Republic of Korea: Market for Sanitary Ware And Parts Of Iron Or Steel 2025

Market Size for Sanitary Ware And Parts Of Iron Or Steel in Republic of Korea

For the fifth year in a row, the South Korean market for sanitary ware and parts of iron or steel recorded growth in sales value, which increased by 19% to $X in 2021. Over the period under review, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +9.3% 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 +46.3% against 2015 indices. Iron or steel sanitary ware consumption peaked in 2021 and is expected to retain growth in the immediate term.

Exports of Sanitary Ware And Parts Of Iron Or Steel

Exports from Republic of Korea

In 2021, exports of sanitary ware and parts of iron or steel from South Korea reduced sharply to X tons, with a decrease of -23.2% against the previous year. In general, exports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 103% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, iron or steel sanitary ware exports declined remarkably to $X in 2021. Over the period under review, exports continue to indicate a pronounced shrinkage. The growth pace was the most rapid in 2014 with an increase of 134%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

India (X tons), the United States (X tons) and Taiwan (Chinese) (X tons) were the main destinations of iron or steel sanitary ware exports from South Korea, together accounting for 36% of total exports. These countries were followed by Vietnam, China, the Philippines, Kuwait, Germany, Malaysia, Indonesia, Cambodia, Denmark and the United Arab Emirates, which together accounted for a further 49%.

From 2012 to 2021, the biggest increases were recorded for Cambodia (with a CAGR of +78.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron or steel sanitary ware exported from South Korea were Denmark ($X), Germany ($X) and the United Arab Emirates ($X), with a combined 30% share of total exports. These countries were followed by the United States, Kuwait, Vietnam, Taiwan (Chinese), India, China, the Philippines, Cambodia, Indonesia and Malaysia, which together accounted for a further 50%.

Cambodia, with a CAGR of +87.8%, recorded the highest growth rate of the value of exports, in terms of 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 export price for sanitary ware and parts of iron or steel amounted to $X per ton, leveling off at the previous year. In general, export price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, iron or steel sanitary ware export price increased by +56.8% against 2018 indices. The pace of growth was the most pronounced in 2019 an increase of 26% against the previous year. Over the period under review, the average export prices attained the maximum in 2021 and is likely to see steady growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was Denmark ($X per ton), while the average price for exports to India ($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 Denmark (+30.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sanitary Ware And Parts Of Iron Or Steel

Imports into Republic of Korea

In 2021, imports of sanitary ware and parts of iron or steel into South Korea contracted to X tons, remaining relatively unchanged against the previous year's figure. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 13%. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, iron or steel sanitary ware imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a buoyant expansion. The growth pace was the most rapid in 2013 with an increase of 33% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, China (X tons) was the main supplier of iron or steel sanitary ware to South Korea, with a 91% share of total imports. Moreover, iron or steel sanitary ware imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+122.8% per year) and Taiwan (Chinese) (-17.3% per year).

In value terms, China ($X) constituted the largest supplier of sanitary ware and parts of iron or steel to South Korea, comprising 83% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 3.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China totaled +12.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+7.1% per year) and Vietnam (+119.2% per year).

Import Prices by Country

In 2021, the average import price for sanitary ware and parts of iron or steel amounted to $X per ton, rising by 23% against the previous year. In general, the import price saw a resilient expansion. The most prominent rate of growth was recorded in 2017 when the average import price increased by 27%. The import price peaked in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+29.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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