Republic of Korea: Polyethylene Glycol Wax Market 2024

Polyethylene Glycol Wax Market Size in Republic of Korea

The South Korean polyethylene glycol wax market surged to $X in 2021, picking up by 111% against the previous year. Over the period under review, consumption continues to indicate a prominent increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Polyethylene Glycol Wax Production in Republic of Korea

In value terms, polyethylene glycol wax production stood at $X in 2021 estimated in export price. Overall, production recorded resilient growth. The pace of growth was the most pronounced in 2017 with an increase of 148%. Polyethylene glycol wax production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Polyethylene Glycol Wax Exports

Exports from Republic of Korea

In 2021, overseas shipments of artificial and prepared waxes of polyethylene glycol decreased by -14.3% to X tons, falling for the second year in a row after four years of growth. Overall, exports, however, continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 241%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, polyethylene glycol wax exports amounted to $X in 2021. In general, exports, however, posted prominent growth. The pace of growth was the most pronounced in 2017 when exports increased by 161% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

India (X tons), Turkey (X tons) and China (X tons) were the main destinations of polyethylene glycol wax exports from South Korea, with a combined 67% share of total exports. These countries were followed by Vietnam, the United Arab Emirates, the Netherlands, Russia, Indonesia, Saudi Arabia, South Africa and Taiwan (Chinese), which together accounted for a further 22%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +238.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for polyethylene glycol wax exported from South Korea were India ($X), Turkey ($X) and China ($X), with a combined 66% share of total exports. These countries were followed by Vietnam, the United Arab Emirates, the Netherlands, Indonesia, Russia, Saudi Arabia, South Africa and Taiwan (Chinese), which together accounted for a further 23%.

Among the main countries of destination, Russia, with a CAGR of +253.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average polyethylene glycol wax export price stood at $X per ton in 2021, growing by 19% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were the United Arab Emirates ($X per ton) and Indonesia ($X per ton), while the average price for exports to China ($X per ton) and South Africa ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Polyethylene Glycol Wax Imports

Imports into Republic of Korea

In 2021, polyethylene glycol wax imports into South Korea rose remarkably to X tons, surging by 11% compared with 2020 figures. Over the period under review, imports, however, showed a deep contraction. The growth pace was the most rapid in 2015 when imports increased by 152% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, polyethylene glycol wax imports rose sharply to $X in 2021. In general, imports, however, saw a abrupt curtailment. The pace of growth was the most pronounced in 2018 with an increase of 103%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

The United States (X tons), India (X tons) and Germany (X tons) were the main suppliers of polyethylene glycol wax imports to South Korea, together comprising 69% of total imports. These countries were followed by Japan, Iran and Mexico, which together accounted for a further 26%.

From 2012 to 2021, the biggest increases were recorded for Mexico (with a CAGR of +202.7%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the United States ($X), Germany ($X) and India ($X) were the largest polyethylene glycol wax suppliers to South Korea, with a combined 78% share of total imports. Japan, Iran and Mexico lagged somewhat behind, together accounting for a further 18%.

Mexico, with a CAGR of +108.6%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average polyethylene glycol wax import price amounted to $X per ton, remaining relatively unchanged against the previous year. Overall, the import price showed a perceptible descent. The pace of growth appeared the most rapid in 2018 when the average import price increased by 23%. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Iran ($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 (+4.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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