Republic of Korea: Rolled Bitumen Articles Market 2024

Rolled Bitumen Articles Market Size in Republic of Korea

After two years of decline, the South Korean rolled bitumen articles market increased by 7.3% to $X in 2021. Over the period under review, the total consumption indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -8.5% against 2018 indices. Rolled bitumen articles consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Rolled Bitumen Articles Production in Republic of Korea

In value terms, rolled bitumen articles production rose significantly to $X in 2021 estimated in export price. In general, the total production indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -9.7% against 2018 indices. The growth pace was the most rapid in 2015 when the production volume increased by 33%. Rolled bitumen articles production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Rolled Bitumen Articles Exports

Exports by Country

Vietnam (X square meters) was the main destination for rolled bitumen articles exports from South Korea, with a 22% share of total exports. Moreover, rolled bitumen articles exports to Vietnam exceeded the volume sent to the second major destination, Taiwan (Chinese) (X square meters), twofold. The third position in this ranking was taken by Thailand (X square meters), with a 4.3% share.

From 2012 to 2021, the average annual growth rate of volume to Vietnam amounted to +5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+0.8% per year) and Thailand (+1.8% per year).

In value terms, Vietnam ($X) remains the key foreign market for articles of bitumen in rolls exports from South Korea, comprising 20% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with an 8.5% share of total exports. It was followed by Thailand, with an 8.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam amounted to +3.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+1.8% per year) and Thailand (+9.5% per year).

Export Prices by Country

In 2021, the average rolled bitumen articles export price amounted to $X per square meter, growing by 6.2% against the previous year. In general, the export price, however, showed a pronounced descent. The pace of growth was the most pronounced in 2013 when the average export price increased by 11% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per square meter in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per square meter), while the average price for exports to Israel ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

Rolled Bitumen Articles Imports

Imports into Republic of Korea

In 2021, the amount of articles of bitumen in rolls imported into South Korea dropped to X square meters, reducing by -10.6% against 2020. Overall, imports, however, saw perceptible growth. The pace of growth was the most pronounced in 2014 with an increase of 169%. Imports peaked at X square meters in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, rolled bitumen articles imports soared to $X in 2021. Over the period under review, imports, however, posted a measured expansion. The growth pace was the most rapid in 2014 with an increase of 113% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X square meters), Singapore (X square meters) and the UK (X square meters) were the main suppliers of rolled bitumen articles imports to South Korea, together comprising 65% of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +19.7%), while purchases for the other leaders experienced a decline.

In value terms, Singapore ($X) constituted the largest supplier of articles of bitumen in rolls to South Korea, comprising 35% of total imports. The second position in the ranking was taken by China ($X), with a 12% share of total imports. It was followed by the United States, with an 8.7% share.

From 2012 to 2021, the average annual growth rate of value from Singapore was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+26.8% per year) and the United States (-12.4% per year).

Import Prices by Country

The average rolled bitumen articles import price stood at $X per square meter in 2021, surging by 36% against the previous year. Overall, the import price, however, continues to indicate a mild shrinkage. Over the period under review, average import prices attained the peak figure at $X per square meter in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

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 the United States ($X per square meter), while the price for China ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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