Republic of Korea: Plastic Furniture Fittings Market 2024

Plastic Furniture Fittings Market Size in Republic of Korea

The South Korean plastic furniture fittings market contracted to $X in 2021, reducing by -8.9% against the previous year. Overall, the total consumption indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +25.7% against 2019 indices. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Plastic Furniture Fittings Production in Republic of Korea

In value terms, plastic furniture fittings production contracted to $X in 2021 estimated in export price. Over the period under review, the total production indicated a perceptible expansion from 2012 to 2021: its value 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. Based on 2021 figures, production increased by +7.3% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 37% against the previous year. Plastic furniture fittings production peaked at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Plastic Furniture Fittings Exports

Exports from Republic of Korea

For the third consecutive year, South Korea recorded decline in shipments abroad of plastic fittings for furniture, which decreased by -1.3% to X tons in 2021. Overall, total exports indicated modest growth from 2012 to 2021: its volume increased at an average annual rate of +1.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -32.6% against 2016 indices. The most prominent rate of growth was recorded in 2013 with an increase of 68%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, plastic furniture fittings exports expanded notably to $X in 2021. The total export value increased at an average annual rate of +3.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when exports increased by 52%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for plastic furniture fittings exports from South Korea, accounting for a 36% share of total exports. Moreover, plastic furniture fittings exports to the United States exceeded the volume sent to the second major destination, Mexico (X tons), fourfold. The Czech Republic (X tons) ranked third in terms of total exports with a 5.9% share.

From 2012 to 2021, the average annual growth rate of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+4.2% per year) and the Czech Republic (+4.2% per year).

In value terms, the United States ($X) remains the key foreign market for plastic fittings for furniture exports from South Korea, comprising 36% of total exports. The second position in the ranking was held by Mexico ($X), with a 12% share of total exports. It was followed by the Czech Republic, with a 4.5% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +4.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+14.2% per year) and the Czech Republic (-0.0% per year).

Export Prices by Country

The average plastic furniture fittings export price stood at $X per ton in 2021, increasing by 15% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Vietnam ($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 Brazil (+13.3%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Furniture Fittings Imports

Imports into Republic of Korea

In 2021, overseas purchases of plastic fittings for furniture increased by 7.9% to X tons, rising for the fifth year in a row after three years of decline. In general, total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +7.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +82.4% against 2016 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 30% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the immediate term.

In value terms, plastic furniture fittings imports rose slightly to $X in 2021. Over the period under review, total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +7.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +67.0% against 2015 indices. The most prominent rate of growth was recorded in 2017 with an increase of 20%. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest plastic furniture fittings supplier to South Korea, with a 43% share of total imports. Moreover, plastic furniture fittings imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), threefold. Germany (X tons) ranked third in terms of total imports with a 5.7% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +10.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+51.0% per year) and Germany (-12.6% per year).

In value terms, China ($X) constituted the largest supplier of plastic fittings for furniture to South Korea, comprising 30% of total imports. The second position in the ranking was held by Thailand ($X), with a 9.9% share of total imports. It was followed by Germany, with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+7.7% per year) and Germany (-5.9% per year).

Import Prices by Country

The average plastic furniture fittings import price stood at $X per ton in 2021, declining by -5.8% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 19% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+22.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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