Republic of Korea: Metal Self-Locking Nut Market 2024

Metal Self-Locking Nut Market Size in Republic of Korea

In 2022, the South Korean metal self-locking nut market increased by X% to $X, rising for the second consecutive year after two years of decline. In general, consumption continues to indicate a relatively flat trend pattern. Metal self-locking nut consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Metal Self-Locking Nut Production in Republic of Korea

In value terms, metal self-locking nut production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. Metal self-locking nut production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

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Metal Self-Locking Nut Exports

Exports from Republic of Korea

In 2022, overseas shipments of iron or steel nuts (including self-locking nuts) increased by X% to X tons, rising for the second year in a row after two years of decline. 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 in certain years. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, metal self-locking nut exports amounted to $X in 2022. Overall, total exports indicated a strong expansion 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, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for metal self-locking nut exports from South Korea, accounting for a X% share of total exports. Moreover, metal self-locking nut exports to the United States exceeded the volume sent to the second major destination, India (X tons), twofold. The Czech Republic (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (X% per year) and the Czech Republic (X% per year).

In value terms, the United States ($X), India ($X) and Mexico ($X) were the largest markets for metal self-locking nut exported from South Korea worldwide, with a combined X% share of total exports.

Among the main countries of destination, India, with a CAGR of X%, recorded the highest growth rate of 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 metal self-locking nut export price amounted to $X per ton, stabilizing at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2013 when the average export price increased by X%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in years to come.

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 Poland ($X per ton), while the average price for exports to Canada ($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 Vietnam (X%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Self-Locking Nut Imports

Imports into Republic of Korea

In 2022, metal self-locking nut imports into South Korea amounted to X tons, therefore, remained relatively stable against the previous year's figure. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, metal self-locking nut imports expanded markedly to $X in 2022. In general, imports recorded a mild expansion. The most prominent rate of growth was recorded in 2018 when imports increased by X%. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest metal self-locking nut supplier to South Korea, with a X% share of total imports. Moreover, metal self-locking nut imports from China exceeded the figures recorded by the second-largest supplier, the Philippines (X tons), more than tenfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (X% per year) and Taiwan (Chinese) (X% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel nuts (including self-locking nuts) to South Korea, comprising X% of total imports. The second position in the ranking was held by the United States ($X), with a X% share of total imports. It was followed by Taiwan (Chinese), with an X% share.

From 2012 to 2022, the average annual growth rate of value 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 Taiwan (Chinese) (X% per year).

Import Prices by Country

The average metal self-locking nut import price stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

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

Source: IndexBox Platform

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