Korean tool industry supply and demand analysis
2017 Korea tool industry economic data finishing Overall, the demand for the Korean tool market is diversifying, and the competition in the world's tool industry brands is increasingly fierce; but there are also many segments that can be entered. In 2017, the domestic market of Korean tools reached US$2.02 billion, especially the market growth rate of IT processing cutting tools, which reached 7.2%. In addition, due to the increasing demand for processing of difficult-to-cut materials and new materials, the market size of cutting tools has increased at an average annual rate of 2.8%. Due to the development of DIY industry and the increase of charging tools, the market size of electric and pneumatic tools has increased at an average annual rate of 2.9%. . Demand for large tools such as cutting tools, solar energy, and wind energy has increased, and the amount of exports has also increased; electric and pneumatic tools, hand tools, etc. have relied on imports due to weak domestic production. Thanks to the China-South Korea Free Trade Agreement, many products have achieved zero or low tariffs. According to the "Tariff Commitment Form: Korea" provided by China Free Trade Zone Service Network, the tax cuts related to our industry mainly include (industrial) diamonds, grinding wheels, tools, etc. For details, please click the lower left to read the original download. 1. Overall supply and demand of the tool industry In 2017, the value of the Korean tool industry reached 3.278 billion US dollars, of which 2.596 billion US dollars were exported, accounting for 79.2% of exports. The import value was 1.335 billion US dollars, and the domestic sales amount was 2.017 billion US dollars. The supply and demand of the Korean tool industry from 2013 to 2017 is shown in Table 1. 2. Cutting tool industry supply and demand In terms of cutting tools, the output value in 2017 was 2.645 billion US dollars, the export was 2.054 billion US dollars, the import was 686 million US dollars, and the domestic sales was 1.277 billion US dollars. Major manufacturers include YG-1, Taegutec, Korloy, OSG, Mapal, Du Ren Seiko, Guhring Korea, etc. See Table 2 for the supply and demand of the cutting tool industry in Korea from 2013 to 2017. 3. Diamond tool industry supply and demand In 2017, the Korean diamond tool industry produced 443 million US dollars, exported 291 million US dollars (65.7% of the output value), imported 50 million US dollars, and domestic sales of 203 million US dollars. The main production enterprises include EHW Diamond Industry, Shinhan Diamond Industry, Hyosung D&P, and First Grinding Industry. The supply and demand of the Korean tool industry from 2013 to 2017 is shown in Table 3. 4. Korean manual / power tool industry supply and demand There are fewer local companies in the Korean hand tool industry, mainly Seshin Buffalo, etc.; a large proportion of market share is occupied by imported products. The electric and pneumatic tools industry is similar. The local enterprise representatives are Keyang Electric, etc., and a large proportion of the market share is occupied by imported products. The supply and demand of the hand tool industry in Korea from 2013 to 2017 is shown in Table 4. The supply and demand of the electric and pneumatic tools industry are shown in Table 5. 5. Upstream and downstream industries At present, Korea's auto industry ranks fifth in the world, the machine tool industry ranks seventh in the world, and the mold industry ranks fourth in the world. According to the Korean tool industry synergy forecast, the aviation, semiconductor, electrical, electronics, construction, materials and other industries will grow at a rate of more than 5% in the future. The Korean tool market has become an important node in the Asian tool market. The status quo of its upstream and downstream industries is shown in Table 6. ZHEJIANG KINGSIR VALVE CO., LTD. , https://www.kingsir-valves.com
