Republic of Korea: Flat Glass Market 2024

Flat Glass Market Size in Republic of Korea

The South Korean flat glass market soared to $X in 2021, with an increase of 18% against the previous year. Over the period under review, consumption, however, recorded a deep downturn. Flat glass consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Flat Glass Production in Republic of Korea

In value terms, flat glass production reduced modestly to $X in 2021 estimated in export price. Over the period under review, production recorded a buoyant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 79%. Flat glass production peaked at $X in 2020, and then declined in the following year.

Flat Glass Exports

Exports from Republic of Korea

In 2021, overseas shipments of flat glass increased by 14% to X tons, rising for the seventh consecutive year after two years of decline. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by 37%. The exports peaked in 2021 and are likely to continue growth in the near future.

In value terms, flat glass exports reduced to $X in 2021. Over the period under review, exports enjoyed a resilient increase. The growth pace was the most rapid in 2015 with an increase of 55%. Over the period under review, the exports reached the peak figure at $X in 2020, and then reduced in the following year.

Exports by Country

China (X tons), Hong Kong SAR (X tons) and Taiwan (Chinese) (X tons) were the main destinations of flat glass exports from South Korea, together accounting for 96% of total exports.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +28.1%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for flat glass exported from South Korea were Hong Kong SAR ($X), China ($X) and Taiwan (Chinese) ($X), together accounting for 98% of total exports.

Hong Kong SAR, with a CAGR of +29.4%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average flat glass export price amounted to $X per ton, dropping by -21.3% against the previous year. In general, export price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +7.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 an increase of 69%. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+16.9%), while the prices for the other major destinations experienced more modest paces of growth.

Flat Glass Imports

Imports into Republic of Korea

After two years of decline, purchases abroad of flat glass increased by 20% to X tons in 2021. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 23%. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, flat glass imports surged to $X in 2021. Overall, imports, however, recorded a deep slump. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest flat glass supplier to South Korea, with a 59% share of total imports. Moreover, flat glass imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Thailand (X tons) ranked third in terms of total imports with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Malaysia stood at +53.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-3.8% per year) and Thailand (+12.8% per year).

In value terms, Japan ($X), Malaysia ($X) and China ($X) were the largest flat glass suppliers to South Korea, with a combined 78% share of total imports.

Among the main suppliers, Malaysia, with a CAGR of +56.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average flat glass import price stood at $X per ton in 2021, jumping by 17% against the previous year. Overall, the import price, however, faced a abrupt slump. The most prominent rate of growth was recorded in 2016 when the average import price increased by 41% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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