Republic of Korea: Amine-Function Compounds Market 2024

Amine-Function Compounds Market Size in Republic of Korea

In 2021, the South Korean amine-function compounds market was finally on the rise to reach $X after two years of decline. Overall, consumption saw a relatively flat trend pattern. Amine-function compounds consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Amine-Function Compounds Production in Republic of Korea

In value terms, amine-function compounds production rose remarkably to $X in 2021 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 18%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Amine-Function Compounds Exports

Exports from Republic of Korea

In 2021, shipments abroad of amine-function compounds increased by 11% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 12% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, amine-function compounds exports skyrocketed to $X in 2021. Overall, exports recorded a slight increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The Philippines (X tons), China (X tons) and the United States (X tons) were the main destinations of amine-function compounds exports from South Korea, with a combined 42% share of total exports. These countries were followed by India, Japan, Australia, Israel, Thailand, Malaysia, Indonesia, Brazil, Turkey and Canada, which together accounted for a further 46%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of +12.2%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Japan ($X) constituted the largest markets for amine-function compounds exported from South Korea worldwide, together accounting for 44% of total exports. India, the Philippines, Thailand, Turkey, Brazil, Canada, Indonesia, Israel, Malaysia and Australia lagged somewhat behind, together comprising a further 35%.

Australia, with a CAGR of +7.8%, recorded the highest rates of growth with regard to the value of exports, in terms of 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

In 2021, the average amine-function compounds export price amounted to $X per ton, with an increase of 42% against the previous year. In general, the export price saw a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Australia ($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 China (+4.8%), while the prices for the other major destinations experienced more modest paces of growth.

Amine-Function Compounds Imports

Imports into Republic of Korea

In 2021, purchases abroad of amine-function compounds was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +2.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, amine-function compounds imports soared to $X in 2021. Overall, total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 amine-function compounds supplier to South Korea, accounting for a 49% share of total imports. Moreover, amine-function compounds imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was held by Japan (X tons), with a 6.6% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.4% per year) and Japan (-2.8% per year).

In value terms, China ($X) constituted the largest supplier of amine-function compounds to South Korea, comprising 41% of total imports. The second position in the ranking was taken by the United States ($X), with an 18% share of total imports. It was followed by Germany, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.0% per year) and Germany (+7.8% per year).

Import Prices by Country

The average amine-function compounds import price stood at $X per ton in 2021, picking up by 8.2% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.3%. The pace of growth was the most pronounced in 2018 an increase of 17%. The import price peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+11.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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