Republic of Korea: Plastic Furniture Market 2024

Plastic Furniture Market Size in Republic of Korea

The South Korean plastic furniture market skyrocketed to $X in 2021, with an increase of 24% against the previous year. Overall, consumption continues to indicate a buoyant increase. Plastic furniture consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Plastic Furniture Production in Republic of Korea

In value terms, plastic furniture production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 31%. Plastic furniture production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Plastic Furniture Exports

Exports from Republic of Korea

In 2021, approx. X units of furniture of plastic were exported from South Korea; shrinking by -2.6% compared with the previous year's figure. In general, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when exports increased by 41%. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, plastic furniture exports rose notably to $X in 2021. Over the period under review, exports, however, saw a pronounced increase. The growth pace was the most rapid in 2020 when exports increased by 52% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X units) was the main destination for plastic furniture exports from South Korea, with a 32% share of total exports. Moreover, plastic furniture exports to Japan exceeded the volume sent to the second major destination, the United States (X units), twofold. The third position in this ranking was held by Thailand (X units), with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan stood at +9.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-0.1% per year) and Thailand (+18.2% per year).

In value terms, Japan ($X) remains the key foreign market for plastic furniture exports from South Korea, comprising 34% of total exports. The second position in the ranking was taken by the United States ($X), with a 12% share of total exports. It was followed by China, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to Japan totaled +9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+0.5% per year) and China (+0.8% per year).

Export Prices by Country

The average plastic furniture export price stood at $X per unit in 2021, with an increase of 12% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.5%. The pace of growth was the most pronounced in 2018 an increase of 18% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was China ($X per unit), while the average price for exports to Mongolia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+9.3%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Furniture Imports

Imports into Republic of Korea

In 2021, plastic furniture imports into South Korea soared to X units, jumping by 18% on 2020 figures. Overall, total imports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +8.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +33.3% against 2018 indices. The growth pace was the most rapid in 2015 when imports increased by 24% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to see steady growth in the near future.

In value terms, plastic furniture imports surged to $X in 2021. Over the period under review, imports showed a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) was the main plastic furniture supplier to South Korea, accounting for a 90% share of total imports. It was followed by Israel (X units), with a 2.4% share of total imports. Italy (X units) ranked third in terms of total imports with a 2.1% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Israel (+5.4% per year) and Italy (+19.3% per year).

In value terms, China ($X) constituted the largest supplier of plastic furniture to South Korea, comprising 81% of total imports. The second position in the ranking was held by Italy ($X), with a 7.6% share of total imports. It was followed by Israel, with a 2.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +11.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+27.0% per year) and Israel (+4.4% per year).

Import Prices by Country

In 2021, the average plastic furniture import price amounted to $X per unit, growing by 8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2014 an increase of 18%. Over the period under review, average import prices attained the peak figure in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Italy ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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