Republic of Korea: Market for Process Control, Gate, Globe and Other Valves 2025

Market Size for Process Control, Gate, Globe and Other Valves in Republic of Korea

The South Korean market for process control, gate, globe and other valves dropped to $X in 2022, with a decrease of -12.1% against the previous year. Over the period under review, the total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +16.0% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2021, and then declined in the following year.

Production of Process Control, Gate, Globe and Other Valves in Republic of Korea

In value terms, production of process control, gate, globe and other valves shrank to $X in 2022 estimated in export price. In general, the total production indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +6.6% against 2020 indices. The pace of growth appeared the most rapid in 2015 when the production volume increased by 90% against the previous year. Over the period under review, production of hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Process Control, Gate, Globe and Other Valves

Exports from Republic of Korea

In 2022, overseas shipments of process control, gate, globe and other valves increased by 2.3% to X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports, however, saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 when exports increased by 5.2% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, exports of process control, gate, globe and other valves fell modestly to $X in 2022. Over the period under review, exports, however, saw a perceptible contraction. The pace of growth appeared the most rapid in 2015 when exports increased by 15%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for exports of process control, gate, globe and other valves from South Korea, accounting for a 18% share of total exports. Moreover, exports of process control, gate, globe and other valves to the United States exceeded the volume sent to the second major destination, China (X tons), twofold. Vietnam (X tons) ranked third in terms of total exports with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled -3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-2.6% per year) and Vietnam (+7.9% per year).

In value terms, the largest markets for process control, gate, globe and other valves exported from South Korea were the United States ($X), China ($X) and India ($X), with a combined 44% share of total exports. These countries were followed by Vietnam, Indonesia, Japan, Canada, Mexico, the United Arab Emirates, Singapore, Thailand, Saudi Arabia and Bahrain, which together accounted for a further 28%.

Among the main countries of destination, Mexico, with a CAGR of +20.0%, recorded the highest growth rate of the value of exports, 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 export price for process control, gate, globe and other valves amounted to $X per ton, with a decrease of -3.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The most prominent rate of growth was recorded in 2015 when the average export price increased by 9.1%. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+12.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Process Control, Gate, Globe and Other Valves

Imports into Republic of Korea

After two years of growth, purchases abroad of process control, gate, globe and other valves decreased by -10% to X tons in 2022. The total import volume increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when imports increased by 39% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of process control, gate, globe and other valves reduced to $X in 2022. In general, total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.9% 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 +22.6% against 2018 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 56% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports of remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of process control, gate, globe and other valves to South Korea, with a 61% share of total imports. Moreover, imports of process control, gate, globe and other valves from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), eightfold. The third position in this ranking was held by the United States (X tons), with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+1.8% per year) and the United States (-3.1% per year).

In value terms, China ($X), Japan ($X) and the United States ($X) constituted the largest process control, gate, globe and other valves suppliers to South Korea, with a combined 61% share of total imports. Germany, France, Vietnam, Norway, Italy and India lagged somewhat behind, together comprising a further 21%.

In terms of the main suppliers, Vietnam, with a CAGR of +26.8%, saw 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 import price for process control, gate, globe and other valves stood at $X per ton in 2022, approximately reflecting the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the average import price increased by 17%. Over the period under review, average import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :