Republic of Korea: Market for Tube Or Pipe Fittings (Of Iron Or Steel) 2025

Market Size for Tube Or Pipe Fittings (Of Iron Or Steel) in Republic of Korea

In 2022, the South Korean market for tube or pipe fittings (of iron or steel) decreased by -1.5% to $X, falling for the fourth year in a row after two years of growth. Overall, the total consumption indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -18.4% against 2018 indices. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Tube Or Pipe Fittings (Of Iron Or Steel) in Republic of Korea

In value terms, iron or steel tube fitting production declined slightly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a mild downturn. The growth pace was the most rapid in 2018 when the production volume increased by 42% against the previous year. Iron or steel tube fitting production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Tube Or Pipe Fittings (Of Iron Or Steel)

Exports from Republic of Korea

In 2022, the amount of tube or pipe fittings (of iron or steel) exported from South Korea shrank modestly to X tons, falling by -1.9% against 2021 figures. Over the period under review, exports saw a deep slump. The growth pace was the most rapid in 2018 when exports increased by 15%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, iron or steel tube fitting exports fell to $X in 2022. In general, exports saw a perceptible curtailment. The pace of growth appeared the most rapid in 2018 when exports increased by 16% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for iron or steel tube fitting exports from South Korea, with a 26% share of total exports. Moreover, iron or steel tube fitting exports to the United States exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), fourfold. Japan (X tons) ranked third in terms of total exports with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-8.9% per year) and Japan (-7.6% per year).

In value terms, the United States ($X) remains the key foreign market for tube or pipe fittings (of iron or steel) exports from South Korea, comprising 24% of total exports. The second position in the ranking was taken by China ($X), with a 9.6% share of total exports. It was followed by Japan, with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+8.5% per year) and Japan (-4.3% per year).

Export Prices by Country

In 2022, the average export price for tube or pipe fittings (of iron or steel) amounted to $X per ton, falling by -3.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2019 an increase of 4.8% against the previous year. The export price peaked at $X per ton in 2021, and then fell slightly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Iran ($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 China (+7.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tube Or Pipe Fittings (Of Iron Or Steel)

Imports into Republic of Korea

After three years of decline, supplies from abroad of tube or pipe fittings (of iron or steel) increased by 1% to X tons in 2022. Overall, imports, however, recorded a noticeable decrease. The pace of growth was the most pronounced in 2018 with an increase of 29% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, iron or steel tube fitting imports contracted to $X in 2022. In general, imports, however, recorded a perceptible decrease. The pace of growth was the most pronounced in 2013 when imports increased by 23% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) was the main supplier of iron or steel tube fitting to South Korea, accounting for a 92% share of total imports. It was followed by Vietnam (X tons), with a 2.5% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -2.6%.

In value terms, China ($X) constituted the largest supplier of tube or pipe fittings (of iron or steel) to South Korea, comprising 65% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 2.7% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China was relatively modest.

Import Prices by Country

In 2022, the average import price for tube or pipe fittings (of iron or steel) amounted to $X per ton, with a decrease of -6.4% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average import price increased by 16%. Over the period under review, average import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for China totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+6.7%).

Source: IndexBox Platform

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