Republic of Korea: Mill Rolling Roll Market 2024

Mill Rolling Roll Market Size in Republic of Korea

After three years of growth, the South Korean mill rolling roll market decreased by -0.3% to $X in 2022. Over the period under review, consumption continues to indicate a significant increase. Over the period under review, the market reached the maximum level at $X in 2021, and then fell in the following year.

Mill Rolling Roll Production in Republic of Korea

In value terms, mill rolling roll production dropped modestly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a noticeable decrease. The growth pace was the most rapid in 2021 with an increase of 2.5%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Mill Rolling Roll Exports

Exports from Republic of Korea

In 2022, overseas shipments of rolls for rolling mills increased by 36% to X units, rising for the second year in a row after two years of decline. Over the period under review, total exports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +55.6% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 55%. The exports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, mill rolling roll exports reached $X in 2022. In general, exports, however, saw a pronounced decline. The most prominent rate of growth was recorded in 2018 with an increase of 36%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Thailand (X units), the United States (X units) and Russia (X units) were the main destinations of mill rolling roll exports from South Korea, together comprising 76% of total exports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +29.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Japan ($X) were the largest markets for mill rolling roll exported from South Korea worldwide, with a combined 34% share of total exports. The United States, Vietnam, Turkey, Mexico, Thailand, Russia, Argentina and Indonesia lagged somewhat behind, together accounting for a further 37%.

The United States, with a CAGR of +13.5%, recorded the highest rates of growth with regard to 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

In 2022, the average mill rolling roll export price amounted to $X per unit, with a decrease of -18.7% against the previous year. In general, the export price continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2019 when the average export price increased by 9.1%. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+35.1%), while the prices for the other major destinations experienced more modest paces of growth.

Mill Rolling Roll Imports

Imports into Republic of Korea

For the fifth consecutive year, South Korea recorded growth in purchases abroad of rolls for rolling mills, which increased by 36% to X units in 2022. Over the period under review, imports recorded strong growth. The pace of growth appeared the most rapid in 2018 with an increase of 53% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, mill rolling roll imports shrank to $X in 2022. Overall, imports, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2018 with an increase of 24%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Japan (X units), China (X units) and the United States (X units) were the main suppliers of mill rolling roll imports to South Korea, together comprising 79% of total imports. Germany and Spain lagged somewhat behind, together comprising a further 4.9%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +78.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest mill rolling roll suppliers to South Korea were China ($X), Japan ($X) and the United States ($X), with a combined 90% share of total imports. Spain and Germany lagged somewhat behind, together accounting for a further 3.9%.

Among the main suppliers, Spain, with a CAGR of +144.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average mill rolling roll import price amounted to $X per unit, dropping by -30.6% against the previous year. Overall, the import price continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2014 when the average import price decreased by -11%. Over the period under review, average import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+37.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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