Republic of Korea: Market for Vacuum Pumps and Air or Gas Compressors 2024

Market Size for Vacuum Pumps and Air or Gas Compressors in Republic of Korea

The South Korean market for vacuum pumps and air or gas compressors declined to $X in 2022, which is down by X% against the previous year. Over the period under review, consumption recorded a deep downturn. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Vacuum Pumps and Air or Gas Compressors in Republic of Korea

In value terms, production of vacuum pumps and air or gas compressors shrank dramatically to $X in 2022 estimated in export price. Overall, production saw a abrupt decrease. The pace of growth was the most pronounced in 2021 when the production volume increased by X%. Over the period under review, production of hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Vacuum Pumps and Air or Gas Compressors

Exports from Republic of Korea

Exports of vacuum pumps and air or gas compressors from South Korea reached X units in 2022, surging by X% on 2021 figures. The total export volume increased at an average annual rate of X% 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 2013 when exports increased by X% against the previous year. Over the period under review, the exports of reached the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, exports of vacuum pumps and air or gas compressors expanded markedly to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2013 when exports increased by X%. Over the period under review, the exports of attained the peak figure in 2022 and are likely to continue growth in the immediate term.

Exports by Country

China (X units), the United States (X units) and Mexico (X units) were the main destinations of exports of vacuum pumps and air or gas compressors from South Korea, with a combined X% share of total exports. Poland, Slovakia, Taiwan (Chinese), Japan, Thailand, India, Brazil, Singapore, Russia and Saudi Arabia lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest markets for vacuum pump and air or gas compressor exported from South Korea were the United States ($X), China ($X) and Mexico ($X), together accounting for X% of total exports. Japan, Slovakia, Taiwan (Chinese), India, Saudi Arabia, Poland, Singapore, Thailand, Russia and Brazil lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Poland, with a CAGR of X%, recorded the highest rates of growth with regard to 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

In 2022, the average export price for vacuum pumps and air or gas compressors amounted to $X per unit, almost unchanged from the previous year. Overall, the export price continues to indicate a slight setback. The pace of growth appeared the most rapid in 2017 an increase of X%. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per unit), while the average price for exports to Poland ($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 Saudi Arabia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Vacuum Pumps and Air or Gas Compressors

Imports into Republic of Korea

In 2022, imports of vacuum pumps and air or gas compressors into South Korea expanded markedly to X units, increasing by X% compared with 2021. Over the period under review, total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2016 indices. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports of hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, imports of vacuum pumps and air or gas compressors rose notably to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of X%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest vacuum pump and air or gas compressor supplier to South Korea, with a X% share of total imports. Moreover, imports of vacuum pumps and air or gas compressors from China exceeded the figures recorded by the second-largest supplier, the United States (X units), sixfold. Japan (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Japan (X% per year).

In value terms, China ($X) constituted the largest supplier of vacuum pumps and air or gas compressors to South Korea, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with a X% share of total imports. It was followed by France, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and France (X% per year).

Import Prices by Country

The average import price for vacuum pumps and air or gas compressors stood at $X per unit in 2022, with an increase of X% against the previous year. Overall, the import price, however, recorded a noticeable curtailment. The pace of growth was the most pronounced in 2020 an increase of X%. Over the period under review, average import prices reached the maximum at $X per unit in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per unit), while the price for Romania ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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