The market is dominated by domestic suppliers, as imports account for 22.5% of total market size in 2022. B2B drives market demand, with B2B spending representing 100.0% of total demand in 2022. South Korea has the fourth largest market size for paints and varnishes regionally, with demand reaching USD5.8 billion in 2022. Noroo Holdings Co Ltd is the largest company in South Korea, generating 7.3% of the industry’s total production value in 2022. The industry is fragmented, with the top five companies generating 26.0% of total production value in 2022. The total number of companies decreases in 2022, to 777 units. The costs of the industry decrease by 25% in 2022, largely driven by declining B2B costs. The industry’s profitability decreases and stands at 8.8% of production value in 2022, the 16th highest regionally. The industry’s exports share increases in 2022 to 29.7% of total production output. With production value of USD5.7 billion, South Korea accounts for 3.9% of the Asia Pacific total in 2022.
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This Euromonitor industrial report provides unique information on Paints and Varnishes in South Korea: ISIC 2422. With this industrial report, you’ll be able to explore the industry from its sources of supply to its buyers. The Paints and Varnishes in South Korea: ISIC 2422 report includes: Industry datagraphics including production data, exports, imports, cost structure, and profitability
This is the aggregation of basic chemicals, fertilisers and nitrogen compounds, man-made fibers, paints and varnishes, pesticides and other agro-chemical products, photochemicals, explosives and other chemicals, plastic in primary forms and synthetic rubber.
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