Republic of Korea: Alcohols Market 2021

Alcohols Market Size in Republic of Korea

The South Korean alcohols market reached $X in 2020, rising by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the market value increased by X% against the previous year. As a result, consumption attained the peak level of $X. from 2019 to 2020, the growth of the market remained at a somewhat lower figure.

Alcohols Exports

Exports from Republic of Korea

In 2020, after two years of growth, there was significant decline in shipments abroad of alcohols and their halogenated, sulphonated, nitrated or nitrosated derivatives, when their volume decreased by -X% to X tons. In general, total exports indicated a temperate expansion from 2007 to 2020: its volume increased at an average annual rate of +X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2008 when exports increased by X% y-o-y. Over the period under review, exports hit record highs at X tons in 2019, and then shrank sharply in the following year.

In value terms, alcohols exports declined to $X in 2020. Overall, total exports indicated a pronounced increase from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, exports decreased by -X% against 2018 indices. The most prominent rate of growth was recorded in 2008 when exports increased by X% y-o-y. Over the period under review, exports hit record highs at $X in 2014; however, from 2015 to 2020, exports failed to regain the momentum.

Exports by Country

China (X tons) was the main destination for alcohols exports from South Korea, with a X% share of total exports. Moreover, alcohols exports to China exceeded the volume sent to the second major destination, India (X tons), ninefold. The third position in this ranking was occupied by Vietnam (X tons), with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of volume to China amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+X% per year) and Vietnam (+X% per year).

In value terms, China ($X) remains the key foreign market for alcohols exports from South Korea, comprising X% of total exports. The second position in the ranking was occupied by India ($X), with a X% share of total exports. It was followed by Vietnam, with a X% share.

From 2007 to 2020, the average annual growth rate of value to China amounted to -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+X% per year) and Vietnam (+X% per year).

Export Prices by Country

The average alcohols export price stood at $X per ton in 2020, increasing by X% against the previous year. Overall, the export price, however, saw a pronounced decrease. The growth pace was the most rapid in 2010 when the average export price increased by X% y-o-y. Over the period under review, average export prices attained the maximum at $X per ton in 2011; however, from 2012 to 2020, export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2020, the country with the highest price was the U.S. ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam, while the prices for the other major destinations experienced mixed trend patterns.

Alcohols Imports

Imports into Republic of Korea

In 2020, imports of alcohols and their halogenated, sulphonated, nitrated or nitrosated derivatives into South Korea rose to X tons, increasing by X% against 2019 figures. The total import volume increased at an average annual rate of +X% over the period from 2007 to 2020; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2012 when imports increased by X% y-o-y. Over the period under review, imports reached the peak figure in 2020 and are expected to retain growth in the immediate term.

In value terms, alcohols imports fell to $X in 2020. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by X% year-to-year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2020, imports remained at a lower figure.

Imports by Country

In 2020, the U.S. (X tons) constituted the largest supplier of alcohols to South Korea, with a X% share of total imports. Moreover, alcohols imports from the U.S. exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), twofold. The third position in this ranking was occupied by Trinidad and Tobago (X tons), with a X% share.

From 2007 to 2020, the average annual growth rate of volume from the U.S. amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (-X% per year) and Trinidad and Tobago (+X% per year).

In value terms, the U.S. ($X), Saudi Arabia ($X) and Japan ($X) were the largest alcohols suppliers to South Korea, with a combined X% share of total imports. Trinidad and Tobago, Taiwan (Chinese), Malaysia and Oman lagged somewhat behind, together accounting for a further X saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2020, the average alcohols import price amounted to $X per ton, which is down by -X% against the previous year. Overall, the import price saw a pronounced downturn. The pace of growth was the most pronounced in 2011 an increase of X% y-o-y. The import price peaked at $X per ton in 2013; however, from 2014 to 2020, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was Japan ($X per ton), while the price for Trinidad and Tobago ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Malaysia, while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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