Republic of Korea: Acrylonitrile Market 2024

Acrylonitrile Market Size in Republic of Korea

The South Korean acrylonitrile market surged to $X in 2021, growing by 20% against the previous year. Overall, consumption, however, continues to indicate a moderate expansion. Over the period under review, the market hit record highs in 2021 and is likely to see steady growth in the immediate term.

Acrylonitrile Production in Republic of Korea

In value terms, acrylonitrile production rose markedly to $X in 2021 estimated in export price. In general, production continues to indicate a mild curtailment. The pace of growth was the most pronounced in 2018 with an increase of 17% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Acrylonitrile Exports

Exports from Republic of Korea

Acrylonitrile exports from South Korea soared to X tons in 2021, picking up by 28% against 2020 figures. The total export volume increased at an average annual rate of +3.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 52% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, acrylonitrile exports surged to $X in 2021. Over the period under review, total exports indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons), the Netherlands (X tons) and Malaysia (X tons) were the main destinations of acrylonitrile exports from South Korea, together accounting for 68% of total exports. India, the United States, Thailand, Taiwan (Chinese) and Japan lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of +225.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for acrylonitrile exported from South Korea were China ($X), the Netherlands ($X) and Malaysia ($X), together accounting for 66% of total exports. These countries were followed by India, the United States, Thailand, Taiwan (Chinese) and Japan, which together accounted for a further 33%.

The United States, with a CAGR of +312.4%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average acrylonitrile export price stood at $X per ton in 2021, growing by 69% against the previous year. Overall, the export price showed a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Thailand ($X per ton) and the United States ($X per ton), while the average price for exports to the Netherlands ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+26.9%), while the prices for the other major destinations experienced more modest paces of growth.

Acrylonitrile Imports

Imports into Republic of Korea

Acrylonitrile imports into South Korea soared to X tons in 2021, rising by 15% against 2020. Over the period under review, imports showed prominent growth. The pace of growth appeared the most rapid in 2016 with an increase of 28%. Imports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, acrylonitrile imports soared to $X in 2021. Overall, imports recorded a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of acrylonitrile to South Korea, accounting for a 60% share of total imports. Moreover, acrylonitrile imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold. The United States (X tons) ranked third in terms of total imports with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +320.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+31.0% per year) and the United States (-8.7% per year).

In value terms, China ($X) constituted the largest supplier of acrylonitrile to South Korea, comprising 59% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 22% share of total imports. It was followed by the United States, with a 17% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +405.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+33.4% per year) and the United States (-7.7% per year).

Import Prices by Country

In 2021, the average acrylonitrile import price amounted to $X per ton, growing by 88% against the previous year. Over the period under review, import price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Taiwan (Chinese) ($X per ton) and Japan ($X per ton), while the price for the United States ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+20.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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