Republic of Korea: Boiler Parts Market 2022

Boiler Parts Market Size in Republic of Korea

In 2021, the South Korean boiler parts market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption, however, recorded a mild reduction. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Boiler Parts Production in Republic of Korea

In value terms, boiler parts production shrank to $X in 2021 estimated in export price. In general, production, however, recorded a pronounced setback. The pace of growth appeared the most rapid in 2016 with an increase of X%. Boiler parts production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Boiler Parts Exports

Exports from Republic of Korea

In 2021, exports of parts of boilers for central heating from South Korea reduced dramatically to X tons, dropping by -X% compared with the previous year. In general, exports showed a mild downturn. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, boiler parts exports plummeted to $X in 2021. Over the period under review, exports recorded a mild decrease. The pace of growth was the most pronounced in 2020 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for boiler parts exports from South Korea, accounting for a X% share of total exports. Moreover, boiler parts exports to the United States exceeded the volume sent to the second major destination, Russia (X tons), twofold. The third position in this ranking was held by China (X tons), with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+X% per year) and China (-X% per year).

In value terms, the United States ($X) remains the key foreign market for boiler parts exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Russia ($X), with a X% share of total exports. It was followed by China, with a X% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+X% per year) and China (-X% per year).

Export Prices by Country

The average boiler parts export price stood at $X per ton in 2021, with an increase of X% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of X%. Over the period under review, the average export prices hit record highs in 2021 and is likely to continue growth in years to come.

Average prices varied somewhat for the major overseas markets. In 2021, the countries with the highest prices were Indonesia ($X per ton) and Kazakhstan ($X per ton), while the average price for exports to Canada ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (-X%), while the prices for the other major destinations experienced a decline.

Boiler Parts Imports

Imports into Republic of Korea

In 2021, overseas purchases of parts of boilers for central heating decreased by -X% to X tons for the first time since 2015, thus ending a five-year rising trend. Overall, imports, however, showed a resilient increase. The pace of growth appeared the most rapid in 2019 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2020, and then declined remarkably in the following year.

In value terms, boiler parts imports shrank remarkably to $X in 2021. In general, imports, however, showed a resilient increase. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. Imports peaked at $X in 2020, and then reduced remarkably in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest boiler parts supplier to South Korea, with a X% share of total imports. Moreover, boiler parts imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+X% per year) and Italy (+X% per year).

In value terms, China ($X) constituted the largest supplier of boiler parts to South Korea, comprising X% of total imports. The second position in the ranking was taken by Italy ($X), with a X% share of total imports.

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

Import Prices by Country

In 2021, the average boiler parts import price amounted to $X per ton, with a decrease of -X% against the previous year. Over the period under review, the import price, however, showed a prominent expansion. The growth pace was the most rapid in 2014 when the average import price increased by X%. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, the country with the highest price was Italy ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

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

Source: IndexBox Market Intelligence Platform

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