Republic of Korea: Tap And Valve Market 2024

Tap And Valve Market Size in Republic of Korea

The South Korean tap and valve market totaled $X in 2023, therefore, remained relatively stable against the previous year. Overall, consumption, however, posted a buoyant increase. Over the period under review, the market attained the maximum level at $X in 2021; afterwards, it flattened through to 2023.

Tap And Valve Production in Republic of Korea

In value terms, tap and valve production stood at $X in 2023 estimated in export price. In general, the total production indicated a measured expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The growth pace was the most rapid in 2016 when the production volume increased by X%. Tap and valve production peaked at $X in 2021; afterwards, it flattened through to 2023.

Tap And Valve Exports

Exports from Republic of Korea

In 2023, overseas shipments of taps, cocks, valves and similar appliances were finally on the rise to reach X tons after three years of decline. Overall, exports, however, recorded a perceptible shrinkage. The pace of growth appeared the most rapid in 2015 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, tap and valve exports declined modestly to $X in 2023. Over the period under review, exports, however, recorded a mild shrinkage. The pace of growth was the most pronounced in 2015 when exports increased by X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), China (X tons) and Mexico (X tons) were the main destinations of tap and valve exports from South Korea, with a combined X% share of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Mexico ($X) constituted the largest markets for tap and valve exported from South Korea worldwide, together comprising X% of total exports.

In terms of the main countries of destination, Mexico, with a CAGR of X%, saw the highest growth rate of 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

The average tap and valve export price stood at $X per ton in 2023, with a decrease of X% against the previous year. Over the last eleven years, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2022, and then declined slightly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Canada (X%), while the prices for the other major destinations experienced more modest paces of growth.

Tap And Valve Imports

Imports into Republic of Korea

In 2023, approx. X tons of taps, cocks, valves and similar appliances were imported into South Korea; remaining relatively unchanged against the previous year's figure. The total import volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Imports peaked at X tons in 2021; afterwards, it flattened through to 2023.

In value terms, tap and valve imports dropped slightly to $X in 2023. The total import value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Imports peaked at $X in 2022, and then shrank modestly in the following year.

Imports by Country

In 2023, China (X tons) constituted the largest tap and valve supplier to South Korea, with a X% share of total imports. Moreover, tap and valve imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), sixfold. The Philippines (X tons) ranked third in terms of total imports with an X% share.

From 2012 to 2023, the average annual growth rate 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 the Philippines (X% per year).

In value terms, China ($X), Japan ($X) and the United States ($X) constituted the largest tap and valve suppliers to South Korea, together accounting for X% of total imports. The Philippines, Germany, Italy and France lagged somewhat behind, together comprising a further X%.

Among the main suppliers, the Philippines, with a CAGR of X%, recorded the highest rates of growth with regard to 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 2023, the average tap and valve import price amounted to $X per ton, falling by X% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2023, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2023, 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 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform