Republic of Korea: Tyre Cord Fabric Market 2025

Tyre Cord Fabric Market Size in Republic of Korea

For the fifth consecutive year, the South Korean tyre cord fabric market recorded growth in sales value, which increased by 41% to $X in 2021. Over the period under review, consumption continues to indicate a strong increase. Tyre cord fabric consumption peaked in 2021 and is likely to continue growth in the immediate term.

Tyre Cord Fabric Production in Republic of Korea

In value terms, tyre cord fabric production expanded rapidly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 28% against the previous year. Tyre cord fabric production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Tyre Cord Fabric Exports

Exports from Republic of Korea

In 2021, overseas shipments of tyre cord fabric of high tenacity yarn decreased by -7.1% to X tons, falling for the third year in a row after two years of growth. Overall, exports showed a perceptible curtailment. The pace of growth appeared the most rapid in 2015 with an increase of 5%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, tyre cord fabric exports expanded markedly to $X in 2021. In general, exports recorded a abrupt downturn. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for tyre cord fabric exports from South Korea, accounting for a 35% share of total exports. Moreover, tyre cord fabric exports to the United States exceeded the volume sent to the second major destination, Romania (X tons), fourfold. The third position in this ranking was taken by Thailand (X tons), with an 8.1% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+5.5% per year) and Thailand (-11.5% per year).

In value terms, the United States ($X) remains the key foreign market for tyre cord fabric of high tenacity yarn exports from South Korea, comprising 34% of total exports. The second position in the ranking was held by Thailand ($X), with an 8.6% share of total exports. It was followed by Romania, with a 7.1% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-11.8% per year) and Romania (+3.2% per year).

Export Prices by Country

The average tyre cord fabric export price stood at $X per ton in 2021, jumping by 20% against the previous year. Overall, the export price, however, recorded a mild contraction. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Hungary ($X per ton), while the average price for exports to Bangladesh ($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 Hungary (+3.9%), while the prices for the other major destinations experienced a decline.

Tyre Cord Fabric Imports

Imports into Republic of Korea

Tyre cord fabric imports into South Korea soared to X tons in 2021, growing by 25% on 2020. Over the period under review, imports, however, saw a relatively flat trend pattern. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, tyre cord fabric imports surged to $X in 2021. In general, imports, however, saw a mild contraction. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Vietnam (X tons), China (X tons) and Indonesia (X tons) were the main suppliers of tyre cord fabric imports to South Korea, with a combined 94% share of total imports. Taiwan (Chinese) and Germany lagged somewhat behind, together accounting for a further 4.5%.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +10.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), China ($X) and Indonesia ($X) appeared to be the largest tyre cord fabric suppliers to South Korea, together accounting for 92% of total imports. Germany and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 6.6%.

In terms of the main suppliers, Germany, with a CAGR of +10.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average tyre cord fabric import price amounted to $X per ton, rising by 2.9% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average import price increased by 5.3%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+0.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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