The market is dominated by domestic suppliers, as imports account for 19.3% of total market size in 2023. B2B drives market demand, with B2B spending representing 99.7% of total demand in 2023. South Korea has the fifth largest market size for rubber products regionally, with demand reaching USD9.5 billion in 2023. Hankook Tire & Technology Co Ltd is the largest company in South Korea, generating 20.8% of the industry’s total production value in 2023. The industry is fragmented, with the top five companies generating 47.8% of total production value in 2023. The total number of companies decreases in 2023, to 5,113 units. The costs of the industry decrease by 1.4% in 2023, largely driven by declining B2B costs. The industry’s profitability decreases and stands at 12.8% of production value in 2023, the 18th highest regionally. The industry’s exports share decreases in 2023 to 35.0% of total production output. With production value of USD11.1 billion, South Korea accounts for 4.4% of the Asia Pacific total in 2023.
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This Euromonitor industrial report provides unique information on Rubber Products in South Korea: ISIC 251. With this industrial report, you’ll be able to explore the industry from its sources of supply to its buyers. The Rubber Products in South Korea: ISIC 251 report includes: Industry datagraphics including production data, exports, imports, cost structure, and profitability
Rubber and Plastic is an aggregation of Plastic and Rubber products.
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