Republic of Korea: Glass Fibre Mat Market 2024

Glass Fibre Mat Market Size in Republic of Korea

The South Korean glass fibre mat market expanded significantly to $X in 2022, with an increase of 7.3% against the previous year. The market value increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Glass Fibre Mat Production in Republic of Korea

In value terms, glass fibre mat production fell modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 17%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Glass Fibre Mat Exports

Exports from Republic of Korea

Glass fibre mat exports from South Korea reduced notably to X tons in 2022, dropping by -31.5% on the previous year's figure. Over the period under review, exports continue to indicate a perceptible reduction. The pace of growth appeared the most rapid in 2021 with an increase of 170%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, glass fibre mat exports dropped markedly to $X in 2022. In general, exports saw a deep setback. The pace of growth appeared the most rapid in 2021 with an increase of 152%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

France (X tons), Japan (X tons) and India (X tons) were the main destinations of glass fibre mat exports from South Korea, with a combined 63% share of total exports. Vietnam, the Philippines, Malaysia and the Netherlands lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +86.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($X) remains the key foreign market for glass fibre mats exports from South Korea, comprising 41% of total exports. The second position in the ranking was taken by Japan ($X), with a 15% share of total exports. It was followed by Vietnam, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to France totaled +1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-11.0% per year) and Vietnam (-9.6% per year).

Export Prices by Country

The average glass fibre mat export price stood at $X per ton in 2022, surging by 1.9% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 19% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+0.1%), while the prices for the other major destinations experienced a decline.

Glass Fibre Mat Imports

Imports into Republic of Korea

In 2022, imports of glass fibre mats into South Korea was estimated at X tons, growing by 3% on the previous year. In general, total imports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -2.9% against 2020 indices. The pace of growth was the most pronounced in 2019 when imports increased by 38%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, glass fibre mat imports declined to $X in 2022. Overall, imports saw a prominent expansion. The growth pace was the most rapid in 2019 when imports increased by 44% against the previous year. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

Italy (X tons), China (X tons) and the United States (X tons) were the main suppliers of glass fibre mat imports to South Korea, with a combined 95% share of total imports. These countries were followed by Thailand, which accounted for a further 1.5%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +29.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), China ($X) and the United States ($X) constituted the largest glass fibre mat suppliers to South Korea, with a combined 91% share of total imports. These countries were followed by Thailand, which accounted for a further 0.7%.

Thailand, with a CAGR of +26.3%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average glass fibre mat import price stood at $X per ton in 2022, which is down by -3.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2020 when the average import price increased by 14%. Over the period under review, average import prices reached the peak figure at $X per ton in 2021, and then contracted slightly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :