Republic of Korea: Market for Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles 2024

Market Size for Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles in Republic of Korea

In 2021, the South Korean market for glass fibre filaments, rovings, chopped strands, and staple glass fibre articles increased by 23% to $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +4.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Consumption of peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Production of Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles in Republic of Korea

In value terms, production of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles rose rapidly to $X in 2021 estimated in export price. In general, the total production indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.8% 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 -5.3% against 2019 indices. The pace of growth appeared the most rapid in 2015 with an increase of 52%. As a result, production attained the peak level of $X. From 2016 to 2021, production of growth remained at a somewhat lower figure.

Exports of Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles

Exports from Republic of Korea

In 2021, overseas shipments of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles increased by 70% to X tons, rising for the second consecutive year after two years of decline. Overall, total exports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +9.8% 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 increased by +71.7% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, exports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles soared to $X in 2021. Over the period under review, total exports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +8.4% 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 increased by +66.9% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X tons), Slovenia (X tons) and the United States (X tons) were the main destinations of exports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles from South Korea, together accounting for 41% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Slovenia (with a CAGR of +75.2%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the key foreign market for glass fibre filaments, rovings, chopped strands, and staple glass fibre articles exports from South Korea, comprising 21% of total exports. The second position in the ranking was taken by the United States ($X), with a 9.7% share of total exports. It was followed by Slovenia, with an 8.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan totaled +12.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+28.6% per year) and Slovenia (+72.5% per year).

Export Prices by Country

In 2021, the average export price for glass fibre filaments, rovings, chopped strands, and staple glass fibre articles amounted to $X per ton, shrinking by -6.2% against the previous year. In general, the export price recorded a mild shrinkage. The most prominent rate of growth was recorded in 2016 when the average export price increased by 7.2% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were Belgium ($X per ton) and Taiwan (Chinese) ($X per ton), while the average price for exports to India ($X per ton) and Slovenia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+1.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles

Imports into Republic of Korea

In 2021, after two years of decline, there was significant growth in overseas purchases of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles, when their volume increased by 19% to X tons. Overall, total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 20%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles skyrocketed to $X in 2021. Over the period under review, total imports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of glass fibre filament, roving, and staple glass fibre article to South Korea, with a 66% share of total imports. Moreover, imports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. The third position in this ranking was held by Japan (X tons), with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+1.6% per year) and Japan (+5.6% per year).

In value terms, China ($X) constituted the largest supplier of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles to South Korea, comprising 63% of total imports. The second position in the ranking was held by Malaysia ($X), with a 22% share of total imports. It was followed by Japan, with a 7.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +8.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+0.8% per year) and Japan (+5.3% per year).

Import Prices by Country

In 2021, the average import price for glass fibre filaments, rovings, chopped strands, and staple glass fibre articles amounted to $X per ton, with an increase of 20% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The import price peaked at $X per ton in 2015; afterwards, it flattened through to 2021.

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 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+3.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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