Republic of Korea: Market for Industrial, Laboratory or Bakery Ovens 2024

Market Size for Industrial, Laboratory or Bakery Ovens in Republic of Korea

The South Korean market for industrial, laboratory or bakery ovens shrank notably to $X in 2022, waning by X% against the previous year. In general, consumption, however, posted a resilient increase. Over the period under review, the market hit record highs at $X in 2021, and then fell dramatically in the following year.

Production of Industrial, Laboratory or Bakery Ovens in Republic of Korea

In value terms, industrial, laboratory or bakery oven production declined slightly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded significant growth. The growth pace was the most rapid in 2017 when the production volume increased by X%. Industrial, laboratory or bakery oven production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Industrial, Laboratory or Bakery Ovens

Exports from Republic of Korea

In 2022, exports of industrial, laboratory or bakery ovens from South Korea surged to X units, with an increase of X% compared with the previous year. Overall, exports posted strong growth. The pace of growth appeared the most rapid in 2018 with an increase of X%. As a result, the exports reached the peak of X units. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, industrial, laboratory or bakery oven exports skyrocketed to $X in 2022. In general, exports saw a resilient expansion. The most prominent rate of growth was recorded in 2018 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Philippines (X units), China (X units) and Vietnam (X units) were the main destinations of industrial, laboratory or bakery oven exports from South Korea, together accounting for 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 the Philippines (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

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

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

Export Prices by Country

The average export price for industrial, laboratory or bakery ovens stood at $X per unit in 2022, with a decrease of X% against the previous year. In general, the export price recorded a pronounced decline. The pace of growth was the most pronounced in 2013 when the average export price increased by X%. As a result, the export price reached the peak level of $X per unit. From 2014 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while the average price for exports to the Philippines ($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 (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Industrial, Laboratory or Bakery Ovens

Imports into Republic of Korea

In 2022, supplies from abroad of industrial, laboratory or bakery ovens decreased by X% to X units for the first time since 2015, thus ending a six-year rising trend. Over the period under review, imports, however, saw a perceptible expansion. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Imports peaked at X units in 2021, and then contracted in the following year.

In value terms, industrial, laboratory or bakery oven imports contracted sharply to $X in 2022. Overall, imports, however, continue to indicate a modest increase. The growth pace was the most rapid in 2021 with an increase of X%. As a result, imports reached the peak of $X, and then contracted dramatically in the following year.

Imports by Country

Italy (X units), Japan (X units) and the United States (X units) were the main suppliers of industrial, laboratory or bakery oven imports to South Korea, with a combined X% share of total imports. China, the UK, Spain, Germany and Austria lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest industrial, laboratory or bakery oven suppliers to South Korea were Japan ($X), China ($X) and Germany ($X), with a combined X% share of total imports.

China, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for industrial, laboratory or bakery ovens amounted to $X per unit, which is down by X% against the previous year. In general, the import price saw a noticeable curtailment. The most prominent rate of growth was recorded in 2016 an increase of X%. As a result, import price attained the peak level of $X per unit. From 2017 to 2022, the average import prices failed to regain momentum.

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 Germany ($X per unit), while the price for the UK ($X per unit) 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 mixed trend patterns.

Source: IndexBox Platform

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