Republic of Korea: Stone Sawing Machine Market 2024

Stone Sawing Machine Market Size in Republic of Korea

In 2021, the South Korean stone sawing machine market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Stone Sawing Machine Production in Republic of Korea

In value terms, stone sawing machine production rose rapidly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -23.5% against 2018 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by 52% against the previous year. Stone sawing machine production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Stone Sawing Machine Exports

Exports from Republic of Korea

In 2021, shipments abroad of sawing machines for working stone, ceramics and concrete decreased by -17.8% to X units, falling for the second year in a row after three years of growth. Over the period under review, exports showed a abrupt downturn. The pace of growth was the most pronounced in 2017 with an increase of 90%. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, stone sawing machine exports fell markedly to $X in 2021. In general, exports saw a abrupt setback. The growth pace was the most rapid in 2017 with an increase of 196% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for stone sawing machine exports from South Korea, with a 59% share of total exports. Moreover, stone sawing machine exports to the United States exceeded the volume sent to the second major destination, Japan (X units), fivefold. The third position in this ranking was taken by Nigeria (X units), with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-12.0% per year) and Nigeria (-15.6% per year).

In value terms, the United States ($X) emerged as the key foreign market for sawing machines for working stone, ceramics and concrete exports from South Korea, comprising 59% of total exports. The second position in the ranking was held by Japan ($X), with a 21% share of total exports. It was followed by Vietnam, with a 6% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+2.4% per year) and Vietnam (-12.3% per year).

Export Prices by Country

The average stone sawing machine export price stood at $X per unit in 2021, falling by -18.3% against the previous year. In general, export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +3.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, stone sawing machine export price increased by +5.8% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 56% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2020, and then declined markedly in the following year.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Vietnam ($X per unit), while the average price for exports to Nigeria ($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 Japan (+16.2%), while the prices for the other major destinations experienced more modest paces of growth.

Stone Sawing Machine Imports

Imports into Republic of Korea

In 2021, approx. X units of sawing machines for working stone, ceramics and concrete were imported into South Korea; growing by 97% compared with the previous year. Overall, imports, however, continue to indicate a deep setback. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, stone sawing machine imports skyrocketed to $X in 2021. Over the period under review, imports, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2013 with an increase of 80%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X units) was the main supplier of stone sawing machine to South Korea, with a 92% share of total imports. Moreover, stone sawing machine imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), more than tenfold. The third position in this ranking was held by the United States (X units), with a 1.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+64.5% per year) and the United States (+3.0% per year).

In value terms, China ($X) constituted the largest supplier of sawing machines for working stone, ceramics and concrete to South Korea, comprising 68% of total imports. The second position in the ranking was held by the United States ($X), with a 17% share of total imports. It was followed by Vietnam, with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +13.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+14.0% per year) and Vietnam (+64.9% per year).

Import Prices by Country

The average stone sawing machine import price stood at $X per unit in 2021, with a decrease of -31% against the previous year. Overall, the import price saw a slight decrease. The pace of growth appeared the most rapid in 2013 an increase of 50% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2016; however, from 2017 to 2021, import prices stood at a somewhat 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 Taiwan (Chinese) (+18.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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