Republic of Korea: Positive Displacement Pump Market 2024

Positive Displacement Pump Market Size in Republic of Korea

The South Korean positive displacement pump market skyrocketed to $X in 2021, jumping by 18% against the previous year. Overall, consumption recorded a resilient increase. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in the immediate term.

Positive Displacement Pump Production in Republic of Korea

In value terms, positive displacement pump production skyrocketed to $X in 2021 estimated in export price. Overall, the total production indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.3% 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 -39.7% against 2018 indices. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Positive Displacement Pump Exports

Exports from Republic of Korea

In 2021, approx. X units of positive displacement pumps and hand pumps were exported from South Korea; which is down by -4.9% compared with 2020. Overall, exports showed a slight curtailment. The pace of growth was the most pronounced in 2014 with an increase of 51% against the previous year. As a result, the exports reached the peak of X units. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, positive displacement pump exports stood at $X in 2021. Over the period under review, total exports indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 92% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for positive displacement pump exports from South Korea, accounting for a 32% share of total exports. Moreover, positive displacement pump exports to the United States exceeded the volume sent to the second major destination, China (X units), threefold. Thailand (X units) ranked third in terms of total exports with a 9.4% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+29.2% per year) and Thailand (-4.9% per year).

In value terms, the United States ($X) remains the key foreign market for positive displacement pumps and hand pumps exports from South Korea, comprising 27% of total exports. The second position in the ranking was taken by China ($X), with a 12% share of total exports. It was followed by Thailand, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +16.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+30.2% per year) and Thailand (-8.7% per year).

Export Prices by Country

In 2021, the average positive displacement pump export price amounted to $X per unit, growing by 13% against the previous year. Over the period under review, export price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, positive displacement pump export price increased by +25.8% against 2019 indices. The most prominent rate of growth was recorded in 2014 an increase of 27%. The export price peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was France ($X per unit), while the average price for exports to Canada ($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 France (+13.2%), while the prices for the other major destinations experienced more modest paces of growth.

Positive Displacement Pump Imports

Imports into Republic of Korea

For the eighth consecutive year, South Korea recorded growth in supplies from abroad of positive displacement pumps and hand pumps, which increased by 17% to X units in 2021. In general, imports recorded a significant expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 98% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, positive displacement pump imports reduced to $X in 2021. Over the period under review, imports posted a significant increase. The growth pace was the most rapid in 2019 when imports increased by 263% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X units) was the main positive displacement pump supplier to South Korea, accounting for a 97% share of total imports. It was followed by Taiwan (Chinese) (X units), with a 0.3% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +61.2%.

In value terms, China ($X) constituted the largest supplier of positive displacement pumps and hand pumps to South Korea, comprising 86% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 1.2% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at +50.2%.

Import Prices by Country

In 2021, the average positive displacement pump import price amounted to $X per unit, reducing by -19.6% against the previous year. Over the period under review, the import price showed a abrupt contraction. The growth pace was the most rapid in 2019 an increase of 84% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2013; however, from 2014 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 Taiwan (Chinese) ($X per unit), while the price for China totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+10.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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