Republic of Korea: Tap And Valve Market 2024

Tap And Valve Market Size in Republic of Korea

After four years of growth, the South Korean tap and valve market decreased by -7.1% to $X in 2022. In general, consumption, however, posted buoyant growth. Over the period under review, the market hit record highs at $X in 2021, and then reduced in the following year.

Tap And Valve Production in Republic of Korea

In value terms, tap and valve production contracted modestly to $X in 2022 estimated in export price. Overall, the total production indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.6% against 2019 indices. The pace of growth appeared the most rapid in 2015 with an increase of 48% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Tap And Valve Exports

Exports from Republic of Korea

In 2022, overseas shipments of taps, cocks, valves and similar appliances increased by 1.4% to X tons for the first time since 2018, thus ending a three-year declining trend. In general, exports, however, showed a perceptible downturn. The pace of growth was the most pronounced in 2018 when exports increased by 5.5%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, tap and valve exports fell to $X in 2022. Overall, exports, however, recorded a noticeable decline. The most prominent rate of growth was recorded in 2018 with an increase of 12%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons), China (X tons) and Indonesia (X tons) were the main destinations of tap and valve exports from South Korea, with a combined 41% share of total exports. Vietnam, India, the United Arab Emirates, Japan, Thailand, Canada, Mexico, Singapore, Bahrain and Saudi Arabia lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the biggest increases were recorded for Bahrain (with a CAGR of +19.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and India ($X) constituted the largest markets for tap and valve exported from South Korea worldwide, together accounting for 51% of total exports. These countries were followed by Japan, Indonesia, Vietnam, Canada, the United Arab Emirates, Mexico, Singapore, Thailand, Saudi Arabia and Bahrain, which together accounted for a further 24%.

Bahrain, with a CAGR of +16.1%, saw the highest rates of growth with regard to the value of exports, among 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

In 2022, the average tap and valve export price amounted to $X per ton, with a decrease of -2.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.7%. The pace of growth appeared the most rapid in 2013 when the average export price increased by 10%. The export price peaked at $X per ton in 2021, and then shrank slightly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Bahrain ($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 Canada (+12.2%), while the prices for the other major destinations experienced more modest paces of growth.

Tap And Valve Imports

Imports into Republic of Korea

After two years of growth, purchases abroad of taps, cocks, valves and similar appliances decreased by -15.9% to X tons in 2022. The total import volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 28%. As a result, imports attained the peak of X tons, and then fell dramatically in the following year.

In value terms, tap and valve imports reduced to $X in 2022. The total import value increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 39% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of tap and valve to South Korea, with a 61% share of total imports. Moreover, tap and valve imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fivefold. The United States (X tons) ranked third in terms of total imports with a 4.6% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+1.3% per year) and the United States (-4.0% per year).

In value terms, the largest tap and valve suppliers to South Korea were China ($X), Japan ($X) and the United States ($X), with a combined 61% share of total imports. These countries were followed by Germany, Vietnam, France, Italy and India, which together accounted for a further 20%.

In terms of the main suppliers, Vietnam, with a CAGR of +30.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average tap and valve import price amounted to $X per ton, with an increase of 5.6% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of 10% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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