Republic of Korea: Concrete Mixer Market 2024

Concrete Mixer Market Size in Republic of Korea

The South Korean concrete mixer market reached $X in 2021, remaining stable against the previous year. Overall, consumption, however, saw temperate growth. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Concrete Mixer Production in Republic of Korea

In value terms, concrete mixer production expanded slightly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a temperate increase. The most prominent rate of growth was recorded in 2019 when the production volume increased by 67%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Concrete Mixer Exports

Exports from Republic of Korea

In 2021, exports of concrete or mortar mixers from South Korea skyrocketed to X units, rising by 48% compared with the previous year. In general, exports, however, showed a abrupt setback. The pace of growth was the most pronounced in 2017 with an increase of 101%. Over the period under review, the exports attained the maximum at X units in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, concrete mixer exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a abrupt slump. The growth pace was the most rapid in 2019 with an increase of 172% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), Myanmar (X units) and the Philippines (X units) were the main destinations of concrete mixer exports from South Korea, with a combined 81% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Myanmar (with a CAGR of +91.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for concrete mixer exported from South Korea were the United States ($X), Myanmar ($X) and the Philippines ($X), together comprising 76% of total exports.

Myanmar, with a CAGR of +95.4%, 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

The average concrete mixer export price stood at $X per unit in 2021, waning by -4.1% against the previous year. In general, export price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, concrete mixer export price decreased by -21.2% against 2019 indices. The pace of growth appeared the most rapid in 2019 an increase of 45%. As a result, the export price reached the peak level of $X per unit. From 2020 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Vietnam ($X per unit), while the average price for exports to Mongolia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+23.5%), while the prices for the other major destinations experienced more modest paces of growth.

Concrete Mixer Imports

Imports into Republic of Korea

After two years of decline, overseas purchases of concrete or mortar mixers increased by 31% to X units in 2021. In general, imports posted a perceptible expansion. The pace of growth was the most pronounced in 2014 with an increase of 85% against the previous year. Over the period under review, imports attained the maximum at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, concrete mixer imports expanded significantly to $X in 2021. Over the period under review, total imports indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +29.7% against 2019 indices. The pace of growth appeared the most rapid in 2013 when imports increased by 59% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest concrete mixer supplier to South Korea, with a 58% share of total imports. Moreover, concrete mixer imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), fourfold. The third position in this ranking was taken by Canada (X units), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+34.6% per year) and Canada (+16.2% per year).

In value terms, China ($X) constituted the largest supplier of concrete or mortar mixers to South Korea, comprising 42% of total imports. The second position in the ranking was held by Japan ($X), with a 19% share of total imports. It was followed by Germany, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+83.3% per year) and Germany (+5.4% per year).

Import Prices by Country

The average concrete mixer import price stood at $X per unit in 2021, which is down by -13.9% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 169% against the previous year. As a result, import price attained the peak level of $X per unit. From 2014 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per unit), while the price for Canada ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+7.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :