Republic of Korea: Market for Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels 2024

Market Size for Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels in Republic of Korea

The South Korean market for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels was estimated at $X in 2022, picking up by X% against the previous year. In general, consumption enjoyed strong growth. Grease fittings and oil seals consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels in Republic of Korea

In value terms, grease fittings and oil seals production expanded slightly to $X in 2022 estimated in export price. Over the period under review, production showed a resilient expansion. The growth pace was the most rapid in 2019 when the production volume increased by X% against the previous year. Grease fittings and oil seals production peaked at $X in 2020; afterwards, it flattened through to 2022.

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Exports of Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels

Exports from Republic of Korea

In 2022, approx. X units of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels were exported from South Korea; reducing by X% against the previous year. Over the period under review, total exports indicated a moderate 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, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, grease fittings and oil seals exports dropped slightly to $X in 2022. The total export value 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 growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports attained the peak of $X, and then declined in the following year.

Exports by Country

China (X units), Japan (X units) and the United States (X units) were the main destinations of grease fittings and oil seals exports from South Korea, together comprising X% of total exports. Mexico, India, Russia and Slovakia lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest markets for grease fittings and oil seals exported from South Korea were China ($X), Japan ($X) and the United States ($X), with a combined X% share of total exports. India, Mexico, Slovakia and Russia lagged somewhat behind, together accounting for a further X%.

Mexico, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of 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 export price for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels amounted to $X per unit, with an increase of X% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average export price increased by X%. The export price peaked at $X per unit in 2020; however, from 2021 to 2022, the 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 India ($X per unit), while the average price for exports to Russia ($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 Slovakia (X%), while the prices for the other major destinations experienced a decline.

Imports of Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels

Imports into Republic of Korea

In 2022, imports of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels into South Korea fell to X units, with a decrease of X% against the previous year. In general, imports showed a pronounced curtailment. The pace of growth was the most pronounced in 2019 with an increase of X%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, grease fittings and oil seals imports dropped slightly to $X in 2022. Over the period under review, imports recorded a slight downturn. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Japan (X units), China (X units) and the United States (X units) were the main suppliers of grease fittings and oil seals imports to South Korea, with a combined X% share of total imports. Germany, Vietnam, Sweden, Taiwan (Chinese), France, Italy, Indonesia, the UK, Finland and Norway lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels to South Korea, comprising X% of total imports. The second position in the ranking was held by the United States ($X), with an X% share of total imports. It was followed by Germany, with a X% share.

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

Import Prices by Country

The average import price for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels stood at $X per unit in 2022, approximately reflecting the previous year. In general, import price indicated slight growth from 2012 to 2022: its price 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, grease fittings and oil seals import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of X%. Over the period under review, average import prices hit record highs at $X per unit in 2018; however, from 2019 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 the UK ($X per unit), while the price for China ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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