Republic of Korea: Market for Stainless Steel Seamless Pipe For Oil And Gas 2024

Market Size for Stainless Steel Seamless Pipe For Oil And Gas in Republic of Korea

In 2022, the South Korean stainless steel seamless pipe market increased by X% to $X, rising for the second consecutive year after two years of decline. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Stainless Steel Seamless Pipe For Oil And Gas in Republic of Korea

In value terms, stainless steel seamless pipe production declined dramatically to $X in 2022 estimated in export price. Over the period under review, production, however, posted a significant increase. The pace of growth was the most pronounced in 2021 when the production volume increased by X%. Stainless steel seamless pipe production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Stainless Steel Seamless Pipe For Oil And Gas

Exports from Republic of Korea

In 2022, overseas shipments of stainless steel seamless pipe for oil and gas decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports recorded a abrupt decline. The pace of growth appeared the most rapid in 2017 when exports increased by X%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, stainless steel seamless pipe exports rose modestly to $X in 2022. Over the period under review, exports, however, posted a mild expansion. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons), Taiwan (Chinese) (X tons) and the United States (X tons) were the main destinations of stainless steel seamless pipe exports from South Korea, together comprising X% of total exports. Japan, Indonesia, Singapore, Saudi Arabia, Malaysia, Vietnam, Thailand, Russia and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for stainless steel seamless pipe exported from South Korea were Japan ($X), the United States ($X) and Taiwan (Chinese) ($X), together accounting for X% of total exports. China, Singapore, Malaysia, Indonesia, Thailand, Vietnam, Russia, Saudi Arabia and the United Arab Emirates lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Singapore, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average stainless steel seamless pipe export price amounted to $X per ton, with an increase of X% against the previous year. Overall, the export price saw a prominent expansion. The most prominent rate of growth was recorded in 2019 an increase of X%. The export price peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Stainless Steel Seamless Pipe For Oil And Gas

Imports into Republic of Korea

Stainless steel seamless pipe imports into South Korea expanded to X tons in 2022, surging by X% against 2021 figures. In general, imports, however, recorded a pronounced reduction. The pace of growth appeared the most rapid in 2014 with an increase of X%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, stainless steel seamless pipe imports soared to $X in 2022. Over the period under review, imports, however, showed a pronounced decrease. The pace of growth appeared the most rapid in 2017 with an increase of X%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) was the main stainless steel seamless pipe supplier to South Korea, with a X% share of total imports. Moreover, stainless steel seamless pipe imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Italy (X% per year).

In value terms, China ($X) constituted the largest supplier of stainless steel seamless pipe for oil and gas to South Korea, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Italy (X% per year).

Import Prices by Country

The average stainless steel seamless pipe import price stood at $X per ton in 2022, rising by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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