Republic of Korea: Market for Non-Upholstered Seats With Metal Frames 2024

Market Size for Non-Upholstered Seats With Metal Frames in Republic of Korea

After four years of growth, the South Korean metal frame non-upholstered seat market decreased by -10.4% to $X in 2021. Overall, consumption, however, showed strong growth. Over the period under review, the market hit record highs at $X in 2020, and then declined in the following year.

Exports of Non-Upholstered Seats With Metal Frames

Exports from Republic of Korea

Metal frame non-upholstered seat exports from South Korea soared to X units in 2021, growing by 29% compared with the previous year's figure. Over the period under review, exports enjoyed a measured expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 87% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, metal frame non-upholstered seat exports skyrocketed to $X in 2021. Overall, exports enjoyed a pronounced expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 68%. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for metal frame non-upholstered seat exports from South Korea, accounting for a 29% share of total exports. Moreover, metal frame non-upholstered seat exports to the United States exceeded the volume sent to the second major destination, Hong Kong SAR (X units), threefold. The third position in this ranking was taken by China (X units), with an 8.7% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +18.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+22.6% per year) and China (+12.8% per year).

In value terms, the United States ($X) remains the key foreign market for non-upholstered seats with metal frames exports from South Korea, comprising 32% of total exports. The second position in the ranking was held by China ($X), with an 11% share of total exports. It was followed by Indonesia, with a 9.2% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +19.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+15.5% per year) and Indonesia (+88.3% per year).

Export Prices by Country

In 2021, the average metal frame non-upholstered seat export price amounted to $X per unit, shrinking by -4.4% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average export price increased by 83% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2019 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Tanzania ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+7.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Non-Upholstered Seats With Metal Frames

Imports into Republic of Korea

In 2021, overseas purchases of non-upholstered seats with metal frames decreased by -6.9% to X units for the first time since 2017, thus ending a three-year rising trend. In general, imports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2018 with an increase of 173% against the previous year. Imports peaked at X units in 2020, and then declined in the following year.

In value terms, metal frame non-upholstered seat imports dropped to $X in 2021. Over the period under review, imports, however, posted a buoyant increase. The pace of growth appeared the most rapid in 2018 when imports increased by 187% against the previous year. Over the period under review, imports reached the peak figure at $X in 2020, and then declined in the following year.

Imports by Country

In 2021, China (X units) was the main supplier of metal frame non-upholstered seat to South Korea, with a 96% share of total imports. It was followed by Vietnam (X units), with a 1.7% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China totaled +17.2%.

In value terms, China ($X) constituted the largest supplier of non-upholstered seats with metal frames to South Korea, comprising 85% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 1.4% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +7.9%.

Import Prices by Country

In 2021, the average metal frame non-upholstered seat import price amounted to $X per unit, which is down by -6.9% against the previous year. Over the period under review, the import price recorded a drastic downturn. The most prominent rate of growth was recorded in 2016 when the average import price increased by 18% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per unit), while the price for Vietnam stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-8.0%).

Source: IndexBox Platform

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