Republic of Korea: Bituminous Mixtures Market 2024

Bituminous Mixtures Market Size in Republic of Korea

In 2021, after two years of decline, there was significant growth in the South Korean bituminous mixtures market, when its value increased by 13% to $X. In general, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -11.0% against 2018 indices. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Bituminous Mixtures Production in Republic of Korea

In value terms, bituminous mixtures production rose sharply to $X in 2021 estimated in export price. Overall, the total production indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -11.6% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 23%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Bituminous Mixtures Exports

Exports from Republic of Korea

In 2021, after four years of decline, there was significant growth in overseas shipments of bituminous mixtures, when their volume increased by 689% to X tons. Over the period under review, exports posted a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, bituminous mixtures exports soared to $X in 2021. Overall, exports enjoyed strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore (X tons) was the main destination for bituminous mixtures exports from South Korea, accounting for a 86% share of total exports. It was followed by the United States (X tons), with a 2.6% share of total exports. Vietnam (X tons) ranked third in terms of total exports with a 1.9% share.

From 2012 to 2021, the average annual growth rate of volume to Singapore stood at +39.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-17.1% per year) and Vietnam (+28.8% per year).

In value terms, Singapore ($X) emerged as the key foreign market for bituminous mixtures exports from South Korea, comprising 79% of total exports. The second position in the ranking was held by Indonesia ($X), with a 3% share of total exports. It was followed by the United States, with a 2.9% share.

From 2012 to 2021, the average annual growth rate of value to Singapore totaled +43.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-4.8% per year) and the United States (-12.5% per year).

Export Prices by Country

In 2021, the average bituminous mixtures export price amounted to $X per ton, with a decrease of -28.6% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average export price increased by 31% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was China ($X per ton), while the average price for exports to Singapore ($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 the United States (+5.5%), while the prices for the other major destinations experienced more modest paces of growth.

Bituminous Mixtures Imports

Imports into Republic of Korea

After two years of growth, supplies from abroad of bituminous mixtures decreased by -12% to X tons in 2021. In general, imports, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2014 with an increase of 314% against the previous year. Imports peaked at X tons in 2020, and then fell in the following year.

In value terms, bituminous mixtures imports contracted to $X in 2021. Over the period under review, imports, however, posted a prominent expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 325%. As a result, imports reached the peak of $X, and then declined in the following year.

Imports by Country

In 2021, Singapore (X tons) was the main bituminous mixtures supplier to South Korea, with a 96% share of total imports. It was followed by the United States (X tons), with a 1.7% share of total imports. The third position in this ranking was held by China (X tons), with a 1.4% share.

From 2012 to 2021, the average annual growth rate of volume from Singapore stood at +514.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-4.2% per year) and China (-21.4% per year).

In value terms, Singapore ($X) constituted the largest supplier of bituminous mixtures to South Korea, comprising 98% of total imports. The second position in the ranking was taken by the United States ($X), with a 0.8% share of total imports. It was followed by China, with a 0.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Singapore totaled +464.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-12.1% per year) and China (-32.4% per year).

Import Prices by Country

The average bituminous mixtures import price stood at $X per ton in 2021, growing by 4.4% against the previous year. In general, the import price, however, saw a perceptible reduction. The pace of growth was the most pronounced in 2018 an increase of 33% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Thailand ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (-0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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