Republic of Korea: Metal Sawing Machine Market 2024

Metal Sawing Machine Market Size in Republic of Korea

In 2021, the South Korean metal sawing machine market increased by 51% to $X, rising for the second year in a row after two years of decline. Over the period under review, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +8.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +124.0% against 2019 indices. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in years to come.

Metal Sawing Machine Production in Republic of Korea

In value terms, metal sawing machine production skyrocketed to $X in 2021 estimated in export price. In general, production, however, saw a abrupt curtailment. Metal sawing machine production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Metal Sawing Machine Exports

Exports from Republic of Korea

In 2021, the amount of sawing or cutting-off machines for working metal exported from South Korea soared to X units, growing by 16% against 2020 figures. Over the period under review, exports, however, recorded a noticeable shrinkage. The pace of growth was the most pronounced in 2016 when exports increased by 42%. As a result, the exports attained the peak of X units. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, metal sawing machine exports surged to $X in 2021. The total export value increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when exports increased by 33%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

China (X units), the United States (X units) and Vietnam (X units) were the main destinations of metal sawing machine exports from South Korea, together comprising 49% of total exports. Hungary, Sweden, Indonesia, India, Japan, the Philippines, Russia, Greece, Hong Kong SAR and the United Arab Emirates lagged somewhat behind, together comprising a further 37%.

From 2012 to 2021, the biggest increases were recorded for Greece (with a CAGR of +929.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for metal sawing machine exported from South Korea were China ($X), Hungary ($X) and the United States ($X), with a combined 59% share of total exports. These countries were followed by Sweden, Vietnam, Russia, Indonesia, India, Japan, Greece, the Philippines, the United Arab Emirates and Hong Kong SAR, which together accounted for a further 29%.

Greece, with a CAGR of +172.7%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average metal sawing machine export price stood at $X per unit in 2021, picking up by 4.8% against the previous year. Over the period under review, the export price enjoyed a strong expansion. The most prominent rate of growth was recorded in 2020 when the average export price increased by 34%. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to see steady growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was Hungary ($X per unit), while the average price for exports to Hong Kong SAR ($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 Hungary (+14.9%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Sawing Machine Imports

Imports into Republic of Korea

In 2021, the amount of sawing or cutting-off machines for working metal imported into South Korea skyrocketed to X units, rising by 27% against 2020. The total import volume increased at an average annual rate of +2.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, metal sawing machine imports soared to $X in 2021. The total import value increased at an average annual rate of +1.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest metal sawing machine supplier to South Korea, with a 55% share of total imports. Moreover, metal sawing machine imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. The third position in this ranking was held by Taiwan (Chinese) (X units), with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +24.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-6.6% per year) and Taiwan (Chinese) (-6.8% per year).

In value terms, China ($X), Japan ($X) and Taiwan (Chinese) ($X) appeared to be the largest metal sawing machine suppliers to South Korea, with a combined 71% share of total imports. Austria and India lagged somewhat behind, together accounting for a further 13%.

India, with a CAGR of +145.8%, saw the highest rates of growth with regard to the value of imports, among the main suppliers 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 metal sawing machine import price amounted to $X per unit, picking up by 14% against the previous year. Overall, the import price, however, recorded a slight decrease. Over the period under review, average import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Austria ($X per unit), while the price for China ($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) (+9.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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