Republic of Korea: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in Republic of Korea

The South Korean glass fibres and wool market shrank to $X in 2022, falling by -11.2% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2021, and then dropped in the following year.

Production of Glass Fibres And Glass Wool in Republic of Korea

In value terms, glass fibres and wool production fell to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 22%. Glass fibres and wool production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Glass Fibres And Glass Wool

Exports from Republic of Korea

In 2022, glass fibres and wool exports from South Korea fell notably to X tons, shrinking by -45.3% against the year before. Overall, total exports indicated modest growth from 2012 to 2022: its volume increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -45.7% against 2019 indices. The pace of growth was the most pronounced in 2013 when exports increased by 33%. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, glass fibres and wool exports reduced dramatically to $X in 2022. In general, exports, however, enjoyed a modest increase. The most prominent rate of growth was recorded in 2018 when exports increased by 43%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for glass fibres and wool exports from South Korea, accounting for a 44% share of total exports. Moreover, glass fibres and wool exports to Vietnam exceeded the volume sent to the second major destination, Japan (X tons), threefold. Brazil (X tons) ranked third in terms of total exports with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume to Vietnam totaled +33.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-5.2% per year) and Brazil (+6.5% per year).

In value terms, the largest markets for glass fibres and wool exported from South Korea were Vietnam ($X), China ($X) and the United States ($X), together comprising 39% of total exports. Brazil, Poland, Japan, Mexico, Thailand, Indonesia and the United Arab Emirates lagged somewhat behind, together comprising a further 36%.

Poland, with a CAGR of +93.8%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average glass fibres and wool export price stood at $X per ton in 2022, stabilizing at the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average export price increased by 34%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Vietnam ($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 China (+16.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Fibres And Glass Wool

Imports into Republic of Korea

In 2022, after ten years of growth, there was significant decline in purchases abroad of glass fibres and glass wool, when their volume decreased by -53.9% to X tons. In general, imports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 68% against the previous year. Imports peaked at X tons in 2021, and then contracted markedly in the following year.

In value terms, glass fibres and wool imports shrank significantly to $X in 2022. Overall, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +10.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when imports increased by 93% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then dropped significantly in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest glass fibres and wool supplier to South Korea, with a 83% share of total imports. Moreover, glass fibres and wool imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold. The third position in this ranking was taken by the United States (X tons), with a 3.5% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +14.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+1.1% per year) and the United States (-0.9% per year).

In value terms, China ($X) constituted the largest supplier of glass fibres and glass wool to South Korea, comprising 61% of total imports. The second position in the ranking was held by the United States ($X), with a 10% share of total imports. It was followed by Malaysia, with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +20.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-0.2% per year) and Malaysia (+2.2% per year).

Import Prices by Country

In 2022, the average glass fibres and wool import price amounted to $X per ton, rising by 74% against the previous year. Over the period under review, the import price, however, saw a mild downturn. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Latvia ($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 (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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