Republic of Korea: Market for Plastic Hoses and Hose Fittings 2024

Market Size for Plastic Hoses and Hose Fittings in Republic of Korea

The South Korean market for plastic hoses and hose fittings stood at $X in 2021, with an increase of 10% against the previous year. In general, the total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -13.3% against 2019 indices. Plastic hose and hose fitting consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Production of Plastic Hoses and Hose Fittings in Republic of Korea

In value terms, plastic hose and hose fitting production rose remarkably to $X in 2021 estimated in export price. Over the period under review, the total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +7.8% 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 -10.4% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 43% against the previous year. Plastic hose and hose fitting production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Plastic Hoses and Hose Fittings

Exports from Republic of Korea

In 2021, exports of plastic hoses and hose fittings from South Korea rose sharply to X tons, increasing by 14% against 2020. Over the period under review, total exports indicated slight growth from 2012 to 2021: its volume increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +74.9% against 2015 indices. The most prominent rate of growth was recorded in 2016 with an increase of 23%. The exports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, plastic hose and hose fitting exports rose sharply to $X in 2021. Overall, total exports indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +67.9% against 2015 indices. The most prominent rate of growth was recorded in 2016 with an increase of 21% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are likely to see gradual growth in years to come.

Exports by Country

China (X tons), the United States (X tons) and Vietnam (X tons) were the main destinations of plastic hose and hose fitting exports from South Korea, with a combined 34% share of total exports. The Netherlands, Myanmar, Japan, India, Mexico, Thailand, Canada, Malaysia, Australia and Poland lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +45.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for plastic hose and hose fitting exported from South Korea were China ($X), the United States ($X) and Japan ($X), with a combined 35% share of total exports. Vietnam, the Netherlands, India, Thailand, Poland, Mexico, Malaysia, Australia, Canada and Myanmar lagged somewhat behind, together accounting for a further 28%.

The Netherlands, with a CAGR of +37.6%, recorded the highest rates of growth with regard to the value of exports, among 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 export price for plastic hoses and hose fittings stood at $X per ton in 2021, declining by -3.2% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.0%. The pace of growth appeared the most rapid in 2013 when the average export price increased by 25% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Poland ($X per ton), while the average price for exports to Myanmar ($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 Japan (+3.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic Hoses and Hose Fittings

Imports into Republic of Korea

In 2021, supplies from abroad of plastic hoses and hose fittings increased by 4.1% to X tons, rising for the second consecutive year after two years of decline. Overall, total imports indicated a pronounced increase 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. Based on 2021 figures, imports increased by +27.0% against 2019 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 37%. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, plastic hose and hose fitting imports skyrocketed to $X in 2021. In general, total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +8.8% 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 +50.0% against 2019 indices. The growth pace was the most rapid in 2013 when imports increased by 48% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of plastic hose and hose fitting to South Korea, accounting for a 59% share of total imports. Moreover, plastic hose and hose fitting imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), more than tenfold. The United States (X tons) ranked third in terms of total imports with a 5.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+26.2% per year) and the United States (-4.8% per year).

In value terms, the largest plastic hose and hose fitting suppliers to South Korea were China ($X), the United States ($X) and Japan ($X), with a combined 62% share of total imports. Germany, Vietnam, Taiwan (Chinese), the UK, Italy, Switzerland, Thailand, Australia and New Zealand lagged somewhat behind, together accounting for a further 15%.

Vietnam, with a CAGR of +31.6%, 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

In 2021, the average import price for plastic hoses and hose fittings amounted to $X per ton, growing by 13% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.8%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+37.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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