Republic of Korea: Base Metal Closure Market 2024

Base Metal Closure Market Size in Republic of Korea

In 2022, the South Korean base metal closure market increased by X% to $X, rising for the second year in a row after two years of decline. In general, the total consumption indicated tangible growth from 2012 to 2022: its value 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, consumption increased by X% against 2020 indices. Base metal closure consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Base Metal Closure Production in Republic of Korea

In value terms, base metal closure production shrank modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated mild growth from 2012 to 2022: its value 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, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of X%. Base metal closure production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Base Metal Closure Exports

Exports from Republic of Korea

In 2022, overseas shipments of base metal closures, stoppers, caps and lids decreased by X% to X tons, falling for the second consecutive year after five years of growth. In general, exports, however, enjoyed a resilient increase. The growth pace was the most rapid in 2016 when exports increased by X% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, base metal closure exports dropped to $X in 2022. Over the period under review, exports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2016 when exports increased by X%. The exports peaked at $X in 2021, and then shrank in the following year.

Exports by Country

Samoa (X tons), the Philippines (X tons) and Papua New Guinea (X tons) were the main destinations of base metal closure exports from South Korea, together comprising X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Samoa (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for base metal closure exported from South Korea were Samoa ($X), the Philippines ($X) and New Zealand ($X), with a combined X% share of total exports.

Samoa, with a CAGR of X%, saw 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 2022, the average base metal closure export price amounted to $X per ton, rising by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The export price peaked at $X per ton in 2013; however, from 2014 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 Japan ($X per ton), while the average price for exports to Vietnam ($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 Japan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Base Metal Closure Imports

Imports into Republic of Korea

For the third year in a row, South Korea recorded growth in supplies from abroad of base metal closures, stoppers, caps and lids, which increased by X% to X tons in 2022. Over the period under review, total imports indicated a resilient 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 2017 indices. The pace of growth was the most pronounced in 2018 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, base metal closure imports skyrocketed to $X in 2022. Overall, imports saw a remarkable increase. The pace of growth was the most pronounced in 2021 with an increase of X%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

China (X tons), India (X tons) and Hungary (X tons) were the main suppliers of base metal closure imports to South Korea, together accounting for X% of total imports. Japan, Singapore, New Zealand, Germany and Indonesia lagged somewhat behind, together accounting for a further X%.

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

In value terms, China ($X) constituted the largest supplier of base metal closures, stoppers, caps and lids to South Korea, comprising X% of total imports. The second position in the ranking was taken by India ($X), with a X% share of total imports. It was followed by Hungary, with a 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: India (X% per year) and Hungary (X% per year).

Import Prices by Country

The average base metal closure import price stood at $X per ton in 2022, surging by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2014 when the average import price increased by X%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in years to come.

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

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

Source: IndexBox Platform

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