Republic of Korea: Market for Pneumatic Or Hydraulic Hand Tools 2024

Market Size for Pneumatic Or Hydraulic Hand Tools in Republic of Korea

The South Korean market for pneumatic or hydraulic hand tools surged to $X in 2021, jumping by 24% against the previous year. In general, consumption, however, recorded a mild setback. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Pneumatic Or Hydraulic Hand Tools in Republic of Korea

In value terms, pneumatic or hydraulic hand tool production rose significantly to $X in 2021 estimated in export price. In general, production, however, saw a perceptible curtailment. The pace of growth was the most pronounced in 2018 with an increase of 148%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Pneumatic Or Hydraulic Hand Tools

Exports from Republic of Korea

In 2021, approx. X tons of pneumatic or hydraulic hand tools were exported from South Korea; surging by 5.8% compared with 2020. Over the period under review, exports, however, continue to indicate a perceptible reduction. The growth pace was the most rapid in 2013 when exports increased by 38% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, pneumatic or hydraulic hand tool exports amounted to $X in 2021. In general, exports, however, saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 20%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The Philippines (X tons), Saudi Arabia (X tons) and the United States (X tons) were the main destinations of pneumatic or hydraulic hand tool exports from South Korea, with a combined 22% share of total exports. The United Arab Emirates, Peru, Italy, Bangladesh, Indonesia, Thailand, Vietnam, Hong Kong SAR, Panama and Kuwait lagged somewhat behind, together comprising a further 39%.

From 2012 to 2021, the biggest increases were recorded for Peru (with a CAGR of +88.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Italy ($X) and Vietnam ($X) appeared to be the largest markets for pneumatic or hydraulic hand tool exported from South Korea worldwide, together comprising 28% of total exports. These countries were followed by Hong Kong SAR, Saudi Arabia, the Philippines, Peru, Panama, Indonesia, the United Arab Emirates, Bangladesh, Thailand and Kuwait, which together accounted for a further 19%.

Peru, with a CAGR of +61.8%, recorded the highest growth rate of 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 2021, the average export price for pneumatic or hydraulic hand tools amounted to $X per ton, shrinking by -5.4% against the previous year. Overall, the export price recorded a slight slump. The pace of growth was the most pronounced in 2015 when the average export price increased by 13%. Over the period under review, the average export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

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 the United States ($X per ton), while the average price for exports to the United Arab Emirates ($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 Panama (+12.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Pneumatic Or Hydraulic Hand Tools

Imports into Republic of Korea

In 2021, supplies from abroad of pneumatic or hydraulic hand tools increased by 42% to X tons, rising for the second year in a row after three years of decline. Over the period under review, total imports indicated notable growth from 2012 to 2021: its volume increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +50.4% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, pneumatic or hydraulic hand tool imports skyrocketed to $X in 2021. In general, imports, however, continue to indicate a mild descent. The growth pace was the most rapid in 2016 when imports increased by 23%. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of pneumatic or hydraulic hand tool to South Korea, with a 57% share of total imports. Moreover, pneumatic or hydraulic hand tool imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 6.5% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +11.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.6% per year) and Taiwan (Chinese) (-2.5% per year).

In value terms, the largest pneumatic or hydraulic hand tool suppliers to South Korea were Japan ($X), China ($X) and Taiwan (Chinese) ($X), together accounting for 65% of total imports.

In terms of the main suppliers, China, with a CAGR of +8.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average import price for pneumatic or hydraulic hand tools amounted to $X per ton, shrinking by -18.2% against the previous year. Over the period under review, the import price continues to indicate a abrupt decline. The pace of growth appeared the most rapid in 2018 an increase of 15% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Germany (+3.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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