Republic of Korea: Tamping Machinery Market 2024

Tamping Machinery Market Size in Republic of Korea

In 2021, after two years of decline, there was significant growth in the South Korean tamping machinery market, when its value increased by 7.1% to $X. Overall, the total consumption indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -25.9% against 2018 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Tamping Machinery Production in Republic of Korea

In value terms, tamping machinery production amounted to $X in 2021 estimated in export price. Over the period under review, the total production indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -31.7% against 2018 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 25% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Tamping Machinery Exports

Exports from Republic of Korea

In 2021, tamping machinery exports from South Korea declined to X units, waning by -12.9% on 2020 figures. In general, exports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2015 when exports increased by 69% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, tamping machinery exports rose notably to $X in 2021. Overall, exports, however, saw a buoyant increase. The pace of growth was the most pronounced in 2015 when exports increased by 91%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units), the UK (X units) and Canada (X units) were the main destinations of tamping machinery exports from South Korea, with a combined 60% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +63.8%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Canada ($X) and the UK ($X) constituted the largest markets for tamping machinery exported from South Korea worldwide, with a combined 45% share of total exports.

Among the main countries of destination, Canada, with a CAGR of +61.0%, saw 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

The average tamping machinery export price stood at $X per unit in 2021, increasing by 27% against the previous year. Over the period under review, export price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, tamping machinery export price decreased by -0.5% against 2019 indices. The pace of growth was the most pronounced in 2019 an increase of 36%. As a result, the export price reached the peak level of $X per unit; afterwards, it flattened through to 2021.

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 New Zealand ($X per unit), while the average price for exports to Qatar ($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 States (+10.1%), while the prices for the other major destinations experienced a decline.

Tamping Machinery Imports

Imports into Republic of Korea

Tamping machinery imports into South Korea rose sharply to X units in 2021, surging by 10% compared with 2020 figures. Over the period under review, imports saw significant growth. The growth pace was the most rapid in 2016 when imports increased by 166%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, tamping machinery imports soared to $X in 2021. Overall, imports enjoyed significant growth. The pace of growth was the most pronounced in 2018 when imports increased by 136% against the previous year. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X units) was the main supplier of tamping machinery to South Korea, with a approx. 99% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China totaled +61.9%.

In value terms, China ($X) constituted the largest supplier of tamping or compacting machinery to South Korea.

From 2012 to 2021, the average annual growth rate of value from China amounted to +52.8%.

Import Prices by Country

In 2021, the average tamping machinery import price amounted to $X per unit, surging by 5.6% against the previous year. Overall, the import price, however, continues to indicate a abrupt slump. The pace of growth was the most pronounced in 2015 when the average import price increased by 33% against the previous year. As a result, import price reached the peak level of $X per unit. From 2016 to 2021, the average import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for Taiwan (Chinese) amounted to +129.7% per year.

Source: IndexBox Platform

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