The report
titled “South
Korea Artificial Turf Market Outlook to 2022 - by Organized and Unorganized, by
Product Type (Polyethylene, Polypropylene, Nylon/ Polyamide and Blended) and by
Application Areas (Contact Sports, Non-Contact Sports, Landscaping and Leisure)”
provides a comprehensive
analysis of South Korean artificial turf market introduction, market size,
value chain and market segmentations by Organized and Unorganized, by Product
Type (Polyethylene, Polypropylene, Nylon/ Polyamide and Blended) and by
Application Areas (Contact Sports, Non-Contact Sports, Landscaping and Leisure).
The report extensively covers pricing analysis, case analysis, competition
scenario, market share and competitive landscape of major players
including Kolon Glotech, Entoutcas, K&B Junwoo, DaeWon Green (DWG),
FieldMaster and analyst recommendations.
The
report facilitates the reader with the identification and in-depth analysis of
the existing and future trends and issues that impacts the industry. It
provides the reader an idea regarding growth in the future depending upon
changing industry dynamics in coming years. The report is useful for artificial
turf manufacturers, distributors, government entities, sports facilities,
sports franchises and other stakeholders to plan their market centric
strategies in accordance with the ongoing and expected trends in the future.
South Korea Artificial Turf
Market Size and Overview
Market
Overview: The market for
artificial turf is at a matured stage, with a limited number of players
dominating the market. In terms of revenue, the market for artificial turf has
increased at a single digit CAGR during FY’2012 – FY’2017 due to both domestic
and international growth factors. The share of organized players by production
during FY’2012-FY’2017 increased due to capacity addition and entry of new
players in the market. Additionally, a series of unorganized players have taken
an exit from the market due to low volumes, thereby reducing the share of the
unorganized sector in terms of production.
By
Organized and Unorganized sector in Domestic Sales: Organized sector accounted
for largest share of the total sales in the domestic sector and unorganized
sector accounted for the rest of the sales. Increase in the number of
government projects, capacity addition and renewal of interest in artificial
turf is the reason for this share in the market. Major companies in the
organized sector are Kolon Glotech, Entoutcas, K&B Junwoo, FieldMaster and
others.
By Application: Contact Sports segment
dominated the revenues in FY’2017 from demand for artificial turfs due to
increasing government allocation on building facilities for soccer, baseball,
hockey and others. This was followed by the Leisure segment in FY’2017.
Landscaping and Non-Contact Sports contributed single digit share respectively
in FY’2017.
By Product Type: Polyethylene (PE) based
artificial turfs have dominated the market in 2017. PE is popular due to its
durable nature, mid-range price and soft grass-like feel. The Polypropylene
(PP) based artificial turfs followed PE. This was followed by Nylon/ Polyamide
and Blended (double structured- Nylon+PE) in terms of revenues share.
Export of Artificial Turfs: Increasing infrastructure,
better sales prices, favorable export policies along with a growing number of
South Korean artificial grass manufacturers with proper certifications have led
to the growth of the export market in South Korea.
Major Export Destinations
for Artificial Turfs: In terms of exports, US,
Australia, China, Canada and the United Kingdom are the top 5 destinations for
export of South Korean artificial grass products.
Competitive
Landscape
The South Korean artificial turf market is an
extremely competitive market due to a mixture of increasing production of
manufacturers and rising domestic demand. The competition is more pronounced in
the domestic market, due to entry of a number of foreign entities who want to
play a decisive role in this market. The market in South Korea is at a growth
stage and with companies becoming specialized in offering products pertaining
to a particular category, with the required quality standards; it presents an
immense opportunity for growth. The leading companies in this space are
gravitating from being a products seller to becoming a solutions seller.
Competition among companies is staged on parameters pertaining to safety,
experience, performance and certifications.
Future
Analysis and Projections
South
Korea Artificial market, in terms of revenue is expected to increase at a
higher end of single digit CAGR during FY’2018-FY’2022 owing to a variety of
reasons involving evolution of recyclable process for artificial turfs to raw
materials for making artificial turfs being derived from bio-based materials.
The nature of end user industries is also going to change and sports bodies
will adapt themselves to the changing realities. This marks a behavioral shift
in attitudes of people towards artificial turfs which promises to be
substantial. Polyethylene based products in the market is expected to dominate
and the share of contact sports is expected to grow. Thus the future of the
market looks full of potential and growth.
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Ankur Gupta,
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