Republic of Korea: Buta-1,3-Diene And Isoprene Market 2024

Buta-1,3-Diene And Isoprene Market Size in Republic of Korea

In 2022, the South Korean buta-1,3-diene and isoprene market decreased by -98.4% to $X, falling for the fourth year in a row after two years of growth. In general, consumption continues to indicate a dramatic slump. Buta-1,3-diene and isoprene consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Buta-1,3-Diene And Isoprene Production in Republic of Korea

In value terms, buta-1,3-diene and isoprene production shrank markedly to $X in 2022 estimated in export price. Overall, production continues to indicate a deep contraction. The growth pace was the most rapid in 2021 when the production volume increased by 961%. Buta-1,3-diene and isoprene production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Buta-1,3-Diene And Isoprene Exports

Exports from Republic of Korea

In 2022, overseas shipments of buta-1,3-diene and isoprene increased by 25% to X tons, rising for the second year in a row after three years of decline. Overall, exports, however, saw a mild shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of 57% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, buta-1,3-diene and isoprene exports soared to $X in 2022. Over the period under review, exports, however, continue to indicate a deep setback. The most prominent rate of growth was recorded in 2021 when exports increased by 109%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), Japan (X tons) and China (X tons) were the main destinations of buta-1,3-diene and isoprene exports from South Korea, with a combined 85% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +3.8%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Japan ($X) and China ($X) were the largest markets for buta-1,3-diene and isoprene exported from South Korea worldwide, with a combined 86% share of total exports.

Japan, with a CAGR of -2.8%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average buta-1,3-diene and isoprene export price amounted to $X per ton, rising by 7.7% against the previous year. Overall, the export price, however, saw a deep downturn. The pace of growth appeared the most rapid in 2017 an increase of 39%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Mexico ($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 Japan (-6.4%), while the prices for the other major destinations experienced a decline.

Buta-1,3-Diene And Isoprene Imports

Imports into Republic of Korea

Buta-1,3-diene and isoprene imports into South Korea contracted sharply to X tons in 2022, with a decrease of -39% on the year before. Over the period under review, imports saw a abrupt downturn. The pace of growth was the most pronounced in 2014 with an increase of 18%. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, buta-1,3-diene and isoprene imports declined sharply to $X in 2022. In general, imports recorded a abrupt decrease. The pace of growth was the most pronounced in 2017 with an increase of 48% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of buta-1,3-diene and isoprene to South Korea, with a 28% share of total imports. Moreover, buta-1,3-diene and isoprene imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), twofold. India (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-0.1% per year) and India (-6.2% per year).

In value terms, China ($X) constituted the largest supplier of buta-1,3-diene and isoprene to South Korea, comprising 31% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 13% share of total imports. It was followed by India, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-8.2% per year) and India (-13.8% per year).

Import Prices by Country

The average buta-1,3-diene and isoprene import price stood at $X per ton in 2022, increasing by 7.3% against the previous year. Over the period under review, the import price, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2021 an increase of 52% 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 stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Saudi Arabia ($X per ton) and Singapore ($X per ton), while the price for Japan ($X per ton) and India ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-2.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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