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

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

The South Korean numerically controlled sharpening machine market contracted to $X in 2022, reducing by -6.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate a tangible increase. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Exports of Numerically Controlled Sharpening Machines For Working Metal

Exports from Republic of Korea

In 2022, numerically controlled sharpening machine exports from South Korea soared to X units, rising by 26% on the year before. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 286% against the previous year. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, numerically controlled sharpening machine exports soared to $X in 2022. Overall, exports, however, showed a noticeable slump. The most prominent rate of growth was recorded in 2014 when exports increased by 388%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Australia (X units), India (X units) and Malaysia (X units) were the main destinations of numerically controlled sharpening machine exports from South Korea, together accounting for 63% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Malaysia (with a CAGR of +32.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for numerically controlled sharpening machine exported from South Korea were Australia ($X), India ($X) and Malaysia ($X), with a combined 66% share of total exports.

India, with a CAGR of +155.3%, 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

The average numerically controlled sharpening machine export price stood at $X per unit in 2022, jumping by 20% against the previous year. Overall, the export price, however, saw a slight decrease. The most prominent rate of growth was recorded in 2020 when the average export price increased by 83% against the previous year. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while the average price for exports to Indonesia ($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 India (+113.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Numerically Controlled Sharpening Machines For Working Metal

Imports into Republic of Korea

In 2022, approx. X units of numerically controlled sharpening machines for working metal were imported into South Korea; shrinking by -24.8% against the year before. In general, total imports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +18.5% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 72%. Imports peaked at X units in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, numerically controlled sharpening machine imports rose remarkably to $X in 2022. Overall, total imports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +50.7% against 2020 indices. The growth pace was the most rapid in 2018 when imports increased by 62%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Australia (X units), Thailand (X units) and Japan (X units) were the main suppliers of numerically controlled sharpening machine imports to South Korea, with a combined 89% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +33.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest numerically controlled sharpening machine suppliers to South Korea were Australia ($X), Thailand ($X) and Japan ($X), with a combined 89% share of total imports.

In terms of the main suppliers, Australia, with a CAGR of +35.7%, saw the highest growth rate of 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

In 2022, the average numerically controlled sharpening machine import price amounted to $X per unit, rising by 51% against the previous year. In general, the import price saw a relatively flat trend pattern. Over the period under review, average import prices reached the maximum at $X per unit in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Germany ($X per unit) and Switzerland ($X per unit), while the price for China ($X per unit) and Japan ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+1.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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