Republic of Korea: Liquid Dispensing Pump Market 2024

Liquid Dispensing Pump Market Size in Republic of Korea

In 2021, the South Korean liquid dispensing pump market increased by 30% to $X, rising for the third year in a row after five years of decline. In general, consumption, however, saw a relatively flat trend pattern. Liquid dispensing pump consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Liquid Dispensing Pump Production in Republic of Korea

In value terms, liquid dispensing pump production fell remarkably to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a tangible increase. The most prominent rate of growth was recorded in 2020 with an increase of 376%. As a result, production reached the peak level of $X, and then shrank dramatically in the following year.

Liquid Dispensing Pump Exports

Exports from Republic of Korea

In 2021, the amount of pumps for dispensing liquids exported from South Korea dropped rapidly to X units, declining by -50.9% compared with 2020. Overall, exports saw a deep downturn. The pace of growth appeared the most rapid in 2013 when exports increased by 88% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, liquid dispensing pump exports declined rapidly to $X in 2021. Over the period under review, exports, however, recorded strong growth. The most prominent rate of growth was recorded in 2013 when exports increased by 226% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

China (X units), Russia (X units) and Vietnam (X units) were the main destinations of liquid dispensing pump exports from South Korea, together accounting for 51% of total exports. These countries were followed by Uzbekistan, the United States, Malaysia, the United Arab Emirates, Canada, Saudi Arabia, Indonesia, Iraq and Japan, which together accounted for a further 37%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +118.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for liquid dispensing pump exported from South Korea were Russia ($X), China ($X) and Uzbekistan ($X), together comprising 61% of total exports. These countries were followed by Vietnam, Indonesia, the United States, Canada, the United Arab Emirates, Japan, Malaysia, Iraq and Saudi Arabia, which together accounted for a further 23%.

Iraq, with a CAGR of +95.7%, recorded the highest growth rate of 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 liquid dispensing pump export price stood at $X per unit in 2021, with an increase of 22% against the previous year. Overall, export price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +12.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, liquid dispensing pump export price increased by +78.9% against 2018 indices. The growth pace was the most rapid in 2013 when the average export price increased by 73%. The export price peaked in 2021 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Indonesia ($X per unit), while the average price for exports to Malaysia ($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 Oman (+37.5%), while the prices for the other major destinations experienced more modest paces of growth.

Liquid Dispensing Pump Imports

Imports into Republic of Korea

Liquid dispensing pump imports into South Korea soared to X units in 2021, jumping by 141% against the year before. Overall, imports, however, showed a abrupt decrease. Imports peaked at X units in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, liquid dispensing pump imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest liquid dispensing pump supplier to South Korea, with a 44% share of total imports. Moreover, liquid dispensing pump imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. The United States (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +20.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-23.1% per year) and the United States (-18.6% per year).

In value terms, the largest liquid dispensing pump suppliers to South Korea were China ($X), the United States ($X) and Japan ($X), together comprising 63% of total imports. These countries were followed by Germany, France, Italy, the United Arab Emirates, Singapore and the UK, which together accounted for a further 23%.

Among the main suppliers, the United Arab Emirates, with a CAGR of +74.3%, recorded 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

The average liquid dispensing pump import price stood at $X per unit in 2021, picking up by 42% against the previous year. In general, the import price posted a remarkable increase. The most prominent rate of growth was recorded in 2013 when the average import price increased by 62%. Over the period under review, average import prices attained the peak figure in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was the UK ($X per unit), while the price for the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+25.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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