Republic of Korea: Modelling Pastes Market 2024

Modelling Pastes Market Size in Republic of Korea

In 2021, the South Korean modelling pastes market decreased by -4.6% to $X, falling for the third consecutive year after seven years of growth. Over the period under review, the total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -10.3% against 2018 indices. Modelling pastes consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Modelling Pastes Production in Republic of Korea

In value terms, modelling pastes production reduced modestly to $X in 2021 estimated in export price. Overall, the total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +5.4% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 31% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Modelling Pastes Exports

Exports from Republic of Korea

After four years of decline, overseas shipments of modelling pastes, dental wax and dental impression compounds increased by 43% to X tons in 2021. Over the period under review, exports, however, recorded a noticeable curtailment. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, modelling pastes exports surged to $X in 2021. The total export value increased at an average annual rate of +2.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 27%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons), the United States (X tons) and China (X tons) were the main destinations of modelling pastes exports from South Korea, with a combined 46% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +25.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for modelling pastes exported from South Korea were the United States ($X), Japan ($X) and China ($X), together accounting for 43% of total exports.

Japan, with a CAGR of +25.0%, 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

In 2021, the average modelling pastes export price amounted to $X per ton, falling by -13.5% against the previous year. Overall, export price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, modelling pastes export price decreased by -17.2% against 2019 indices. The most prominent rate of growth was recorded in 2018 an increase of 30%. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Germany ($X per ton), while the average price for exports to the UK ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+30.6%), while the prices for the other major destinations experienced more modest paces of growth.

Modelling Pastes Imports

Imports into Republic of Korea

Modelling pastes imports into South Korea stood at X tons in 2021, increasing by 7.7% against the year before. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 47%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, modelling pastes imports expanded rapidly to $X in 2021. The total import value increased at an average annual rate of +1.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 with an increase of 19%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of modelling pastes to South Korea, with a 54% share of total imports. Moreover, modelling pastes imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. Germany (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.5% per year) and Germany (-0.6% per year).

In value terms, China ($X), the United States ($X) and Japan ($X) appeared to be the largest modelling pastes suppliers to South Korea, together comprising 64% of total imports.

China, with a CAGR of +15.5%, 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 more modest paces of growth.

Import Prices by Country

In 2021, the average modelling pastes import price amounted to $X per ton, which is down by -2.5% against the previous year. In general, import price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, modelling pastes import price increased by +19.0% against 2019 indices. The pace of growth appeared the most rapid in 2016 an increase of 46% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2020, and then shrank modestly in the following year.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+20.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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