Market Trends of South Korea Ceramic Sanitaryware Industry
This section covers the major market trends shaping the South Korea Ceramic Sanitaryware Market according to our research experts:
Growth in Construction Sector Driving the Demand for Sanitary Ware 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.
Demographic Changes in South Korea is Affecting the Country's Ceramic Sanitary Ware Market
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.
