Republic of Korea: Market for Welded And Cold-Formed Sections Of Steel 2024

Market Size for Welded And Cold-Formed Sections Of Steel in Republic of Korea

The South Korean market for welded and cold-formed sections of steel expanded significantly to $X in 2022, growing by X% against the previous year. Overall, consumption showed a measured expansion. Welded and cold-formed steel sections consumption peaked in 2022 and is likely to see steady growth in years to come.

Production of Welded And Cold-Formed Sections Of Steel in Republic of Korea

In value terms, welded and cold-formed steel sections production rose remarkably to $X in 2022 estimated in export price. Over the period under review, production showed moderate growth. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Welded and cold-formed steel sections production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

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Exports of Welded And Cold-Formed Sections Of Steel

Exports from Republic of Korea

In 2022, shipments abroad of welded and cold-formed sections of steel increased by X% to X tons for the first time since 2017, thus ending a four-year declining trend. In general, exports, however, saw a dramatic setback. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, welded and cold-formed steel sections exports skyrocketed to $X in 2022. Over the period under review, exports, however, faced a dramatic descent. The most prominent rate of growth was recorded in 2016 with an increase of X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

New Zealand (X tons), Guam (X tons) and Bangladesh (X tons) were the main destinations of welded and cold-formed steel sections exports from South Korea, with a combined X% share of total exports. Thailand, Palau, Chile, Singapore, Saudi Arabia and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

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

In value terms, New Zealand ($X), Guam ($X) and Bangladesh ($X) constituted the largest markets for welded and cold-formed steel sections exported from South Korea worldwide, with a combined X% share of total exports. Thailand, Singapore, Palau, Chile, Saudi Arabia and the United Arab Emirates lagged somewhat behind, together accounting for a further X%.

Palau, with a CAGR of X%, saw the highest rates of growth with regard to 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

In 2022, the average export price for welded and cold-formed sections of steel amounted to $X per ton, surging by X% against the previous year. In general, export price indicated a strong increase 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, welded and cold-formed steel sections export price increased by X% against 2016 indices. The growth pace was the most rapid in 2019 an increase of X%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

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

Imports of Welded And Cold-Formed Sections Of Steel

Imports into Republic of Korea

In 2022, purchases abroad of welded and cold-formed sections of steel increased by X% to X tons, rising for the second consecutive year after two years of decline. Overall, imports, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, welded and cold-formed steel sections imports soared to $X in 2022. Over the period under review, imports, however, showed a abrupt downturn. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), Japan (X tons) and Germany (X tons) were the main suppliers of welded and cold-formed steel sections imports to South Korea, together accounting for X% of total imports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of X%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest welded and cold-formed steel sections suppliers to South Korea were China ($X), Japan ($X) and Germany ($X), together accounting for X% of total imports.

In terms of the main suppliers, Japan, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average import price for welded and cold-formed sections of steel amounted to $X per ton, therefore, remained relatively stable against the previous year. Overall, import price indicated a buoyant expansion 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, welded and cold-formed steel sections import price increased by X% against 2016 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by X%. The import price peaked in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) 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 mixed trend patterns.

Source: IndexBox Platform

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