Republic of Korea: Market for Pneumatic Linear Acting Actuators 2023

Market Size for Pneumatic Linear Acting Actuators in Republic of Korea

The South Korean pneumatic linear acting actuator market reduced modestly to $X in 2022, which is down by -4.2% against the previous year. In general, consumption continues to indicate a noticeable decline. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Production of Pneumatic Linear Acting Actuators in Republic of Korea

In value terms, pneumatic linear acting actuator production contracted to $X in 2022 estimated in export price. Over the period under review, production recorded a abrupt decrease. The most prominent rate of growth was recorded in 2015 when the production volume increased by 14%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Exports of Pneumatic Linear Acting Actuators

Exports from Republic of Korea

Pneumatic linear acting actuator exports from South Korea contracted markedly to X units in 2022, waning by -32.5% against the previous year's figure. In general, exports, however, recorded a resilient expansion. The pace of growth was the most pronounced in 2021 with an increase of 227%. As a result, the exports attained the peak of X units, and then shrank sharply in the following year.

In value terms, pneumatic linear acting actuator exports fell notably to $X in 2022. Over the period under review, exports, however, saw a strong expansion. The pace of growth appeared the most rapid in 2021 with an increase of 238% against the previous year. As a result, the exports reached the peak of $X, and then declined remarkably in the following year.

Exports by Country

Japan (X units) was the main destination for pneumatic linear acting actuator exports from South Korea, with a 63% share of total exports. Moreover, pneumatic linear acting actuator exports to Japan exceeded the volume sent to the second major destination, China (X units), fivefold. Vietnam (X units) ranked third in terms of total exports with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan stood at +14.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+0.8% per year) and Vietnam (+28.4% per year).

In value terms, the largest markets for pneumatic linear acting actuator exported from South Korea were China ($X), Japan ($X) and Vietnam ($X), together accounting for 65% of total exports.

Vietnam, with a CAGR of +41.5%, 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 pneumatic linear acting actuator export price stood at $X per unit in 2022, declining by -3.9% against the previous year. Overall, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 an increase of 140%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2021, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Japan ($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 Vietnam (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Pneumatic Linear Acting Actuators

Imports into Republic of Korea

In 2022, approx. X units of pneumatic linear acting actuators were imported into South Korea; shrinking by -8.6% on 2021 figures. Overall, imports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of 71% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, pneumatic linear acting actuator imports reduced to $X in 2022. In general, imports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2014 when imports increased by 99%. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of pneumatic linear acting actuator to South Korea, with a 72% share of total imports. Moreover, pneumatic linear acting actuator imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), fourfold. The third position in this ranking was held by Germany (X units), with a 5.9% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +17.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+26.7% per year) and Germany (+14.2% per year).

In value terms, the largest pneumatic linear acting actuator suppliers to South Korea were China ($X), Japan ($X) and the United States ($X), together comprising 86% of total imports. Germany and Italy lagged somewhat behind, together accounting for a further 7.6%.

Among the main suppliers, Italy, with a CAGR of +28.3%, recorded the highest growth rate of the value of imports, 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 pneumatic linear acting actuator import price amounted to $X per unit, shrinking by -1.6% against the previous year. Overall, the import price continues to indicate a perceptible setback. The pace of growth was the most pronounced in 2014 when the average import price increased by 17% against the previous year. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the average 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 United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+10.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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