Republic of Korea: Safety Valve Market 2024

Safety Valve Market Size in Republic of Korea

The South Korean safety valve market reduced sharply to $X in 2021, waning by -31.4% against the previous year. Overall, consumption, however, continues to indicate prominent growth. As a result, consumption attained the peak level of $X, and then reduced markedly in the following year.

Safety Valve Production in Republic of Korea

In value terms, safety valve production reduced sharply to $X in 2021 estimated in export price. Over the period under review, production, however, showed buoyant growth. The pace of growth appeared the most rapid in 2020 with an increase of 246%. As a result, production attained the peak level of $X, and then declined notably in the following year.

Safety Valve Exports

Exports from Republic of Korea

In 2021, the amount of safety or relief valves for pipes, boiler shells, tanks and vats exported from South Korea rose modestly to X units, surging by 4.1% on the previous year. Overall, exports, however, faced a abrupt decline. The growth pace was the most rapid in 2018 with an increase of 155%. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, safety valve exports amounted to $X in 2021. In general, exports, however, showed a abrupt shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 187%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

China (X units) was the main destination for safety valve exports from South Korea, accounting for a 45% share of total exports. Moreover, safety valve exports to China exceeded the volume sent to the second major destination, Japan (X units), fivefold. Taiwan (Chinese) (X units) ranked third in terms of total exports with a 2.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to -13.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-29.1% per year) and Taiwan (Chinese) (-25.0% per year).

In value terms, China ($X) remains the key foreign market for safety or relief valves for pipes, boiler shells, tanks and vats exports from South Korea, comprising 42% of total exports. The second position in the ranking was taken by Japan ($X), with a 4.5% share of total exports. It was followed by the United Arab Emirates, with a 3.4% share.

From 2012 to 2021, the average annual growth rate of value to China totaled -4.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-23.5% per year) and the United Arab Emirates (-16.3% per year).

Export Prices by Country

The average safety valve export price stood at $X per unit in 2021, growing by 9% against the previous year. Overall, export price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 an increase of 25% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was Slovakia ($X per unit), while the average price for exports to Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Slovakia (+23.1%), while the prices for the other major destinations experienced more modest paces of growth.

Safety Valve Imports

Imports into Republic of Korea

In 2021, approx. X units of safety or relief valves for pipes, boiler shells, tanks and vats were imported into South Korea; increasing by 79% on the previous year's figure. Over the period under review, imports, however, saw a pronounced reduction. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, safety valve imports soared to $X in 2021. In general, imports, however, saw a mild curtailment. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Japan (X units) and the United States (X units) were the main suppliers of safety valve imports to South Korea, with a combined 57% share of total imports. Germany, Israel, Italy and the UK lagged somewhat behind, together comprising a further 17%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Israel (with a CAGR of +21.4%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest safety valve suppliers to South Korea were the United States ($X), Japan ($X) and Germany ($X), together accounting for 56% of total imports. China, the UK, Italy and Israel lagged somewhat behind, together comprising a further 16%.

Among the main suppliers, Israel, with a CAGR of +20.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average safety valve import price amounted to $X per unit, growing by 16% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.1%. The pace of growth appeared the most rapid in 2014 an increase of 22%. The import price peaked at $X per unit in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :