Republic of Korea: Mineral Wool Market 2024

Mineral Wool Market Size in Republic of Korea

The South Korean mineral wool market rose remarkably to $X in 2021, growing by 6.8% against the previous year. Overall, the total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -4.2% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Mineral Wool Production in Republic of Korea

In value terms, mineral wool production amounted to $X in 2021 estimated in export price. Over the period under review, the total production indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -0.3% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 39% against the previous year. Mineral wool production peaked at $X in 2019; afterwards, it flattened through to 2021.

Mineral Wool Exports

Exports from Republic of Korea

In 2021, shipments abroad of slag wool, rock wool and similar mineral wools and mixtures was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports showed a prominent increase. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, mineral wool exports surged to $X in 2021. In general, exports posted resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X tons) was the main destination for mineral wool exports from South Korea, accounting for a 43% share of total exports. Moreover, mineral wool exports to Japan exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), twofold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with a 7.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan amounted to +18.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+28.1% per year) and Taiwan (Chinese) (+3.9% per year).

In value terms, the United Arab Emirates ($X), the United States ($X) and Mexico ($X) were the largest markets for mineral wool exported from South Korea worldwide, with a combined 73% share of total exports.

In terms of the main countries of destination, Mexico, with a CAGR of +61.0%, recorded 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

In 2021, the average mineral wool export price amounted to $X per ton, almost unchanged from the previous year. In general, export price indicated a prominent increase from 2012 to 2021: its price increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, mineral wool export price increased by +116.0% against 2018 indices. The most prominent rate of growth was recorded in 2020 an increase of 52% against the previous year. As a result, the export price attained the peak level of $X per ton, leveling off in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to Japan ($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 the United States (+23.3%), while the prices for the other major destinations experienced more modest paces of growth.

Mineral Wool Imports

Imports into Republic of Korea

Mineral wool imports into South Korea skyrocketed to X tons in 2021, increasing by 64% against the previous year. Over the period under review, imports saw a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, mineral wool imports surged to $X in 2021. Overall, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2019 with an increase of 78%. Imports peaked in 2021 and are likely to see gradual growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest mineral wool supplier to South Korea, with a 54% share of total imports. Moreover, mineral wool imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. The third position in this ranking was taken by the Netherlands (X tons), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+20.9% per year) and the Netherlands (+10.4% per year).

In value terms, Japan ($X) constituted the largest supplier of slag wool, rock wool and similar mineral wools and mixtures to South Korea, comprising 66% of total imports. The second position in the ranking was held by China ($X), with a 12% share of total imports. It was followed by the United States, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from Japan stood at +22.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.4% per year) and the United States (+21.2% per year).

Import Prices by Country

The average mineral wool import price stood at $X per ton in 2021, reducing by -2.4% against the previous year. Over the period under review, import price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, mineral wool import price decreased by -12.1% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 58%. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+14.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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