Republic of Korea: Aromatic Alcohols Market 2024

Aromatic Alcohols Market Size in Republic of Korea

In 2021, the South Korean aromatic alcohols market increased by 47% to $X for the first time since 2018, thus ending a two-year declining trend. In general, the total consumption indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Aromatic Alcohols Production in Republic of Korea

In value terms, aromatic alcohols production totaled $X in 2021 estimated in export price. In general, production saw a abrupt decrease. The most prominent rate of growth was recorded in 2018 when the production volume increased by 164% against the previous year. Aromatic alcohols production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Aromatic Alcohols Exports

Exports from Republic of Korea

In 2021, shipments abroad of aromatic alcohols and their derivatives decreased by -50.8% to X tons, falling for the second consecutive year after two years of growth. In general, exports saw a abrupt curtailment. The pace of growth appeared the most rapid in 2019 when exports increased by 121% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, aromatic alcohols exports skyrocketed to $X in 2021. Over the period under review, exports showed a deep contraction. The pace of growth appeared the most rapid in 2019 when exports increased by 35% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for aromatic alcohols exports from South Korea, with a 59% share of total exports. Moreover, aromatic alcohols exports to Japan exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. The third position in this ranking was taken by India (X tons), with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+0.1% per year) and India (+2.0% per year).

In value terms, Japan ($X) emerged as the key foreign market for aromatic alcohols and their derivatives exports from South Korea, comprising 89% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 2.6% share of total exports. It was followed by India, with a 1.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-11.7% per year) and India (-6.9% per year).

Export Prices by Country

The average aromatic alcohols export price stood at $X per ton in 2021, jumping by 154% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 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 ($X per ton), while the average price for exports to Argentina ($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 Sri Lanka (+73.5%), while the prices for the other major destinations experienced more modest paces of growth.

Aromatic Alcohols Imports

Imports into Republic of Korea

In 2021, imports of aromatic alcohols and their derivatives into South Korea expanded sharply to X tons, growing by 14% compared with 2020 figures. Over the period under review, total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +68.1% against 2019 indices. The growth pace was the most rapid in 2020 when imports increased by 48%. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the near future.

In value terms, aromatic alcohols imports skyrocketed to $X in 2021. Overall, total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +54.0% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 79%. Imports peaked in 2021 and are likely to continue growth in the immediate term.

Imports by Country

India (X tons), China (X tons) and Germany (X tons) were the main suppliers of aromatic alcohols imports to South Korea, together comprising 98% of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +9.3%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, China ($X) constituted the largest supplier of aromatic alcohols and their derivatives to South Korea, comprising 57% of total imports. The second position in the ranking was taken by India ($X), with a 23% share of total imports. It was followed by Germany, with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-1.2% per year) and Germany (+7.6% per year).

Import Prices by Country

The average aromatic alcohols import price stood at $X per ton in 2021, surging by 16% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2014 an increase of 41% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 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 Germany ($X per ton), while the price for India ($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 (+9.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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