Republic of Korea: Butan-1-Ol (N-Butyl Alcohol) Market 2024

Butan-1-Ol (N-Butyl Alcohol) Market Size in Republic of Korea

The South Korean butan-1-ol (n-butyl alcohol) market dropped remarkably to $X in 2022, declining by -22.3% against the previous year. Overall, the total consumption indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +37.5% against 2020 indices. As a result, consumption reached the peak level of $X, and then shrank dramatically in the following year.

Butan-1-Ol (N-Butyl Alcohol) Production in Republic of Korea

In value terms, butan-1-ol (n-butyl alcohol) production skyrocketed to $X in 2022 estimated in export price. In general, production recorded a significant expansion. The growth pace was the most rapid in 2020 with an increase of 229% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Butan-1-Ol (N-Butyl Alcohol) Exports

Exports from Republic of Korea

In 2022, after two years of growth, there was significant decline in shipments abroad of butan-1-ol (n-butyl alcohol), when their volume decreased by -66.3% to X tons. Over the period under review, exports, however, continue to indicate a remarkable increase. The growth pace was the most rapid in 2020 with an increase of 602% against the previous year. The exports peaked at X tons in 2021, and then contracted markedly in the following year.

In value terms, butan-1-ol (n-butyl alcohol) exports shrank dramatically to $X in 2022. In general, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 335% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then declined rapidly in the following year.

Exports by Country

Vietnam (X tons) was the main destination for butan-1-ol (n-butyl alcohol) exports from South Korea, with a 82% share of total exports. Moreover, butan-1-ol (n-butyl alcohol) exports to Vietnam exceeded the volume sent to the second major destination, Uzbekistan (X tons), sixfold. The third position in this ranking was held by India (X tons), with a 3.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam stood at +42.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uzbekistan (+1.4% per year) and India (-6.5% per year).

In value terms, Vietnam ($X) emerged as the key foreign market for butan-1-ol (n-butyl alcohol) exports from South Korea, comprising 76% of total exports. The second position in the ranking was held by Uzbekistan ($X), with a 14% share of total exports. It was followed by India, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value to Vietnam stood at +40.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uzbekistan (+2.4% per year) and India (-7.3% per year).

Export Prices by Country

In 2022, the average butan-1-ol (n-butyl alcohol) export price amounted to $X per ton, reducing by -32.4% against the previous year. Overall, the export price recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 an increase of 119% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Vietnam ($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 China (+10.5%), while the prices for the other major destinations experienced more modest paces of growth.

Butan-1-Ol (N-Butyl Alcohol) Imports

Imports into Republic of Korea

In 2022, imports of butan-1-ol (n-butyl alcohol) into South Korea dropped sharply to X tons, reducing by -41.4% on the previous year's figure. In general, imports recorded a slight reduction. The most prominent rate of growth was recorded in 2021 with an increase of 72%. As a result, imports reached the peak of X tons, and then shrank markedly in the following year.

In value terms, butan-1-ol (n-butyl alcohol) imports declined notably to $X in 2022. Overall, imports continue to indicate a mild slump. The most prominent rate of growth was recorded in 2021 with an increase of 171% against the previous year. As a result, imports reached the peak of $X, and then shrank rapidly in the following year.

Imports by Country

Saudi Arabia (X tons), Taiwan (Chinese) (X tons) and South Africa (X tons) were the main suppliers of butan-1-ol (n-butyl alcohol) imports to South Korea, with a combined 92% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +10.0%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest butan-1-ol (n-butyl alcohol) suppliers to South Korea were Saudi Arabia ($X), Taiwan (Chinese) ($X) and South Africa ($X), with a combined 92% share of total imports.

In terms of the main suppliers, Taiwan (Chinese), with a CAGR of +8.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average butan-1-ol (n-butyl alcohol) import price amounted to $X per ton, picking up by 21% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 57%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+12.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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