Republic of Korea: Stranded Wire Market 2025

Stranded Wire Market Size in Republic of Korea

After two years of decline, the South Korean stranded wire market increased by 80% to $X in 2021. In general, consumption recorded a tangible increase. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Stranded Wire Production in Republic of Korea

In value terms, stranded wire production amounted to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 6.4%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Stranded Wire Exports

Exports from Republic of Korea

In 2021, shipments abroad of stranded wire, ropes and cables was finally on the rise to reach X tons for the first time since 2014, thus ending a six-year declining trend. Overall, exports, however, recorded a noticeable decline. The most prominent rate of growth was recorded in 2014 with an increase of 8.9% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, stranded wire exports expanded remarkably to $X in 2021. In general, exports, however, continue to indicate a pronounced setback. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), China (X tons) and Japan (X tons) were the main destinations of stranded wire exports from South Korea, with a combined 41% share of total exports. These countries were followed by Taiwan (Chinese), Thailand, Belgium, Singapore, Spain, the Netherlands, Turkey, Mexico, Italy and Poland, which together accounted for a further 35%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +7.6%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Japan ($X) were the largest markets for stranded wire exported from South Korea worldwide, with a combined 44% share of total exports. Taiwan (Chinese), Italy, Thailand, Belgium, Spain, the Netherlands, Singapore, Poland, Mexico and Turkey lagged somewhat behind, together comprising a further 32%.

Turkey, with a CAGR of +5.9%, recorded the highest growth rate of 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 stranded wire export price stood at $X per ton in 2021, picking up by 12% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+8.4%), while the prices for the other major destinations experienced more modest paces of growth.

Stranded Wire Imports

Imports into Republic of Korea

In 2021, imports of stranded wire, ropes and cables into South Korea skyrocketed to X tons, rising by 37% on 2020. The total import volume increased at an average annual rate of +4.0% 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, stranded wire imports soared to $X in 2021. The total import value increased at an average annual rate of +2.6% over the period 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.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of stranded wire to South Korea, accounting for a 84% share of total imports. Moreover, stranded wire imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), sixfold.

From 2012 to 2021, the average annual growth rate of volume from China totaled +3.9%.

In value terms, China ($X) constituted the largest supplier of stranded wire, ropes and cables to South Korea, comprising 77% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 15% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China amounted to +3.2%.

Import Prices by Country

The average stranded wire import price stood at $X per ton in 2021, picking up by 2.3% against the previous year. Overall, the import price, however, saw a slight decline. The most prominent rate of growth was recorded in 2018 an increase of 14%. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for China amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-0.7%).

Source: IndexBox Platform

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