Republic of Korea: Amino-Resin Market 2024

Amino-Resin Market Size in Republic of Korea

For the third consecutive year, the South Korean amino-resin market recorded decline in sales value, which decreased by X% to $X in 2022. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Amino-Resin Production in Republic of Korea

In value terms, amino-resin production shrank slightly to $X in 2022 estimated in export price. In general, production saw a slight downturn. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Amino-Resin Exports

Exports from Republic of Korea

In 2022, shipments abroad of amino-resins, phenolic resins and polyurethanes (in primary forms) decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of X%. The exports peaked at X tons in 2021, and then declined in the following year.

In value terms, amino-resin exports reduced to $X in 2022. In general, total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X, and then contracted in the following year.

Exports by Country

China (X tons), India (X tons) and Vietnam (X tons) were the main destinations of amino-resin exports from South Korea, together comprising X% of total exports. The United States, Turkey, Thailand, Indonesia, Japan, France, Mexico, Malaysia, the United Arab Emirates and Taiwan (Chinese) lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for amino-resins, phenolic resins and polyurethanes (in primary forms) exports from South Korea, comprising X% of total exports. The second position in the ranking was held by India ($X), with a X% share of total exports. It was followed by Vietnam, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at 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 amino-resin export price stood at $X per ton in 2022, declining by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2017 when the average export price increased by X%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (X%), while the prices for the other major destinations experienced more modest paces of growth.

Amino-Resin Imports

Imports into Republic of Korea

Amino-resin imports into South Korea shrank modestly to X tons in 2022, dropping by X% compared with 2021. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Imports peaked at X tons in 2021, and then declined in the following year.

In value terms, amino-resin imports fell to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then shrank slightly in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest amino-resin supplier to South Korea, with a X% share of total imports. Moreover, amino-resin imports from China exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), sixfold. Portugal (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (X% per year) and Portugal (X% per year).

In value terms, China ($X) constituted the largest supplier of amino-resins, phenolic resins and polyurethanes (in primary forms) to South Korea, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with a X% share of total imports. It was followed by Germany, with an X% share.

From 2012 to 2022, the average annual growth rate of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Germany (X% per year).

Import Prices by Country

The average amino-resin import price stood at $X per ton in 2022, almost unchanged from the previous year. Overall, the import price, however, recorded a slight decline. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :