Republic of Korea: Enamels And Glazes Market 2024

Enamels And Glazes Market Size in Republic of Korea

The South Korean enamels and glazes market shrank to $X in 2021, which is down by -13% against the previous year. Overall, consumption recorded a noticeable decrease. Enamels and glazes consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Enamels And Glazes Production in Republic of Korea

In value terms, enamels and glazes production fell notably to $X in 2021 estimated in export price. Overall, production recorded a noticeable setback. The pace of growth was the most pronounced in 2020 when the production volume increased by 47% against the previous year. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Enamels And Glazes Exports

Exports from Republic of Korea

In 2021, exports of vitrifiable enamels and glazes for ceramics, enamelling or glass from South Korea shrank significantly to X tons, dropping by -35.1% against the previous year. Over the period under review, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 99%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, enamels and glazes exports dropped to $X in 2021. In general, exports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 83%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Mexico (X tons) was the main destination for enamels and glazes exports from South Korea, with a 58% share of total exports. Moreover, enamels and glazes exports to Mexico exceeded the volume sent to the second major destination, Thailand (X tons), threefold. Vietnam (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Mexico stood at +62.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-12.0% per year) and Vietnam (-1.1% per year).

In value terms, Mexico ($X) remains the key foreign market for vitrifiable enamels and glazes for ceramics, enamelling or glass exports from South Korea, comprising 60% of total exports. The second position in the ranking was taken by Thailand ($X), with a 16% share of total exports. It was followed by Vietnam, with a 6.5% share.

From 2012 to 2021, the average annual growth rate of value to Mexico amounted to +68.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-4.8% per year) and Vietnam (+9.9% per year).

Export Prices by Country

The average enamels and glazes export price stood at $X per ton in 2021, with an increase of 34% against the previous year. Over the period under review, the export price continues to indicate strong growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to Vietnam ($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 Vietnam (+11.2%), while the prices for the other major destinations experienced more modest paces of growth.

Enamels And Glazes Imports

Imports into Republic of Korea

In 2021, overseas purchases of vitrifiable enamels and glazes for ceramics, enamelling or glass increased by 46% to X tons, rising for the second year in a row after two years of decline. Overall, imports saw a prominent expansion. The pace of growth appeared the most rapid in 2014 with an increase of 52% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in the immediate term.

In value terms, enamels and glazes imports surged to $X in 2021. Over the period under review, total imports indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when imports increased by 34%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Spain (X tons), China (X tons) and the United States (X tons) were the main suppliers of enamels and glazes imports to South Korea, together accounting for 92% of total imports. These countries were followed by Belgium and Italy, which together accounted for a further 4.1%.

From 2012 to 2021, the biggest increases were recorded for Belgium (with a CAGR of +59.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of vitrifiable enamels and glazes for ceramics, enamelling or glass to South Korea, comprising 49% of total imports. The second position in the ranking was held by Spain ($X), with a 15% share of total imports. It was followed by China, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States stood at +6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+11.7% per year) and China (-3.2% per year).

Import Prices by Country

The average enamels and glazes import price stood at $X per ton in 2021, which is down by -9.2% against the previous year. In general, the import price recorded a abrupt descent. The pace of growth was the most pronounced in 2019 when the average import price increased by 19%. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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 ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (-7.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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