Republic of Korea: Market for Float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground 2024

Market Size for Float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground in Republic of Korea

The South Korean market for float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground reduced to $X in 2022, shrinking by -2.1% against the previous year. In general, the total consumption indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +11.0% against 2020 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Production of Float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground in Republic of Korea

In value terms, production of float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground fell to $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 43% against the previous year. Over the period under review, production of float glass and surface ground glass, in sheets, non-wired, other than coloured throughout mass (body tinted), opacified, flashed or merely surface ground reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground

Exports from Republic of Korea

In 2022, overseas shipments of float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground decreased by -15.8% to X square meters, falling for the second year in a row after two years of growth. In general, exports recorded a abrupt decline. The pace of growth appeared the most rapid in 2020 when exports increased by 19%. The exports peaked at X square meters in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, exports of float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground expanded notably to $X in 2022. Over the period under review, exports showed a pronounced descent. The growth pace was the most rapid in 2021 when exports increased by 18%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X square meters) was the main destination for exports of float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground from South Korea, accounting for a 86% share of total exports. Moreover, exports of float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground to China exceeded the volume sent to the second major destination, Taiwan (Chinese) (X square meters), more than tenfold. The third position in this ranking was held by Hong Kong SAR (X square meters), with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-22.5% per year) and Hong Kong SAR (-15.9% per year).

In value terms, China ($X) remains the key foreign market for float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground exports from South Korea, comprising 86% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 6.7% share of total exports. It was followed by Hong Kong SAR, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value to China totaled +6.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-17.6% per year) and Hong Kong SAR (-10.6% per year).

Export Prices by Country

In 2022, the average export price for float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground amounted to $X per square meter, surging by 35% against the previous year. Over the period under review, export price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground increased by +73.5% against 2020 indices. The growth pace was the most rapid in 2018 an increase of 56% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to see gradual growth in years to come.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Japan ($X per square meter) and Taiwan (Chinese) ($X per square meter), while the average price for exports to China ($X per square meter) and Hong Kong SAR ($X per square meter) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+6.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground

Imports into Republic of Korea

In 2022, purchases abroad of float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground decreased by -4.4% to X square meters, falling for the second year in a row after three years of growth. Overall, imports continue to indicate a pronounced decline. The pace of growth was the most pronounced in 2018 with an increase of 31% against the previous year. Imports peaked at X square meters in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, imports of float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground skyrocketed to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 38% against the previous year. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, Malaysia (X square meters) constituted the largest supplier of float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground to South Korea, with a 68% share of total imports. Moreover, imports of float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground from Malaysia exceeded the figures recorded by the second-largest supplier, China (X square meters), sixfold. Thailand (X square meters) ranked third in terms of total imports with an 8.5% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia amounted to +45.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-4.0% per year) and Thailand (+7.1% per year).

In value terms, Malaysia ($X) constituted the largest supplier of float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground to South Korea, comprising 68% of total imports. The second position in the ranking was held by China ($X), with a 12% share of total imports. It was followed by Thailand, with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia totaled +53.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+1.4% per year) and Thailand (+13.0% per year).

Import Prices by Country

In 2022, the average import price for float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground amounted to $X per square meter, rising by 24% against the previous year. Over the period under review, import price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground increased by +73.0% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 39% against the previous year. The import price peaked in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Vietnam ($X per square meter) and Taiwan (Chinese) ($X per square meter), while the price for Malaysia ($X per square meter) and China ($X per square meter) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform