Republic of Korea: Spectacle Glass Lenses Market 2024

Spectacle Glass Lenses Market Size in Republic of Korea

The South Korean spectacle glass lenses market shrank to $X in 2022, dropping by -7.3% against the previous year. Over the period under review, consumption saw a abrupt shrinkage. Spectacle glass lenses consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Spectacle Glass Lenses Production in Republic of Korea

In value terms, spectacle glass lenses production shrank to $X in 2022 estimated in export price. In general, production saw a pronounced setback. The pace of growth was the most pronounced in 2018 when the production volume increased by 112%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Spectacle Glass Lenses Exports

Exports from Republic of Korea

In 2022, the amount of spectacle lenses of glass or other materials exported from South Korea shrank to X units, which is down by -12.9% compared with the previous year's figure. Overall, exports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 when exports increased by 54%. Over the period under review, the exports hit record highs at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, spectacle glass lenses exports contracted to $X in 2022. In general, exports saw a deep contraction. The pace of growth appeared the most rapid in 2018 with an increase of 76% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

China (X units), the United States (X units) and Germany (X units) were the main destinations of spectacle glass lenses exports from South Korea, with a combined 62% share of total exports. Hong Kong SAR, Japan, France, the Czech Republic, Senegal, Italy and Russia lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +18.9%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for spectacle glass lenses exported from South Korea were China ($X), the United States ($X) and Germany ($X), with a combined 63% share of total exports. Hong Kong SAR, France, Senegal, the Czech Republic, Italy, Japan and Russia lagged somewhat behind, together accounting for a further 15%.

In terms of the main countries of destination, Senegal, with a CAGR of +18.9%, recorded the highest rates of growth with regard to 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 spectacle glass lenses export price stood at $X per unit in 2022, therefore, remained relatively stable against the previous year. In general, export price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, spectacle glass lenses export price decreased by -16.8% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the average export price increased by 53% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per unit), while the average price for exports to Russia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+9.9%), while the prices for the other major destinations experienced more modest paces of growth.

Spectacle Glass Lenses Imports

Imports into Republic of Korea

For the fifth year in a row, South Korea recorded growth in purchases abroad of spectacle lenses of glass or other materials, which increased by 0.4% to X units in 2022. Overall, imports posted pronounced growth. The most prominent rate of growth was recorded in 2021 with an increase of 41%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, spectacle glass lenses imports dropped to $X in 2022. Over the period under review, total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +4.0% against 2020 indices. The pace of growth appeared the most rapid in 2018 with an increase of 22%. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of spectacle glass lenses to South Korea, with a 67% share of total imports. Moreover, spectacle glass lenses imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), fourfold. The third position in this ranking was taken by Japan (X units), with a 3.6% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+28.2% per year) and Japan (+5.9% per year).

In value terms, China ($X) constituted the largest supplier of spectacle lenses of glass or other materials to South Korea, comprising 54% of total imports. The second position in the ranking was held by Thailand ($X), with a 17% share of total imports. It was followed by Vietnam, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+14.3% per year) and Vietnam (+19.4% per year).

Import Prices by Country

In 2022, the average spectacle glass lenses import price amounted to $X per unit, declining by -4.1% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 48%. Over the period under review, average import prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Thailand ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+12.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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