Republic of Korea: Market for Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate) 2024

Market Size for Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate) in Republic of Korea

In 2021, the South Korean market for acrylic polymers, in primary forms (excluding polymethyl methacrylate) decreased by -4.7% to $X for the first time since 2017, thus ending a three-year rising trend. Over the period under review, consumption saw a noticeable shrinkage. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Production of Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate) in Republic of Korea

In value terms, production of acrylic polymers, in primary forms (excluding polymethyl methacrylate) expanded remarkably to $X in 2021 estimated in export price. In general, the total production indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +85.3% against 2015 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 22% against the previous year. Production of peaked in 2021 and is expected to retain growth in the near future.

Exports of Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate)

Exports from Republic of Korea

In 2021, approx. X tons of acrylic polymers, in primary forms (excluding polymethyl methacrylate) were exported from South Korea; picking up by 1.9% compared with 2020. In general, exports showed strong growth. The growth pace was the most rapid in 2017 when exports increased by 25% against the previous year. Over the period under review, the exports of hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, exports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) soared to $X in 2021. Overall, exports continue to indicate buoyant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for exports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) from South Korea, with a 31% share of total exports. Moreover, exports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) to China exceeded the volume sent to the second major destination, the United States (X tons), threefold. Turkey (X tons) ranked third in terms of total exports with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to +17.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+25.0% per year) and Turkey (+7.3% per year).

In value terms, China ($X) remains the key foreign market for acrylic polymers, in primary forms (excluding polymethyl methacrylate) exports from South Korea, comprising 36% of total exports. The second position in the ranking was taken by the United States ($X), with an 8.1% share of total exports. It was followed by Turkey, with a 4.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled +14.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+19.3% per year) and Turkey (+6.4% per year).

Export Prices by Country

In 2021, the average export price for acrylic polymers, in primary forms (excluding polymethyl methacrylate) amounted to $X per ton, picking up by 24% against the previous year. Over the period under review, the export price, however, showed a pronounced shrinkage. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Sweden ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (-0.8%), while the prices for the other major destinations experienced a decline.

Imports of Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate)

Imports into Republic of Korea

In 2021, overseas purchases of acrylic polymers, in primary forms (excluding polymethyl methacrylate) were finally on the rise to reach X tons after three years of decline. The total import volume increased at an average annual rate of +3.0% over the period 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 2014 when imports increased by 19% against the previous year. Over the period under review, imports of hit record highs at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, imports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) rose to $X in 2021. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 12% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports of failed to regain momentum.

Imports by Country

China (X tons), Japan (X tons) and the United States (X tons) were the main suppliers of imports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) to South Korea, with a combined 68% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +12.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of acrylic polymers, in primary forms (excluding polymethyl methacrylate) to South Korea, comprising 35% of total imports. The second position in the ranking was taken by China ($X), with a 17% share of total imports. It was followed by the United States, with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan amounted to -4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+10.5% per year) and the United States (+6.3% per year).

Import Prices by Country

The average import price for acrylic polymers, in primary forms (excluding polymethyl methacrylate) stood at $X per ton in 2021, almost unchanged from the previous year. Over the period under review, the import price, however, continues to indicate a pronounced descent. The most prominent rate of growth was recorded in 2018 when the average import price increased by 5.8% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform