Republic of Korea: Polishes For Coachwork Market 2024

Polishes For Coachwork Market Size in Republic of Korea

In 2022, the South Korean polishes for coachwork market decreased by -1.5% to $X, falling for the second consecutive year after two years of growth. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Polishes For Coachwork Production in Republic of Korea

In value terms, polishes for coachwork production reached $X in 2022 estimated in export price. Over the period under review, the total production indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.0% against 2020 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 66% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Polishes For Coachwork Exports

Exports from Republic of Korea

Polishes for coachwork exports from South Korea amounted to X tons in 2022, surging by 8.9% on the previous year. In general, exports, however, recorded a slight reduction. The most prominent rate of growth was recorded in 2021 with an increase of 46%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, polishes for coachwork exports expanded rapidly to $X in 2022. Overall, exports saw a buoyant expansion. The pace of growth appeared the most rapid in 2021 with an increase of 48% against the previous year. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Pakistan (X tons), Japan (X tons) and the United States (X tons) were the main destinations of polishes for coachwork exports from South Korea, with a combined 39% share of total exports. Vietnam, India, China, Thailand, Australia, Russia, Indonesia, Mongolia, Finland and the United Arab Emirates lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the biggest increases were recorded for Finland (with a CAGR of +62.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Pakistan ($X), the United States ($X) and Australia ($X) appeared to be the largest markets for polishes for coachwork exported from South Korea worldwide, together accounting for 39% of total exports.

In terms of the main countries of destination, Australia, with a CAGR of +68.1%, saw the highest growth rate of 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

The average polishes for coachwork export price stood at $X per ton in 2022, reducing by -1.8% against the previous year. Overall, the export price, however, posted a strong expansion. The growth pace was the most rapid in 2019 when the average export price increased by 29% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2021, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to China ($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 Russia (+16.6%), while the prices for the other major destinations experienced more modest paces of growth.

Polishes For Coachwork Imports

Imports into Republic of Korea

In 2022, approx. X tons of polishes for coachwork were imported into South Korea; which is down by -11.6% against the previous year's figure. Overall, imports recorded a abrupt descent. The most prominent rate of growth was recorded in 2016 when imports increased by 14% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, polishes for coachwork imports contracted rapidly to $X in 2022. In general, imports continue to indicate a slight slump. The most prominent rate of growth was recorded in 2017 when imports increased by 18%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest polishes for coachwork supplier to South Korea, accounting for a 45% share of total imports. Moreover, polishes for coachwork imports from the United States exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. The third position in this ranking was taken by Italy (X tons), with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled -9.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+2.4% per year) and Italy (+43.6% per year).

In value terms, the United States ($X) constituted the largest supplier of polishes for coachwork to South Korea, comprising 44% of total imports. The second position in the ranking was taken by Germany ($X), with a 20% share of total imports. It was followed by Japan, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to -4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+1.9% per year) and Japan (-2.0% per year).

Import Prices by Country

In 2022, the average polishes for coachwork import price amounted to $X per ton, reducing by -12.5% against the previous year. Overall, import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, polishes for coachwork import price decreased by -14.9% against 2018 indices. The most prominent rate of growth was recorded in 2018 an increase of 37%. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Brazil ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+17.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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