Republic of Korea: Market for Marble And Travertine Blocks And Slabs 2024

Market Size for Marble And Travertine Blocks And Slabs in Republic of Korea

The South Korean marble and travertine blocks market declined to $X in 2022, stabilizing at the previous year. Overall, consumption showed a drastic downturn. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Marble And Travertine Blocks And Slabs in Republic of Korea

In value terms, marble and travertine blocks production declined slightly to $X in 2022 estimated in export price. Overall, production saw a abrupt downturn. The pace of growth appeared the most rapid in 2018 with an increase of 14%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Marble And Travertine Blocks And Slabs

Exports from Republic of Korea

In 2022, shipments abroad of marble and travertine blocks and slabs was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports saw a pronounced expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 18,385%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, marble and travertine blocks exports surged to $X in 2022. Overall, exports, however, continue to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2017 when exports increased by 15,772%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for marble and travertine blocks exports from South Korea, accounting for a 146% share of total exports. It was followed by China (X tons), with a 4.7% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +54.3%.

In value terms, the United States ($X) emerged as the key foreign market for marble and travertine blocks and slabs exports from South Korea, comprising 96% of total exports. The second position in the ranking was held by China ($X), with a 1.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +49.7%.

Export Prices by Country

In 2022, the average marble and travertine blocks export price amounted to $X per ton, dropping by -83.3% against the previous year. Over the period under review, the export price recorded a abrupt decrease. The pace of growth was the most pronounced in 2015 when the average export price increased by 307% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, the 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 the United States ($X per ton), while the average price for exports to China totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+36.0%), while the prices for the other major destinations experienced a decline.

Imports of Marble And Travertine Blocks And Slabs

Imports into Republic of Korea

After two years of decline, supplies from abroad of marble and travertine blocks and slabs increased by 12% to X tons in 2022. In general, imports recorded a pronounced increase. The pace of growth appeared the most rapid in 2013 with an increase of 109% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, marble and travertine blocks imports skyrocketed to $X in 2022. Over the period under review, imports enjoyed a strong increase. The pace of growth was the most pronounced in 2014 when imports increased by 141%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Greece (X tons), Italy (X tons) and the United States (X tons) were the main suppliers of marble and travertine blocks imports to South Korea, together comprising 72% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +140.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Greece ($X) constituted the largest supplier of marble and travertine blocks and slabs to South Korea, comprising 54% of total imports. The second position in the ranking was held by Italy ($X), with a 16% share of total imports. It was followed by the United States, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Greece totaled +52.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+7.8% per year) and the United States (+108.8% per year).

Import Prices by Country

The average marble and travertine blocks import price stood at $X per ton in 2022, increasing by 32% against the previous year. In general, the import price posted a prominent increase. The pace of growth was the most pronounced in 2021 when the average import price increased by 63% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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 Greece ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (+9.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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