Since 2013, South Korea's import of parts for hot glass working machines has experienced a fluctuating yet overall upward trajectory. The series started with a value of 81.111 million USD in 2013, subsequently growing to an actual value of 184.95 million USD by 2023, reflecting a compound annual growth rate (CAGR) of approximately 7.72% over a decade.
The year-on-year variations reveal some notable trends:
- High annual growth in specific years like 2014 (68.05%) and 2021 (25.67%)
- Declines in other years like 2015 (-3.73%) and 2020 (-13.18%)
Recent trends show a more modest rise with positive growth rates in 2022 (4.05%) and 2023 (3.81%). The forecast suggests continued growth, with projected values reaching 199.63 million USD in 2025 and 220.44 million USD by 2028. This forecast anticipates a 2.76% CAGR from 2023 to 2028.
Future trends to watch for include:
- Technological advancements in hot glass working machines that could spur increased demand.
- Global supply chain dynamics post-COVID-19 pandemic affecting the import rate.
- Policy changes in South Korea aimed at boosting local manufacturing which might impact the import levels.
