Republic of Korea: Fuse And Detonator Market 2024

Fuse And Detonator Market Size in Republic of Korea

The South Korean fuse and detonator market shrank to $X in 2021, reducing by -7.1% against the previous year. In general, consumption, however, continues to indicate a buoyant increase. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Fuse And Detonator Production in Republic of Korea

In value terms, fuse and detonator production reduced to $X in 2021 estimated in export price. Overall, production, however, recorded a strong increase. The most prominent rate of growth was recorded in 2017 when the production volume increased by 46%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Fuse And Detonator Exports

Exports from Republic of Korea

For the third consecutive year, South Korea recorded growth in shipments abroad of safety fuses, detonating fuses and electric detonators, which increased by 24% to X tons in 2021. Over the period under review, exports posted a resilient expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 119% against the previous year. The exports peaked in 2021 and are likely to continue growth in the near future.

In value terms, fuse and detonator exports skyrocketed to $X in 2021. In general, exports saw strong growth. The most prominent rate of growth was recorded in 2019 when exports increased by 62% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Indonesia (X tons) was the main destination for fuse and detonator exports from South Korea, accounting for a 50% share of total exports. Moreover, fuse and detonator exports to Indonesia exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), eightfold. The Philippines (X tons) ranked third in terms of total exports with a 5% share.

From 2012 to 2021, the average annual growth rate of volume to Indonesia totaled +11.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+54.1% per year) and the Philippines (+98.3% per year).

In value terms, Indonesia ($X) remains the key foreign market for safety fuses, detonating fuses and electric detonators exports from South Korea, comprising 44% of total exports. The second position in the ranking was taken by the Czech Republic ($X), with a 6.4% share of total exports. It was followed by the United States, with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Indonesia stood at +12.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Czech Republic (+1.7% per year) and the United States (+101.6% per year).

Export Prices by Country

The average fuse and detonator export price stood at $X per ton in 2021, growing by 9.5% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 32% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Malaysia ($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 Turkey (+2.6%), while the prices for the other major destinations experienced mixed trend patterns.

Fuse And Detonator Imports

Imports into Republic of Korea

In 2021, purchases abroad of safety fuses, detonating fuses and electric detonators was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports saw a relatively flat trend pattern. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, fuse and detonator imports surged to $X in 2021. Overall, total imports indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Sweden (X tons) constituted the largest supplier of fuse and detonator to South Korea, accounting for a 50% share of total imports. Moreover, fuse and detonator imports from Sweden exceeded the figures recorded by the second-largest supplier, Thailand (X tons), threefold. The third position in this ranking was taken by Canada (X tons), with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Sweden amounted to -2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+17.0% per year) and Canada (+5.1% per year).

In value terms, the United States ($X) constituted the largest supplier of safety fuses, detonating fuses and electric detonators to South Korea, comprising 36% of total imports. The second position in the ranking was held by Sweden ($X), with a 15% share of total imports. It was followed by Thailand, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States stood at +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-0.3% per year) and Thailand (+1.8% per year).

Import Prices by Country

The average fuse and detonator import price stood at $X per ton in 2021, declining by -11.3% against the previous year. Overall, import price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, fuse and detonator import price decreased by -18.3% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the average import price increased by 31% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+14.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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