Republic of Korea: Glass Fiber Market 2024

Glass Fiber Market Size in Republic of Korea

After four years of decline, the South Korean glass fiber market increased by 42% to $X in 2021. Overall, consumption, however, recorded a noticeable reduction. Glass fiber consumption peaked at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Glass Fiber Production in Republic of Korea

In value terms, glass fiber production skyrocketed to $X in 2021 estimated in export price. In general, production, however, continues to indicate a drastic downturn. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Glass Fiber Exports

Exports from Republic of Korea

In 2021, overseas shipments of voiles, webs, mats and other articles of glass fibers were finally on the rise to reach X tons after two years of decline. The total export volume increased at an average annual rate of +2.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, glass fiber exports rose rapidly to $X in 2021. In general, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when exports increased by 22% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Japan (X tons), Vietnam (X tons) and China (X tons) were the main destinations of glass fiber exports from South Korea, together comprising 63% of total exports. These countries were followed by France, India, Brazil, the United States, Malaysia, Thailand, Indonesia, Poland and Kuwait, which together accounted for a further 27%.

From 2012 to 2021, the biggest increases were recorded for Kuwait (with a CAGR of +84.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for glass fiber exported from South Korea were China ($X), Japan ($X) and Vietnam ($X), together accounting for 55% of total exports. These countries were followed by France, Brazil, Thailand, the United States, India, Malaysia, Indonesia, Kuwait and Poland, which together accounted for a further 31%.

In terms of the main countries of destination, Kuwait, with a CAGR of +85.9%, 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

In 2021, the average glass fiber export price amounted to $X per ton, shrinking by -13.3% against the previous year. Overall, the export price saw a perceptible decrease. The pace of growth was the most pronounced in 2018 an increase of 21%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to India ($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 China (+7.0%), while the prices for the other major destinations experienced more modest paces of growth.

Glass Fiber Imports

Imports into Republic of Korea

For the seventh year in a row, South Korea recorded growth in overseas purchases of voiles, webs, mats and other articles of glass fibers, which increased by 10% to X tons in 2021. In general, total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +9.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +44.8% against 2013 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 58%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, glass fiber imports skyrocketed to $X in 2021. Over the period under review, total imports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +10.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +19.1% against 2016 indices. The most prominent rate of growth was recorded in 2013 with an increase of 73% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of glass fiber to South Korea, accounting for a 70% share of total imports. Moreover, glass fiber imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), sixfold. Italy (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.9% per year) and Italy (+12.6% per year).

In value terms, China ($X) constituted the largest supplier of voiles, webs, mats and other articles of glass fibers to South Korea, comprising 67% of total imports. The second position in the ranking was held by the United States ($X), with an 11% share of total imports. It was followed by Italy, with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +18.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-0.9% per year) and Italy (+11.6% per year).

Import Prices by Country

The average glass fiber import price stood at $X per ton in 2021, increasing by 13% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 18%. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average 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 ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+6.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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