Republic of Korea: Metal-Reinforced Rubber Hose Market 2024

Metal-Reinforced Rubber Hose Market Size in Republic of Korea

After two years of growth, the South Korean metal-reinforced rubber hose market decreased by -1.4% to $X in 2022. The market value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Metal-Reinforced Rubber Hose Production in Republic of Korea

In value terms, metal-reinforced rubber hose production stood at $X in 2022 estimated in export price. In general, the total production indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +3.6% 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 +4.1% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 82% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Metal-Reinforced Rubber Hose Exports

Exports from Republic of Korea

In 2022, overseas shipments of rubber hose reinforced with metal increased by 5.4% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports continue to indicate prominent growth. The most prominent rate of growth was recorded in 2017 when exports increased by 104% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, metal-reinforced rubber hose exports dropped to $X in 2022. Overall, exports continue to indicate a resilient increase. The pace of growth was the most pronounced in 2017 with an increase of 115% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for metal-reinforced rubber hose exports from South Korea, accounting for a 38% share of total exports. Moreover, metal-reinforced rubber hose exports to the United States exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was taken by Canada (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +27.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+1.7% per year) and Canada (-0.6% per year).

In value terms, the United States ($X), China ($X) and Australia ($X) constituted the largest markets for metal-reinforced rubber hose exported from South Korea worldwide, together accounting for 64% of total exports. Canada, Japan, Mexico, Italy, Brazil and India lagged somewhat behind, together comprising a further 23%.

In terms of the main countries of destination, Mexico, with a CAGR of +130.7%, saw the highest rates of growth with regard to 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 metal-reinforced rubber hose export price amounted to $X per ton, which is down by -9.9% against the previous year. Overall, the export price continues to indicate a perceptible slump. The most prominent rate of growth was recorded in 2020 when the average export price increased by 7.2% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to Italy ($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 Brazil (+4.5%), while the prices for the other major destinations experienced more modest paces of growth.

Metal-Reinforced Rubber Hose Imports

Imports into Republic of Korea

In 2022, the amount of rubber hose reinforced with metal imported into South Korea fell modestly to X tons, waning by -3% compared with 2021 figures. Over the period under review, total imports indicated modest growth from 2012 to 2022: its volume increased at an average annual rate of +1.3% 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 +50.0% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 55%. As a result, imports reached the peak of X tons, and then contracted slightly in the following year.

In value terms, metal-reinforced rubber hose imports rose modestly to $X in 2022. Overall, total imports indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.8% 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 +58.4% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 54% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest metal-reinforced rubber hose supplier to South Korea, accounting for a 47% share of total imports. Moreover, metal-reinforced rubber hose imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. The third position in this ranking was taken by India (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-0.8% per year) and India (+96.6% per year).

In value terms, China ($X) constituted the largest supplier of rubber hose reinforced with metal to South Korea, comprising 42% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 13% share of total imports. It was followed by Singapore, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-0.7% per year) and Singapore (+0.5% per year).

Import Prices by Country

In 2022, the average metal-reinforced rubber hose import price amounted to $X per ton, picking up by 5.8% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 7.4%. The import price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Singapore ($X per ton) and Italy ($X per ton), while the price for Malaysia ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+1.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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