Republic of Korea: Wood-Based Panels Market 2024

Wood-Based Panels Market Size in Republic of Korea

The South Korean wood-based panels market fell to $X in 2022, with a decrease of X% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Wood-Based Panels Production in Republic of Korea

In value terms, wood-based panels production contracted to $X in 2022 estimated in export price. In general, production continues to indicate a perceptible contraction. The growth pace was the most rapid in 2013 with an increase of X%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Wood-Based Panels Exports

Exports from Republic of Korea

In 2022, overseas shipments of wood-based panels were finally on the rise to reach X cubic meters after five years of decline. In general, exports, however, recorded a abrupt contraction. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, the exports attained the maximum at X cubic meters in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, wood-based panels exports expanded sharply to $X in 2022. Over the period under review, exports, however, showed a deep reduction. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X cubic meters) was the main destination for wood-based panels exports from South Korea, with a X% share of total exports. Moreover, wood-based panels exports to Japan exceeded the volume sent to the second major destination, Mongolia (X cubic meters), tenfold. The third position in this ranking was taken by China (X cubic meters), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mongolia (X% per year) and China (X% per year).

In value terms, Japan ($X) remains the key foreign market for wood-based panels exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by China ($X), with an X% share of total exports. It was followed by Mongolia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and Mongolia (X% per year).

Export Prices by Country

In 2022, the average wood-based panels export price amounted to $X per cubic meter, increasing by X% against the previous year. In general, export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wood-based panels export price increased by X% against 2016 indices. The pace of growth was the most pronounced in 2018 an increase of X%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per cubic meter), while the average price for exports to Taiwan (Chinese) ($X per cubic meter) was amongst the lowest.

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

Wood-Based Panels Imports

Imports into Republic of Korea

In 2022, imports of wood-based panels into South Korea declined significantly to X cubic meters, with a decrease of X% against 2021 figures. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 with an increase of X%. Imports peaked at X cubic meters in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, wood-based panels imports shrank to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Thailand (X cubic meters) constituted the largest wood-based panels supplier to South Korea, with a X% share of total imports. Moreover, wood-based panels imports from Thailand exceeded the figures recorded by the second-largest supplier, Vietnam (X cubic meters), twofold. Indonesia (X cubic meters) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Indonesia (X% per year).

In value terms, Indonesia ($X), Vietnam ($X) and Thailand ($X) appeared to be the largest wood-based panels suppliers to South Korea, with a combined X% share of total imports.

In terms of the main suppliers, Vietnam, with a CAGR of X%, 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

The average wood-based panels import price stood at $X per cubic meter in 2022, growing by X% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The import price peaked at $X per cubic meter in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Russia ($X per cubic meter), while the price for Brazil ($X per cubic meter) was amongst the lowest.

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

Source: IndexBox Platform

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