World Expo 2012 to Set on Growth in Slowing South Korea Construction Industry15 Nov 2010 • by Natalie Aster
South Korea is the first country in Asia to host the G-20 summit in Seoul in November 2010. South Korea is in a good position being the fourth largest economy in Asia with an educated workforce. Political alignment with the US and Europe gives South Korea access to international markets that it might not otherwise get so easily.
The country is the 9th largest exporter in the world - $373.6 billion by value. It has the 12th place in imports - $317.5 billion by value. Economic growth of South Korea today depends largely on manufacturing exports. The building and construction sector has been a driving force behind the overall economy since 1999.
Nevertheless the global economic downturn kept South Korea’s construction industry from growing. It is estimated that the value of the construction industry will contract by 4.55% year-on-year in 2015, reaching a value of KRW63,711trn (US$49.97bn). At the same time the country has been given a privilege to host the World Expo 2012, the third largest world event, which is projected to lead to upgrades in the country’s construction projects.
The main product range of special South Korean building materials market consists of fireproofing materials, heat insulation, waterproofing and soundproofing materials.
Some of the major producers of special building materials in South Korea are Yong Sung Refrigeration Co Ltd, Dae Shin Melamine Industrial Co Ltd, Yushin Melamine Mfg Co., Ltd., Shinkwang Co.Kr.
More information on the special building materials market in South Korea may be found in the report Special Building Materials Market in South Korea: Business Report 2010 recently published by TD The Market Publishers, Ltd.
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