russia (+52.9% per year).

Export Prices by Country

The average numerically controlled drilling machine export price stood at $X per ton in 2021, shrinking by -13.9% against the previous year. Over the period under review, the export price continues to indicate a mild contraction. The pace of growth appeared the most rapid in 2018 an increase of 44%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Russia ($X per ton), while the average price for exports to Hong Kong SAR ($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 Russia (+1.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Numerically Controlled Drilling Machines For Working Metal

Imports into Republic of Korea

In 2021, imports of numerically controlled drilling machines for working metal into South Korea rose rapidly to X tons, surging by 5.1% on the previous year. Over the period under review, imports, however, recorded a abrupt descent. The pace of growth was the most pronounced in 2019 when imports increased by 78%. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, numerically controlled drilling machine imports soared to $X in 2021. In general, imports, however, saw a pronounced decline. The most prominent rate of growth was recorded in 2019 when imports increased by 163%. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Turkey (X tons) constituted the largest numerically controlled drilling machine supplier to South Korea, with a 28% share of total imports. Moreover, numerically controlled drilling machine imports from Turkey exceeded the figures recorded by the second-largest supplier, Spain (X tons), twofold. Thailand (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Turkey totaled +396.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+28.0% per year) and Thailand (+57.7% per year).

In value terms, the United States ($X), Germany ($X) and Spain ($X) appeared to be the largest numerically controlled drilling machine suppliers to South Korea, with a combined 64% share of total imports.

Among the main suppliers, Germany, with a CAGR of +34.2%, 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 numerically controlled drilling machine import price stood at $X per ton in 2021, rising by 13% against the previous year. Over the period under review, import price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, numerically controlled drilling machine import price decreased by -24.9% against 2019 indices. The pace of growth was the most pronounced in 2019 an increase of 48% against the previous year. As a result, import price attained the peak level of $X per ton. From 2020 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for Thailand ($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 (+17.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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