South Korea Ceramic Sanitary Ware Market-Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

South Korea Ceramic Sanitary Ware Market-Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Due to the COVID-19 pandemic in 2019-2020, the market for sanitary ware products observed a decline in South Korea. With the pandemic's continued impact, South Korea's production level of ceramic sanitaryware declined.

Ceramic sanitary ware includes fixtures and components such as wash basins, closets, sinks, and bathtub components, which consist of washbasins bathtubs. With the increasing population and construction, the demand for ceramic sanitary ware is also increasing.

South Korea is expected to observe a continuous increase in its GDP, from USD 1,798.5 billion in 2021 to USD 2,300.2 billion in 2027. This GDP increase is expected to increase the income levels of people and encourage them to spend on products like ceramic sanitary ware and other items. This increased spending may boost the ceramic sanitaryware market and demand in South Korea.

The contribution of the construction sector to the GDP of South Korea observed an increasing trend from 2011 to 2017. However, from 2017, it observed a decline. In 2019, the construction sector amounted to KRW 89.37 trillion and declined to KRW 85.9 trillion in 2021. As many sanitary ware products are being installed in commercial and residential buildings, a decline in the industry's revenue and growth may negatively impact the demand for sanitary ware products in South Korea. Being a part of East Asia and in terms of the production of ceramic tiles worldwide, Asia is leading globally, with a total of 11,905 million sq. m. of production and exports. Therefore, South Korea has the opportunity to increase its market share and satisfy the ceramic sanitary ware demand worldwide and fill the demand gap domestically.

The average number of members per household in South Korea declined over the years, from around 4.5 members per household in 2010 to 2.3 members per household in 2021. The population density in South Korea also observed a positive increase from 2017 to 2021. Population growth in South Korea observed positive growth compared to the previous year. This factor signifies the shifting trend toward nuclear families, creating an increase in the demand for household construction, including more kitchens and bathrooms, and leading to positive growth for the ceramic sanitaryware market in South Korea.

Major players operating in the sanitary ware market are CERA Sanitaryware Limited, Corona, Gebrit AG, HSIL Limited, Jaquar Group, Saturn, American Standard, Compass, Acrofluid, and Roca.

Most companies are trying to establish a global presence. South Korea, as a growing economy, is investing heavily in commercial spaces and core projects, which may lead to an increase in the demand for ceramic sanitary ware projects. Ceramics with their pleasant appearance and versatility are gaining popularity in manufacturing high-quality sanitary fittings in South Korea.

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