Republic of Korea: Safes And Strongboxes Market 2025

Safes And Strongboxes Market Size in Republic of Korea

In 2021, after two years of decline, there was significant growth in the South Korean safes and strongboxes market, when its value increased by 18% to $X. Over the period under review, consumption, however, continues to indicate a abrupt slump. Safes and strongboxes consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Safes And Strongboxes Production in Republic of Korea

In value terms, safes and strongboxes production rose markedly to $X in 2021 estimated in export price. In general, production, however, recorded a pronounced slump. The pace of growth appeared the most rapid in 2018 when the production volume increased by 11%. Safes and strongboxes production peaked at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Safes And Strongboxes Exports

Exports from Republic of Korea

In 2021, overseas shipments of safes, strongboxes and doors of base metal were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports, however, continue to indicate a noticeable decrease. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, safes and strongboxes exports skyrocketed to $X in 2021. Overall, exports, however, saw a relatively flat trend pattern. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons), the United Arab Emirates (X tons) and Japan (X tons) were the main destinations of safes and strongboxes exports from South Korea, together accounting for 30% of total exports. Egypt, Nigeria, Saudi Arabia, Indonesia, Hong Kong SAR, Libya, Iraq, Ethiopia, Lebanon and Sweden lagged somewhat behind, together comprising a further 36%.

From 2012 to 2021, the biggest increases were recorded for Ethiopia (with a CAGR of +15.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for safes, strongboxes and doors of base metal exports from South Korea, comprising 22% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 6.3% share of total exports. It was followed by Japan, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-1.0% per year) and Japan (+3.7% per year).

Export Prices by Country

The average safes and strongboxes export price stood at $X per ton in 2021, increasing by 7.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Libya ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+2.8%), while the prices for the other major destinations experienced more modest paces of growth.

Safes And Strongboxes Imports

Imports into Republic of Korea

Safes and strongboxes imports into South Korea surged to X tons in 2021, growing by 50% on the previous year. Over the period under review, imports continue to indicate a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, safes and strongboxes imports surged to $X in 2021. Overall, imports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2014 when imports increased by 50% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest safes and strongboxes supplier to South Korea, with a 65% share of total imports. Moreover, safes and strongboxes imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold. Indonesia (X tons) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +20.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+219.1% per year) and Indonesia (+34.7% per year).

In value terms, China ($X) constituted the largest supplier of safes, strongboxes and doors of base metal to South Korea, comprising 71% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 14% share of total imports. It was followed by Indonesia, with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +20.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+163.6% per year) and Indonesia (+34.9% per year).

Import Prices by Country

The average safes and strongboxes import price stood at $X per ton in 2021, falling by -1.9% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 24% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+12.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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