Republic of Korea: Worked Flat Glass Market 2024

Worked Flat Glass Market Size in Republic of Korea

The South Korean worked flat glass market shrank to $X in 2021, waning by -13.9% against the previous year. Overall, consumption saw a pronounced decline. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Worked Flat Glass Production in Republic of Korea

In value terms, worked flat glass production surged to $X in 2021 estimated in export price. Over the period under review, the total production indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +8.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -12.3% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 38%. Worked flat glass production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Worked Flat Glass Exports

Exports from Republic of Korea

In 2021, approx. X tons of worked flat glass were exported from South Korea; increasing by 58% against 2020. Overall, exports showed significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 73% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are likely to continue growth in years to come.

In value terms, worked flat glass exports surged to $X in 2021. In general, exports recorded a resilient increase. The most prominent rate of growth was recorded in 2013 when exports increased by 75%. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

China (X tons) was the main destination for worked flat glass exports from South Korea, with a 57% share of total exports. Moreover, worked flat glass exports to China exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), twofold. Japan (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 China amounted to +33.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+16.4% per year) and Japan (+20.1% per year).

In value terms, China ($X) remains the key foreign market for worked flat glass exports from South Korea, comprising 54% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 21% share of total exports. It was followed by Japan, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to China stood at +37.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+2.2% per year) and Japan (+12.8% per year).

Export Prices by Country

The average worked flat glass export price stood at $X per ton in 2021, shrinking by -7.7% against the previous year. In general, the export price saw a deep reduction. The most prominent rate of growth was recorded in 2016 when the average export price increased by 2.4% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the countries with the highest prices were Japan ($X per ton) and Hong Kong SAR ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) and China ($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 China (+3.3%), while the prices for the other major destinations experienced a decline.

Worked Flat Glass Imports

Imports into Republic of Korea

In 2021, supplies from abroad of worked flat glass increased by 18% to X tons, rising for the second consecutive year after three years of decline. In general, imports, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2016 when imports increased by 69% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, worked flat glass imports skyrocketed to $X in 2021. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 71% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to see steady growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of worked flat glass to South Korea, with a 63% share of total imports. Moreover, worked flat glass imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X tons), threefold. Malaysia (X tons) ranked third in terms of total imports with a 5.4% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+7.0% per year) and Malaysia (+65.9% per year).

In value terms, Japan ($X), Singapore ($X) and China ($X) were the largest worked flat glass suppliers to South Korea, with a combined 84% share of total imports. These countries were followed by Malaysia, Germany, Taiwan (Chinese) and France, which together accounted for a further 14%.

Malaysia, with a CAGR of +58.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average worked flat glass import price stood at $X per ton in 2021, growing by 14% against the previous year. In general, the import price posted a strong expansion. The pace of growth appeared the most rapid in 2020 an increase of 67%. Over the period under review, average import prices reached the peak figure in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+43.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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