Republic of Korea: Market for Glass in The Mass 2024

Market Size for Glass in The Mass in Republic of Korea

After three years of growth, the South Korean glass in the mass market decreased by -24.5% to $X in 2022. In general, consumption recorded a abrupt setback. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Production of Glass in The Mass in Republic of Korea

In value terms, glass in the mass production contracted modestly to $X in 2022 estimated in export price. Overall, production, however, showed a slight decrease. The most prominent rate of growth was recorded in 2014 with an increase of 25% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Exports of Glass in The Mass

Exports from Republic of Korea

In 2022, after two years of decline, there was significant growth in overseas shipments of glass in the mass, when their volume increased by 42% to X tons. In general, exports saw a resilient expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 260% against the previous year. Over the period under review, the glass in mass exports reached the maximum at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, glass in the mass exports surged to $X in 2022. Overall, exports, however, continue to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 400% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for glass in the mass exports from South Korea, accounting for a 57% share of total exports. Moreover, glass in the mass exports to Malaysia exceeded the volume sent to the second major destination, the United States (X tons), threefold. Japan (X tons) ranked third in terms of total exports with a 20% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia amounted to +11.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+67.9% per year) and Japan (+75.0% per year).

In value terms, Malaysia ($X), Japan ($X) and the United States ($X) constituted the largest markets for glass in the mass exported from South Korea worldwide, together comprising 98% of total exports.

Among the main countries of destination, Japan, with a CAGR of +69.4%, recorded the highest growth rate of 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 in the mass export price stood at $X per ton in 2022, dropping by -10.2% against the previous year. Over the period under review, the export price recorded a abrupt decrease. The growth pace was the most rapid in 2014 an increase of 143% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 (+2.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Glass in The Mass

Imports into Republic of Korea

In 2022, overseas purchases of glass in the mass decreased by -5.4% to X tons, falling for the third year in a row after two years of growth. In general, imports showed a slight setback. The growth pace was the most rapid in 2019 when imports increased by 39% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, glass in the mass imports rose to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 34% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Taiwan (Chinese) (X tons) constituted the largest glass in the mass supplier to South Korea, accounting for a 52% share of total imports. Moreover, glass in the mass imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was taken by China (X tons), with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Taiwan (Chinese) amounted to +30.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+25.9% per year) and China (-15.1% per year).

In value terms, the largest glass in the mass suppliers to South Korea were Taiwan (Chinese) ($X), the United States ($X) and China ($X), together comprising 92% of total imports.

The United States, with a CAGR of +37.4%, saw 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 mixed trend patterns.

Import Prices by Country

In 2022, the average glass in the mass import price amounted to $X per ton, with an increase of 7.6% against the previous year. In general, the import price continues to indicate modest growth. The growth pace was the most rapid in 2021 an increase of 40% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+9.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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