Republic of Korea: Market for Tube Or Pipe Fittings (Of Iron Or Steel) 2024

Market Size for Tube Or Pipe Fittings (Of Iron Or Steel) in Republic of Korea

The South Korean market for tube or pipe fittings (of iron or steel) shrank remarkably to $X in 2022, which is down by X% against the previous year. In general, consumption, however, continues to indicate a buoyant increase. Over the period under review, the market hit record highs at $X in 2021, and then reduced remarkably in the following year.

Production of Tube Or Pipe Fittings (Of Iron Or Steel) in Republic of Korea

In value terms, iron or steel tube fitting production declined slightly to $X in 2022 estimated in export price. Over the period under review, production showed a slight curtailment. The pace of growth appeared the most rapid in 2018 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

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Exports of Tube Or Pipe Fittings (Of Iron Or Steel)

Exports from Republic of Korea

In 2022, overseas shipments of tube or pipe fittings (of iron or steel) increased by X% to X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports, however, continue to indicate a deep reduction. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, iron or steel tube fitting exports skyrocketed to $X in 2022. Over the period under review, exports, however, continue to indicate a slight setback. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for iron or steel tube fitting exports from South Korea, with a X% share of total exports. Moreover, iron or steel tube fitting exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), sixfold. The third position in this ranking was held by Saudi Arabia (X tons), with a X% share.

From 2012 to 2022, 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: Japan (X% per year) and Saudi Arabia (X% per year).

In value terms, the United States ($X) remains the key foreign market for tube or pipe fittings (of iron or steel) exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Japan ($X), with a X% share of total exports. It was followed by China, with a X% share.

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

Export Prices by Country

The average export price for tube or pipe fittings (of iron or steel) stood at $X per ton in 2022, waning by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then fell modestly in the following year.

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

Imports of Tube Or Pipe Fittings (Of Iron Or Steel)

Imports into Republic of Korea

In 2022, approx. X tons of tube or pipe fittings (of iron or steel) were imported into South Korea; remaining constant against 2021 figures. Overall, imports showed a slight decline. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, iron or steel tube fitting imports stood at $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of X%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) was the main iron or steel tube fitting supplier to South Korea, accounting for a X% share of total imports. It was followed by Vietnam (X tons), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China stood at X%.

In value terms, China ($X) constituted the largest supplier of tube or pipe fittings (of iron or steel) to South Korea, comprising X% of total imports. The second position in the ranking was taken by Vietnam ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled X%.

Import Prices by Country

In 2022, the average import price for tube or pipe fittings (of iron or steel) amounted to $X per ton, picking up by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 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 Vietnam ($X per ton), while the price for China amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%).

Source: IndexBox Platform

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