Republic of Korea: Market for Mattresses of cellular rubber or plastics 2024

Market Size for Mattresses of cellular rubber or plastics in Republic of Korea

In 2022, the South Korean market for mattresses of cellular rubber or plastics decreased by -15.9% to $X for the first time since 2017, thus ending a four-year rising trend. In general, consumption, however, continues to indicate a buoyant increase. Over the period under review, the market reached the maximum level at $X in 2021, and then contracted sharply in the following year.

Exports of Mattresses of cellular rubber or plastics

Exports from Republic of Korea

In 2022, overseas shipments of mattresses of cellular rubber or plastics decreased by -34.8% to X units for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, showed prominent growth. The growth pace was the most rapid in 2021 when exports increased by 232% against the previous year. As a result, the exports attained the peak of X units, and then fell remarkably in the following year.

In value terms, exports of mattresses of cellular rubber or plastics skyrocketed to $X in 2022. In general, exports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 157% against the previous year. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

The United States (X units) was the main destination for exports of mattresses of cellular rubber or plastics from South Korea, with a 70% share of total exports. Moreover, exports of mattresses of cellular rubber or plastics to the United States exceeded the volume sent to the second major destination, Australia (X units), eightfold. The third position in this ranking was held by Thailand (X units), with a 5.9% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +16.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+10.8% per year) and Thailand (+72.7% per year).

In value terms, the United States ($X) remains the key foreign market for mattresses of cellular rubber or plastics exports from South Korea, comprising 70% of total exports. The second position in the ranking was taken by Australia ($X), with an 8.9% share of total exports. It was followed by Thailand, with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +19.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+13.8% per year) and Thailand (+77.1% per year).

Export Prices by Country

The average export price for mattresses of cellular rubber or plastics stood at $X per unit in 2022, with an increase of 78% against the previous year. Overall, export price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Singapore ($X per unit) and Japan ($X per unit), while the average price for exports to Australia ($X per unit) and Thailand ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+3.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Mattresses of cellular rubber or plastics

Imports into Republic of Korea

In 2022, overseas purchases of mattresses of cellular rubber or plastics decreased by -18.7% to X units for the first time since 2015, thus ending a six-year rising trend. Overall, imports, however, recorded prominent growth. The growth pace was the most rapid in 2014 when imports increased by 64% against the previous year. Over the period under review, imports of attained the maximum at X units in 2021, and then declined notably in the following year.

In value terms, imports of mattresses of cellular rubber or plastics declined rapidly to $X in 2022. In general, imports, however, showed a resilient increase. The pace of growth appeared the most rapid in 2016 with an increase of 41% against the previous year. Imports peaked at $X in 2021, and then shrank remarkably in the following year.

Imports by Country

China (X units), Denmark (X units) and Italy (X units) were the main suppliers of imports of mattresses of cellular rubber or plastics to South Korea, together accounting for 87% of total imports.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +148.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Denmark ($X) and Italy ($X) constituted the largest mattresses of cellular rubber or plastics suppliers to South Korea, with a combined 87% share of total imports.

Among the main suppliers, Denmark, with a CAGR of +148.3%, recorded the highest rates of growth with regard to 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 2022, the average import price for mattresses of cellular rubber or plastics amounted to $X per unit, rising by 4.1% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 16%. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Denmark ($X per unit) and Italy ($X per unit), while the price for Belgium ($X per unit) and Thailand ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+0.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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