Mokpo-based marine equipment enterprises to boost their market-competitiveness, invigorating the regional economy

As of 2009, the global marine equipment market was dominated by three key countries of South Korea, China, and Japan, recording around $83.4 billion in sales. The demand of the global marine equipment, in 2010, was largely created by a few leading nations – South Korea (37, 2%), China (37, 2%), Japan (18, 3%), and others (7.3%).

As the global marine base is increasingly shifting to the Asian region, the production capacity ratio of the marine equipment in the global market is also being moved to Asia, with Europe’s still comparative higher ratio than other global regions. As of 2010, the global marine equipment production was mainly made by Europe (48%), South Korea (22%), Japan (14%), China (11%), and others (5%), meaning that East Asia’s three major marine nations are continuously pursuing their stops as big hands in the global marine equipment production market.

The demand for developing newer technology in the global marine equipment industry is increasing with the rising demand for high-value vessels, coupled with the growing need for offshore drill ships and related facilities development.

In response to the changing global marine market, most of S. Korea’s small-and medium-sized marine equipment manufacturers are seeking ways to develop stronger capability to develop advanced technology, escaping from their positions as manufacturers of simply producing marine equipment.

Korea’s marine equipment manufacturers were being significantly affected by the nation’s shipbuilders’ order performances from overseas markets Korean shipbuilders recent recorded their increased growth in order quantities for this year, making the nation the global NO.1 country.

When looking into Mokpo’s hinterland region of Jeollanam-do province, now a total of 197 companies including enterprises of vessel blocks operate, having a big effect on the regional economy. Regional companies with technology competitiveness exert their leadership in the global market, given the overall difficulties caused by the recent Europe-originated financial crisis. Meanwhile, an increasing number of companies are equipping themselves with their own technologies, so, if the marine economy is, in the near future, invigorated, such kinds of companies’ performances are expected to be conspicuous.

Korea Buyers Guide covers four major companies recommended by Mokpo CCI in order for us to fully introduce these companies to overseas markets, and thus to increase the awareness of these enterprises in the global market.

• A key economic organization to regional economy of Mokpo
• Durable flexible polyurethane forming foam
• Shiplift & transfer system
• Ship components
• Marine engines

 
 
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