Republic of Korea: Vacuum Pump Market 2024

Vacuum Pump Market Size in Republic of Korea

The South Korean vacuum pump market dropped significantly to $X in 2022, reducing by -26.9% against the previous year. Over the period under review, consumption saw a abrupt descent. The most prominent rate of growth was recorded in 2017 with an increase of 9.3% against the previous year. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Vacuum Pump Production in Republic of Korea

In value terms, vacuum pump production dropped to $X in 2022 estimated in export price. Overall, production saw a pronounced contraction. The pace of growth appeared the most rapid in 2018 with an increase of 25%. Vacuum pump production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Vacuum Pump Exports

Exports from Republic of Korea

In 2022, the amount of vacuum pumps exported from South Korea surged to X units, rising by 81% against the year before. In general, exports showed buoyant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, vacuum pump exports soared to $X in 2022. Over the period under review, exports recorded prominent growth. The most prominent rate of growth was recorded in 2013 when exports increased by 51% against the previous year. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

China (X units), Taiwan (Chinese) (X units) and Slovakia (X units) were the main destinations of vacuum pump exports from South Korea, together accounting for 58% of total exports. Japan, Singapore, Ireland, the United States and Germany lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the biggest increases were recorded for Ireland (with a CAGR of +133.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for vacuum pumps exports from South Korea, comprising 40% of total exports. The second position in the ranking was taken by the United States ($X), with a 17% share of total exports. It was followed by Taiwan (Chinese), with a 16% share.

From 2012 to 2022, the average annual growth rate of value to China totaled +21.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+3.4% per year) and Taiwan (Chinese) (+8.9% per year).

Export Prices by Country

The average vacuum pump export price stood at $X per unit in 2022, which is down by -33.5% against the previous year. In general, the export price recorded a perceptible downturn. The growth pace was the most rapid in 2015 an increase of 10% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Slovakia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+6.5%), while the prices for the other major destinations experienced a decline.

Vacuum Pump Imports

Imports into Republic of Korea

In 2022, purchases abroad of vacuum pumps increased by 31% to X units, rising for the third consecutive year after two years of decline. Over the period under review, imports enjoyed a buoyant expansion. The growth pace was the most rapid in 2021 when imports increased by 44% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, vacuum pump imports expanded notably to $X in 2022. Overall, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +57.2% against 2019 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 36% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

China (X units), the United States (X units) and Japan (X units) were the main suppliers of vacuum pump imports to South Korea, with a combined 88% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +44.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of vacuum pumps to South Korea, comprising 47% of total imports. The second position in the ranking was held by Germany ($X), with a 10% share of total imports. It was followed by France, with a 9.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan totaled +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-3.3% per year) and France (+7.2% per year).

Import Prices by Country

In 2022, the average vacuum pump import price amounted to $X per unit, shrinking by -19.5% against the previous year. Over the period under review, the import price continues to indicate a abrupt slump. The pace of growth was the most pronounced in 2017 an increase of 4.7% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat 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 Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-1.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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