Republic of Korea: Market for Drawn Glass And Blown Glass 2024

Market Size for Drawn Glass And Blown Glass in Republic of Korea

In 2021, the South Korean market for drawn glass and blown glass increased by 82% to $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption, however, faced a abrupt shrinkage. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Drawn Glass And Blown Glass in Republic of Korea

In value terms, drawn glass and blown glass production contracted remarkably to $X in 2021 estimated in export price. In general, production continues to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 73%. Over the period under review, production attained the peak level at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Exports of Drawn Glass And Blown Glass

Exports from Republic of Korea

In 2021, shipments abroad of drawn glass and blown glass decreased by -93.4% to X square meters, falling for the fifth year in a row after three years of growth. In general, exports recorded a sharp contraction. The most prominent rate of growth was recorded in 2014 when exports increased by 406% against the previous year. The exports peaked at X square meters in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, drawn glass and blown glass exports dropped markedly to $X in 2021. Overall, exports recorded a significant contraction. The pace of growth was the most pronounced in 2013 when exports increased by 298%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Taiwan (Chinese) (X square meters), China (X square meters) and Germany (X square meters) were the main destinations of drawn glass and blown glass exports from South Korea, together comprising 77% of total exports. These countries were followed by the United States, Bangladesh, Hong Kong SAR, the UK and Vietnam, which together accounted for a further 13%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +97.2%), while the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X), Germany ($X) and China ($X) were the largest markets for drawn glass and blown glass exported from South Korea worldwide, together accounting for 49% of total exports. These countries were followed by the UK, Hong Kong SAR, the United States, Vietnam and Bangladesh, which together accounted for a further 14%.

Vietnam, with a CAGR of +47.7%, recorded the highest growth rate of 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 2021, the average export price for drawn glass and blown glass amounted to $X per square meter, growing by 46% against the previous year. Overall, the export price, however, continues to indicate a pronounced reduction. The growth pace was the most rapid in 2013 an increase of 509%. As a result, the export price reached the peak level of $X per square meter. From 2014 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per square meter), while the average price for exports to Bangladesh ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (-5.0%), while the prices for the other major destinations experienced a decline.

Imports of Drawn Glass And Blown Glass

Imports into Republic of Korea

In 2021, supplies from abroad of drawn glass and blown glass was finally on the rise to reach X square meters after three years of decline. In general, imports, however, continue to indicate a precipitous curtailment. Over the period under review, imports reached the peak figure at X square meters in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, drawn glass and blown glass imports skyrocketed to $X in 2021. Over the period under review, imports, however, recorded a precipitous shrinkage. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Japan (X square meters) constituted the largest drawn glass and blown glass supplier to South Korea, accounting for a 87% share of total imports. Moreover, drawn glass and blown glass imports from Japan exceeded the figures recorded by the second-largest supplier, China (X square meters), tenfold.

From 2012 to 2021, the average annual growth rate of volume from Japan amounted to -20.9%.

In value terms, Japan ($X) constituted the largest supplier of drawn glass and blown glass to South Korea, comprising 76% of total imports. The second position in the ranking was held by China ($X), with a 5.3% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan totaled -23.0%.

Import Prices by Country

The average import price for drawn glass and blown glass stood at $X per square meter in 2021, with a decrease of -5.3% against the previous year. In general, the import price saw a mild slump. The most prominent rate of growth was recorded in 2015 when the average import price increased by 60% against the previous year. As a result, import price attained the peak level of $X per square meter. From 2016 to 2021, the average import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per square meter), while the price for China totaled $X per square meter.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-2.6%).

Source: IndexBox Platform

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