Republic of Korea: Market for Glaziers Putty, Grafting Putty, Other Mastics and Painters' Fillings 2024

Market Size for Glaziers Putty, Grafting Putty, Other Mastics and Painters' Fillings in Republic of Korea

The South Korean market for glaziers putty, grafting putty, other mastics and painters' fillings fell sharply to $X in 2022, declining by -15.2% against the previous year. In general, consumption showed a pronounced reduction. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Production of Glaziers Putty, Grafting Putty, Other Mastics and Painters' Fillings in Republic of Korea

In value terms, production of glaziers putty, grafting putty, other mastics and painters' fillings dropped to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 33% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production of growth failed to regain momentum.

Exports of Glaziers Putty, Grafting Putty, Other Mastics and Painters' Fillings

Exports from Republic of Korea

In 2022, shipments abroad of glaziers putty, grafting putty, other mastics and painters' fillings increased by 5.5% to X tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2014 when exports increased by 8.1% against the previous year. Over the period under review, the exports of hit record highs at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of glaziers putty, grafting putty, other mastics and painters' fillings surged to $X in 2022. Overall, total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +52.8% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Vietnam (X tons), India (X tons) and Australia (X tons) were the main destinations of exports of glaziers putty, grafting putty, other mastics and painters' fillings from South Korea, together accounting for 46% of total exports. China, Russia, Thailand, Malaysia, Indonesia, Hong Kong SAR, the United States, Taiwan (Chinese), the Philippines and Saudi Arabia lagged somewhat behind, together comprising a further 42%.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +25.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), India ($X) and Australia ($X) appeared to be the largest markets for glaziers, grafting putty and painters' filling exported from South Korea worldwide, together accounting for 38% of total exports. China, Taiwan (Chinese), the United States, Thailand, Hong Kong SAR, Malaysia, the Philippines, Indonesia, Saudi Arabia and Russia lagged somewhat behind, together comprising a further 45%.

The United States, with a CAGR of +31.6%, 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 export price for glaziers putty, grafting putty, other mastics and painters' fillings stood at $X per ton in 2022, jumping by 21% against the previous year. Over the period under review, export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for glaziers putty, grafting putty, other mastics and painters' fillings increased by +38.9% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Russia ($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 United States (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glaziers Putty, Grafting Putty, Other Mastics and Painters' Fillings

Imports into Republic of Korea

In 2022, imports of glaziers putty, grafting putty, other mastics and painters' fillings into South Korea contracted to X tons, declining by -14% on 2021. Over the period under review, total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +7.7% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of 34%. Imports peaked at X tons in 2021, and then reduced in the following year.

In value terms, imports of glaziers putty, grafting putty, other mastics and painters' fillings contracted modestly to $X in 2022. The total import value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 29%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Germany (X tons) and the United States (X tons) were the main suppliers of imports of glaziers putty, grafting putty, other mastics and painters' fillings to South Korea, with a combined 75% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +21.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Japan ($X) and the United States ($X) were the largest glaziers, grafting putty and painters' filling suppliers to South Korea, together comprising 66% of total imports. China, the UK, Belgium and Italy lagged somewhat behind, together comprising a further 27%.

In terms of the main suppliers, China, with a CAGR of +16.1%, 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 2022, the average import price for glaziers putty, grafting putty, other mastics and painters' fillings amounted to $X per ton, increasing by 13% against the previous year. In general, the import price, however, recorded a noticeable slump. The growth pace was the most rapid in 2018 when the average import price increased by 21%. The import price peaked at $X per ton in 2012; however, from 2013 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 Japan ($X per ton), while the price for China ($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 (+3.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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