Republic of Korea: Wooden Window Market 2022

Wooden Window Market Size in Republic of Korea

The South Korean wooden window market soared to $X in 2021, picking up by 18% against the previous year. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Wooden Window Production in Republic of Korea

In value terms, wooden window production soared to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 28%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Wooden Window Exports

Exports from Republic of Korea

In 2021, the amount of windows, french windows and their frames of wood exported from South Korea skyrocketed to X tons, picking up by 44% compared with the previous year. In general, exports, however, saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2014 when exports increased by 84%. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, wooden window exports skyrocketed to $X in 2021. Over the period under review, exports, however, showed a abrupt slump. The growth pace was the most rapid in 2014 with an increase of 56% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for wooden window exports from South Korea, with a approx. 98% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan amounted to +73.9%.

In value terms, Japan ($X) also remains the key foreign market for wooden window exports from South Korea.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan totaled +31.4%.

Export Prices by Country

In 2021, the average wooden window export price amounted to $X per ton, dropping by -15.7% against the previous year. Over the period under review, the export price saw a deep downturn. The most prominent rate of growth was recorded in 2020 when the average export price increased by 16%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Japan.

From 2012 to 2021, the rate of growth in terms of prices for Kazakhstan amounted to +8.6% per year.

Wooden Window Imports

Imports into Republic of Korea

In 2021, imports of windows, french windows and their frames of wood into South Korea contracted sharply to X tons, with a decrease of -38.6% compared with the previous year. In general, imports showed a abrupt contraction. The most prominent rate of growth was recorded in 2016 with an increase of 54%. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, wooden window imports fell markedly to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 when imports increased by 59%. Imports peaked at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of wooden window to South Korea, with a 45% share of total imports. Moreover, wooden window imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. Denmark (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-3.4% per year) and Denmark (+104.3% per year).

In value terms, the largest wooden window suppliers to South Korea were China ($X), the United States ($X) and Denmark ($X), together comprising 83% of total imports.

Denmark, with a CAGR of +88.4%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average wooden window import price amounted to $X per ton, surging by 22% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +5.3%. The most prominent rate of growth was recorded in 2013 an increase of 24% against the previous year. Over the period under review, average import prices hit record highs 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, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+11.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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