The import value of safety glass to South Korea stood at $0.344 billion in 2023. Analyzing the historic trend, there's been a significant fluctuation: a steep decline from 2013 to 2018, followed by slight recovery and stabilization towards 2023. Most notably, the imports dropped by 40.38% in 2014, and continued to decline, hitting a low in 2020 with a 17.74% drop. However, from 2021 onwards, it stabilized with slight fluctuations around $0.35 billion.
In terms of year-on-year variation, we saw a 19.42% increase in 2021 and a 0.87% decline in 2022. The overall Compound Annual Growth Rate (CAGR) for the last five years (2018-2023) averages at -0.74%, reflecting a moderate decrease trend.
Looking forward, the forecast anticipates a slight decline at an average annual rate of 0.74% from 2024 to 2028, with the total import value gently falling to $0.328 billion by 2028. This indicates a relatively stable but decreasing import trend.
Future trends to watch for:
- Technological advancements potentially reducing the need for imports.
- Changes in domestic production capacities and quality improvements.
- Policy shifts impacting trade regulations and tariffs.
- Green energy and sustainability initiatives influencing market dynamics.
