Republic of Korea: Retreaded Pneumatic Tyre Market 2024

Retreaded Pneumatic Tyre Market Size in Republic of Korea

The South Korean retreaded pneumatic tyre market totaled $X in 2022, approximately reflecting the previous year. Over the period under review, the total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.3% 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 +23.6% against 2016 indices. Retreaded pneumatic tyre consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Retreaded Pneumatic Tyre Production in Republic of Korea

In value terms, retreaded pneumatic tyre production reached $X in 2022 estimated in export price. Overall, the total production indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.1% against 2020 indices. The pace of growth appeared the most rapid in 2013 with an increase of 50%. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Retreaded Pneumatic Tyre Exports

Exports from Republic of Korea

For the third consecutive year, South Korea recorded decline in shipments abroad of retreaded pneumatic tyres, which decreased by -15.6% to X units in 2022. In general, exports showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2019 with an increase of 30%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, retreaded pneumatic tyre exports reduced slightly to $X in 2022. Over the period under review, exports saw a abrupt setback. The growth pace was the most rapid in 2019 with an increase of 24%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Honduras (X units), El Salvador (X units) and Guatemala (X units) were the main destinations of retreaded pneumatic tyre exports from South Korea, with a combined 64% share of total exports. The United States, Russia, New Zealand, Japan, Panama, Mexico and Nicaragua lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +52.9%), while shipments for the other leaders experienced a decline.

In value terms, Honduras ($X), El Salvador ($X) and Guatemala ($X) constituted the largest markets for retreaded pneumatic tyre exported from South Korea worldwide, with a combined 63% share of total exports. The United States, Russia, New Zealand, Japan, Panama, Mexico and Nicaragua lagged somewhat behind, together accounting for a further 32%.

Russia, with a CAGR of +88.7%, saw 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 a decline.

Export Prices by Country

The average retreaded pneumatic tyre export price stood at $X per unit in 2022, surging by 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The pace of growth was the most pronounced in 2014 when the average export price increased by 16% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2015 to 2022, the average export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Japan ($X per unit) and the United States ($X per unit), while the average price for exports to New Zealand ($X per unit) and Guatemala ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+23.4%), while the prices for the other major destinations experienced more modest paces of growth.

Retreaded Pneumatic Tyre Imports

Imports into Republic of Korea

Retreaded pneumatic tyre imports into South Korea declined significantly to X units in 2022, with a decrease of -30% against 2021. Overall, imports recorded a abrupt curtailment. The growth pace was the most rapid in 2016 when imports increased by 122%. As a result, imports attained the peak of X units. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, retreaded pneumatic tyre imports soared to $X in 2022. Over the period under review, imports, however, continue to indicate a temperate expansion. The pace of growth appeared the most rapid in 2014 with an increase of 66% against the previous year. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

Japan (X units), Thailand (X units) and the United States (X units) were the main suppliers of retreaded pneumatic tyre imports to South Korea, with a combined 98% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +56.3%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Japan ($X), Thailand ($X) and the United States ($X) constituted the largest retreaded pneumatic tyre suppliers to South Korea, together comprising 99% of total imports.

Thailand, with a CAGR of +63.0%, recorded the highest growth rate of the value of imports, among 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 2022, the average retreaded pneumatic tyre import price amounted to $X per unit, surging by 84% against the previous year. Over the period under review, the import price posted a resilient expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Thailand ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+21.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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