Republic of Korea: Wooden Furniture Treatments Market 2024

Wooden Furniture Treatments Market Size in Republic of Korea

The South Korean wooden furniture treatments market soared to $X in 2022, with an increase of 17% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a prominent increase. Over the period under review, the market reached the maximum level in 2022 and is likely to see gradual growth in years to come.

Wooden Furniture Treatments Exports

Exports from Republic of Korea

In 2022, the amount of polishes and creams for wooden furniture and floors exported from South Korea shrank to X tons, with a decrease of -7.6% compared with the previous year's figure. In general, exports saw a abrupt contraction. The pace of growth appeared the most rapid in 2017 with an increase of 54% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, wooden furniture treatments exports reduced to $X in 2022. Overall, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 50%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for wooden furniture treatments exports from South Korea, with a 41% share of total exports. Moreover, wooden furniture treatments exports to Vietnam exceeded the volume sent to the second major destination, Cambodia (X tons), twofold. Bahrain (X tons) ranked third in terms of total exports with an 18% share.

From 2012 to 2022, the average annual growth rate of volume to Vietnam totaled +1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+27.5% per year) and Bahrain (-6.7% per year).

In value terms, the largest markets for wooden furniture treatments exported from South Korea were Bahrain ($X), Vietnam ($X) and Cambodia ($X), together accounting for 73% of total exports.

In terms of the main countries of destination, Cambodia, with a CAGR of +25.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average wooden furniture treatments export price amounted to $X per ton, approximately mirroring the previous year. Over the period under review, export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wooden furniture treatments export price increased by +37.1% against 2017 indices. The most prominent rate of growth was recorded in 2013 an increase of 90% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Iraq (+102.5%), while the prices for the other major destinations experienced more modest paces of growth.

Wooden Furniture Treatments Imports

Imports into Republic of Korea

In 2022, approx. X tons of polishes and creams for wooden furniture and floors were imported into South Korea; increasing by 44% compared with 2021. Overall, imports posted measured growth. The most prominent rate of growth was recorded in 2019 with an increase of 59%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, wooden furniture treatments imports shrank remarkably to $X in 2022. Over the period under review, imports, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2019 when imports increased by 36% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of wooden furniture treatments to South Korea, accounting for a 86% share of total imports. Moreover, wooden furniture treatments imports from Malaysia exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. China (X tons) ranked third in terms of total imports with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia totaled +102.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-16.0% per year) and China (-15.9% per year).

In value terms, the United States ($X) constituted the largest supplier of polishes and creams for wooden furniture and floors to South Korea, comprising 54% of total imports. The second position in the ranking was held by Malaysia ($X), with a 26% share of total imports. It was followed by Japan, with a 4.2% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled -6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+67.9% per year) and Japan (-15.8% per year).

Import Prices by Country

In 2022, the average wooden furniture treatments import price amounted to $X per ton, reducing by -59.9% against the previous year. Overall, the import price recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2013 when the average import price increased by 37% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, 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 2022, the most notable rate of growth in terms of prices was attained by the United States (+11.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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