Republic of Korea: Glass Electrical Insulator Market 2024

Glass Electrical Insulator Market Size in Republic of Korea

In 2021, the South Korean glass electrical insulator market was finally on the rise to reach $X after six years of decline. In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Glass Electrical Insulator Production in Republic of Korea

In value terms, glass electrical insulator production expanded sharply to $X in 2021 estimated in export price. In general, production continues to indicate mild growth. The most prominent rate of growth was recorded in 2014 with an increase of 212%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Glass Electrical Insulator Exports

Exports from Republic of Korea

In 2021, glass electrical insulator exports from South Korea soared to X units, increasing by 943% on the year before. In general, exports showed a strong increase. The growth pace was the most rapid in 2019 when exports increased by 11,498%. Over the period under review, the exports attained the peak figure in 2021 and are likely to see steady growth in years to come.

In value terms, glass electrical insulator exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate notable growth. The growth pace was the most rapid in 2019 with an increase of 11,853%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Vietnam (X units), Canada (X units) and Taiwan (Chinese) (X units) were the main destinations of glass electrical insulator exports from South Korea, together comprising 41% of total exports.

From 2012 to 2021, the biggest increases were recorded for Canada (with a CAGR of +44.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Canada ($X) and Japan ($X) appeared to be the largest markets for glass electrical insulator exported from South Korea worldwide, together accounting for 49% of total exports.

Among the main countries of destination, Canada, with a CAGR of +24.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average glass electrical insulator export price stood at $X per unit in 2021, dropping by -68.4% against the previous year. In general, the export price saw a abrupt decline. The pace of growth was the most pronounced in 2015 an increase of 46%. The export price peaked at $X per unit in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to Taiwan (Chinese) ($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 United Arab Emirates (+27.9%), while the prices for the other major destinations experienced mixed trend patterns.

Glass Electrical Insulator Imports

Imports into Republic of Korea

In 2021, imports of glass electrical insulators into South Korea soared to X units, picking up by 108% compared with 2020 figures. Overall, imports saw a strong increase. The most prominent rate of growth was recorded in 2013 with an increase of 134% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, glass electrical insulator imports soared to $X in 2021. Over the period under review, total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +13.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 131%. Over the period under review, imports attained the peak figure in 2021 and are likely to see steady growth in the near future.

Imports by Country

In 2021, Canada (X units) constituted the largest supplier of glass electrical insulator to South Korea, accounting for a 38% share of total imports. Moreover, glass electrical insulator imports from Canada exceeded the figures recorded by the second-largest supplier, China (X units), twofold. The third position in this ranking was taken by the United States (X units), with an 8.6% share.

From 2012 to 2021, the average annual growth rate of volume from Canada amounted to +40.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+86.8% per year) and the United States (+31.8% per year).

In value terms, the largest glass electrical insulator suppliers to South Korea were Canada ($X), the United States ($X) and China ($X), together comprising 77% of total imports.

In terms of the main suppliers, China, with a CAGR of +69.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average glass electrical insulator import price amounted to $X per unit, waning by -27.6% against the previous year. Over the period under review, the import price saw a mild downturn. The most prominent rate of growth was recorded in 2016 an increase of 184% against the previous year. As a result, import price attained the peak level of $X per unit. From 2017 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Singapore ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-5.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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