Updated Oct 18, 2022 01:53

Non-Reinforced Rubber Tubing Market in South Korea

Market Overview
The South Korean non-reinforced rubber tubing market rose notably to $ in , surging by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated modest growth from 2007 to : its value increased at an average annual rate of +% over the last fourteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption decreased by -% against 2019 indices. As a result, consumption attained the peak level of $. From 2009 to , the growth of the market remained at a somewhat lower figure.

In value terms, non-reinforced rubber tubing production rose significantly to $ in estimated in export price. Over the period under review, the total production indicated perceptible growth from 2007 to : its value increased at an average annual rate of +% over the last fourteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, production decreased by -% against 2018 indices. The pace of growth was the most pronounced in 2008 when the production volume increased by % against the previous year. Over the period under review, production attained the maximum level at $ in 2018; however, from 2019 to , production stood at a somewhat lower figure.


Consumption
Non-reinforced rubber tubing consumption in South Korea amounted to tons in , stabilizing at the previous year's figure. Over the period under review, the total consumption indicated a mild increase from 2007 to : its volume increased at an average annual rate of +% over the last fifteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against indices. Over the period under review, consumption attained the peak volume at tons in 2019; however, from to , consumption remained at a lower figure.

The revenue of the non-reinforced rubber tubing market in South Korea contracted slightly to $ in , remaining constant against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a mild expansion from 2007 to : its value increased at an average annual rate of +% over the last fifteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against indices. As a result, consumption attained the peak level of $. From 2009 to , the growth of the market failed to regain momentum.


Market Forecast
Driven by increasing demand for non-reinforced rubber tubing in South Korea, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .

In value terms, the market is forecast to increase with an anticipated CAGR of -% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
South Korea remains a net importer of non-reinforced rubber tubing; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a trade deficit of tons, which was equal to $. Those figures reflect the fact that neither imports nor exports don’t dominate the trade balance, and the country may export not only the product manufactured domestically, but also re-export some previously imported goods.