South Korea Wall Material Market (2022-2028) | Trends, Value, Revenue, Analysis, Industry, Share, Segmentation & COVID-19 IMPACT

South Korea Wall Material Market Synopsis

South Korea Wall Material Market expected to grow owing to rising construction activities, such as increasing commercial and residential infrastructure in the South Korean region as the Ministry of Land, Infrastructure and Transport announced its real estate plan to provide affordable housing by 2025 in big cities to meet young people's demand and tackle increasing home prices. The Wall Material Market in South Korea has been obtaining growth since the time of its formation. The growing number of investments in various mega projects in country’s infrastructure in residential and commercial spaces would create the demand for wall materials in the coming years. The sector will come out as one of the most prominent sectors in the country. Many factors have been supporting the evolvement of this sector in the country.

According to 6Wresearch, South Korea Wall Material Market revenue size is projected to grow at a CAGR of 4.8% during 2022-2028. South Korea Wall Material market grew significantly during the period 2018-2019 on account of revival in construction activity. Around $1.35 billion was invested in hospitality sector during the period 2018-2019 which augmented the wall material market. However, the COVID-19 pandemic disrupted the overall economy in South Korea, leaving its negative imprint on numerous sectors and restraining the growth of wall material market during the year 2020 due to disrupted supply chain and halt in construction projects. The wall material market has recovered in 2021 and, would register steady growth in 2022 on the back of several large-scale infrastructure projects in the country such as the expansion of Incheon airport, growing office spaces, construction of Busan’s airport and building of 2.5 million housing units by 2035.

Market by Product Type

By product type, exterior segment accounted for the maximum market revenue share in 2021 due to the continuous growth in the number of hotel rooms, commercial office spaces and the expansion of airports in the country. The Interior segment of the South Korean wall material market is expected to grow moderately in the future owing to the rising construction of new houses across the country, including detached homes, multi-family dwellings and apartments and increasing investment in vital commercial applications such as offices and hospitality.

Market by Material Type

PVC wall panels by interior wall material accounted for the largest share in 2021 owing to the growth of hotel rooms from 51,000 in 2020 to 52,000 in 2021. Further, market would grow with foreign investment of $1.4 billion in the real estate & hospitality sectors in the coming years.

In 2021, Brick by exterior wall material accounted by for major revenue share in South Korea wall material market (exterior) on the back of the growth of infrastructure and residential sector. Further, supply of 2.5 million housing units, majorly in Seoul region to meet the people’s demand, would propel the market of bricks in the country over the coming years.

Market by End Users

In 2021, residential sector by interior accounted for major revenue share in South Korea wall material (interior) backed by government measures to ease housing taxes, which is increasing the interest of foreign investors in the country. This factor would further boost the demand for wall materials.

Commercial sector by exterior accounted for major revenue share in South Korea wall material market (exterior) for 2021 owing to the continuous building of hotels which is projected to be around 58,000 rooms by 2025, majorly in Seoul and Incheon region. Thus, this pipeline of hotel construction across the country in the coming years, would propel the demand for wall material in the years ahead.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years Market Numbers.
• Historical Data Starting from 2018 to 2021.
• Base Year: 2022
• Forecast Data until 2028.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• South Korea Wall Material Market Overview
• South Korea Wall Material Market Outlook
• South Korea Wall Material Market Forecast
• Historical Data and Forecast of South Korea Wall Material Market Revenues for the Period 2018-2028F
• Historical Data and Forecast of South Korea Wall Material Market Revenues, By Applications for the Period 2018-2028F
• Historical Data and Forecast of South Korea Wall Material Market Revenues, By Product Type for the Period 2018-2028F
• Market Drivers and Restraints
• Industry Life Cycle
• Porter’s Five Force Analysis
• Impact Analysis of COVID-19
• Market Trends
• Market Opportunity Assessment
• Company Revenue Ranking/Shares
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Application

• Interior
• Exterior

By Product Type

• Interior
• Material Types
• Metal Wall Panels
• Polyvinyl Chloride (PVC ) Wall Panels
• Wood Wall Panels
• MDF Wall Panels
• Stone
• Ceramic Tiles
• Marble
  
  
• End Users
• Residential
• Commercial

 

• Exterior
• Material Types
• Vinyl
• Metal
• Brick
• Stone
• Wood
• Glass Panel
• Ceramic Tiles
• Concrete
• Marble
  
  
• End Users
• Residential
• Commercial

South Korea Wall Material Market: FAQs