Republic of Korea: Self-Propelled Rock Cutter Market 2024

Self-Propelled Rock Cutter Market Size in Republic of Korea

The South Korean self-propelled rock cutter market soared to $X in 2021, picking up by 64% against the previous year. Over the period under review, consumption showed a significant increase. Self-propelled rock cutter consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Self-Propelled Rock Cutter Production in Republic of Korea

In value terms, self-propelled rock cutter production declined to $X in 2021 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 27%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Self-Propelled Rock Cutter Exports

Exports from Republic of Korea

Self-propelled rock cutter exports from South Korea soared to X units in 2021, growing by 63% compared with 2020 figures. Overall, exports, however, saw a abrupt descent. The pace of growth appeared the most rapid in 2019 with an increase of 157% against the previous year. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, self-propelled rock cutter exports soared to $X in 2021. In general, exports, however, showed a deep reduction. The most prominent rate of growth was recorded in 2019 with an increase of 223% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Malaysia (X units) was the main destination for self-propelled rock cutter exports from South Korea, accounting for a 35% share of total exports. Moreover, self-propelled rock cutter exports to Malaysia exceeded the volume sent to the second major destination, Norway (X units), threefold. Nigeria (X units) ranked third in terms of total exports with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malaysia totaled -11.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Norway (-2.8% per year) and Nigeria (+31.6% per year).

In value terms, Chile ($X) remains the key foreign market for self-propelled coal or rock cutters and tunnelling machinery exports from South Korea, comprising 21% of total exports. The second position in the ranking was held by Japan ($X), with an 8.8% share of total exports. It was followed by Norway, with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Chile amounted to -9.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-6.7% per year) and Norway (-4.0% per year).

Export Prices by Country

The average self-propelled rock cutter export price stood at $X per unit in 2021, rising by 29% against the previous year. Overall, the export price showed buoyant growth. The pace of growth was the most pronounced in 2016 an increase of 55%. The export price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Japan ($X per unit), while the average price for exports to Saudi Arabia ($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 the United Arab Emirates (+17.7%), while the prices for the other major destinations experienced more modest paces of growth.

Self-Propelled Rock Cutter Imports

Imports into Republic of Korea

In 2021, approx. X units of self-propelled coal or rock cutters and tunnelling machinery were imported into South Korea; growing by 17% compared with 2020. Over the period under review, imports enjoyed a significant increase. The growth pace was the most rapid in 2016 with an increase of 741%. Imports peaked at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, self-propelled rock cutter imports soared to $X in 2021. Overall, imports recorded a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 707% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

Germany (X units), Sweden (X units) and China (X units) were the main suppliers of self-propelled rock cutter imports to South Korea, with a combined 56% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +68.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest self-propelled rock cutter suppliers to South Korea were Austria ($X), China ($X) and Sweden ($X), with a combined 53% share of total imports.

Austria, with a CAGR of +127.8%, recorded the highest growth rate of 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 self-propelled rock cutter import price amounted to $X per unit, growing by 90% against the previous year. In general, the import price showed prominent growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per unit), while the price for Australia ($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 (+29.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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