Republic of Korea: Market for Non-Woven Glass Fibre Webs, Felts, Mattresses And Boards 2024

Market Size for Non-Woven Glass Fibre Webs, Felts, Mattresses And Boards in Republic of Korea

In 2021, the South Korean non-woven glass fibre articles market was finally on the rise to reach $X for the first time since 2016, thus ending a four-year declining trend. Overall, consumption, however, continues to indicate a pronounced setback. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Production of Non-Woven Glass Fibre Webs, Felts, Mattresses And Boards in Republic of Korea

In value terms, non-woven glass fibre articles production reached $X in 2021 estimated in export price. Overall, production continues to indicate a deep slump. The pace of growth appeared the most rapid in 2015 with an increase of 36%. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Exports of Non-Woven Glass Fibre Webs, Felts, Mattresses And Boards

Exports from Republic of Korea

In 2021, after two years of growth, there was significant decline in overseas shipments of non-woven glass fibre webs, felts, mattresses and boards, when their volume decreased by -15.9% to X tons. Overall, exports continue to indicate a mild descent. The growth pace was the most rapid in 2019 with an increase of 105%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, non-woven glass fibre articles exports shrank dramatically to $X in 2021. In general, exports continue to indicate a slight decline. The most prominent rate of growth was recorded in 2019 when exports increased by 67% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for non-woven glass fibre articles exports from South Korea, with a 43% share of total exports. Moreover, non-woven glass fibre articles exports to Vietnam exceeded the volume sent to the second major destination, Japan (X tons), twofold. China (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to Vietnam totaled +60.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-15.1% per year) and China (+16.9% per year).

In value terms, the largest markets for non-woven glass fibre articles exported from South Korea were China ($X), Vietnam ($X) and Japan ($X), with a combined 77% share of total exports. The United States, Thailand, Malaysia, Indonesia and Uzbekistan lagged somewhat behind, together accounting for a further 19%.

Malaysia, with a CAGR of +48.5%, recorded 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 non-woven glass fibre articles export price amounted to $X per ton, approximately mirroring the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the average export price increased by 51%. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Indonesia ($X per ton), while the average price for exports to the United States ($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 Indonesia (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Non-Woven Glass Fibre Webs, Felts, Mattresses And Boards

Imports into Republic of Korea

In 2021, purchases abroad of non-woven glass fibre webs, felts, mattresses and boards was finally on the rise to reach X tons after three years of decline. Over the period under review, total imports indicated a moderate increase from 2012 to 2021: its volume increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when imports increased by 34%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, non-woven glass fibre articles imports expanded significantly to $X in 2021. The total import value increased at an average annual rate of +2.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 with an increase of 30% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United States (X tons), China (X tons) and Malaysia (X tons) were the main suppliers of non-woven glass fibre articles imports to South Korea, together accounting for 89% of total imports. France, Turkey and Japan lagged somewhat behind, together accounting for a further 9.2%.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +109.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest non-woven glass fibre articles suppliers to South Korea were the United States ($X), China ($X) and France ($X), together accounting for 88% of total imports. These countries were followed by Malaysia, Japan and Turkey, which together accounted for a further 8.2%.

Among the main suppliers, Turkey, with a CAGR of +112.3%, recorded 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

The average non-woven glass fibre articles import price stood at $X per ton in 2021, with a decrease of -11.5% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the average import price increased by 38% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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