Republic of Korea: Stranded Wire Market 2024

Stranded Wire Market Size in Republic of Korea

In 2022, the South Korean stranded wire market increased by X% to $X, rising for the second year in a row after two years of decline. Overall, the total consumption indicated tangible growth 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, consumption increased by X% against 2020 indices. Stranded wire consumption peaked in 2022 and is expected to retain growth in the near future.

Stranded Wire Production in Republic of Korea

In value terms, stranded wire production fell to $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of X%. Stranded wire production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Join Us at HANNOVER MESSE 2024

Don’t miss your chance to connect with us directly. Schedule a personal meeting to dive deeper into how solutions.
Hall 002, Stand C10. 22 - 26 April 2024 | Hannover, Germany

Book Your Meeting

Stranded Wire Exports

Exports from Republic of Korea

Stranded wire exports from South Korea contracted to X tons in 2022, shrinking by X% against 2021 figures. Over the period under review, exports showed a noticeable decrease. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, stranded wire exports rose remarkably to $X in 2022. In general, exports showed a mild reduction. The growth pace was the most rapid in 2021 when exports increased by X%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), China (X tons) and Japan (X tons) were the main destinations of stranded wire exports from South Korea, together accounting for X% of total exports. Taiwan (Chinese), the Netherlands, Singapore, Spain, Poland, Italy, Thailand, Turkey, Belgium and Mexico lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for stranded wire exported from South Korea were the United States ($X), China ($X) and Japan ($X), with a combined X% share of total exports. Italy, the Netherlands, Taiwan (Chinese), Spain, Poland, Singapore, Thailand, Turkey, Belgium and Mexico lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Poland, with a CAGR of X%, recorded the highest rates of growth with regard to 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 stranded wire export price amounted to $X per ton, increasing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is likely to continue growth in the immediate term.

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

Stranded Wire Imports

Imports into Republic of Korea

In 2022, the amount of stranded wire, ropes and cables imported into South Korea rose significantly to X tons, growing by X% on 2021. Over the period under review, total imports indicated pronounced growth 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, imports increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

In value terms, stranded wire imports expanded sharply to $X in 2022. In general, total imports indicated a noticeable increase 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, imports increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest stranded wire supplier to South Korea, accounting for a X% share of total imports. Moreover, stranded wire imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), eightfold.

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

In value terms, China ($X) constituted the largest supplier of stranded wire, ropes and cables to South Korea, comprising X% of total imports. The second position in the ranking was taken by Vietnam ($X), with a X% share of total imports.

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

Import Prices by Country

The average stranded wire import price stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the import price, however, continues to indicate a mild decline. The pace of growth appeared the most rapid in 2018 when the average import price increased by X%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, 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

Frequently Asked Questions (FAQ) :