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

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

In 2021, after three years of growth, there was significant decline in the South Korean market for butanols (excluding butan-1-ol (n-butyl alcohol)), when its value decreased by -18.6% to $X. In general, consumption, however, enjoyed significant growth. Over the period under review, the market hit record highs at $X in 2020, and then contracted markedly in the following year.

Exports of Butanols (Excluding Butan-1-Ol (N-Butyl Alcohol))

Exports from Republic of Korea

In 2021, overseas shipments of butanols (excluding butan-1-ol (n-butyl alcohol)) increased by 3.6% to X tons, rising for the third consecutive year after three years of decline. Over the period under review, exports, however, continue to indicate a significant contraction. The pace of growth was the most pronounced in 2020 with an increase of 66%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, butanols (excluding butan-1-ol (n-butyl alcohol)) exports declined to $X in 2021. Overall, exports, however, faced a dramatic shrinkage. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

India (X tons) was the main destination for butanols (excluding butan-1-ol (n-butyl alcohol)) exports from South Korea, accounting for a 60% share of total exports. Moreover, butanols (excluding butan-1-ol (n-butyl alcohol)) exports to India exceeded the volume sent to the second major destination, Lebanon (X tons), threefold. Thailand (X tons) ranked third in terms of total exports with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to India stood at +253.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lebanon (0.0% per year) and Thailand (-32.9% per year).

In value terms, India ($X) emerged as the key foreign market for butanols (excluding butan-1-ol (n-butyl alcohol)) exports from South Korea, comprising 57% of total exports. The second position in the ranking was taken by Thailand ($X), with a 17% share of total exports. It was followed by Pakistan, with a 9.6% share.

From 2012 to 2021, the average annual growth rate of value to India amounted to +184.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-37.8% per year) and Pakistan (+169.0% per year).

Export Prices by Country

In 2021, the average export price for butanols (excluding butan-1-ol (n-butyl alcohol)) amounted to $X per ton, waning by -13.7% against the previous year. Over the period under review, the export price saw a mild descent. The pace of growth appeared the most rapid in 2018 an increase of 442%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Japan ($X per ton), while the average price for exports to Lebanon ($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 Japan (+10.5%), while the prices for the other major destinations experienced a decline.

Imports of Butanols (Excluding Butan-1-Ol (N-Butyl Alcohol))

Imports into Republic of Korea

In 2021, purchases abroad of butanols (excluding butan-1-ol (n-butyl alcohol)) decreased by -30% to X tons for the first time since 2017, thus ending a three-year rising trend. Over the period under review, imports, however, showed a significant expansion. The pace of growth was the most pronounced in 2013 with an increase of 238% against the previous year. Imports peaked at X tons in 2020, and then fell dramatically in the following year.

In value terms, butanols (excluding butan-1-ol (n-butyl alcohol)) imports reduced to $X in 2021. In general, imports, however, showed prominent growth. The pace of growth was the most pronounced in 2013 with an increase of 172% against the previous year. Imports peaked at $X in 2020, and then shrank in the following year.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of butanols (excluding butan-1-ol (n-butyl alcohol)) to South Korea, with a 81% share of total imports. Moreover, butanols (excluding butan-1-ol (n-butyl alcohol)) imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X tons), more than tenfold. The third position in this ranking was taken by Thailand (X tons), with a 5.9% share.

From 2012 to 2021, the average annual growth rate of volume from Malaysia stood at +74.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+37.4% per year) and Thailand (+23.2% per year).

In value terms, Malaysia ($X) constituted the largest supplier of butanols (excluding butan-1-ol (n-butyl alcohol)) to South Korea, comprising 75% of total imports. The second position in the ranking was taken by China ($X), with an 11% share of total imports. It was followed by Thailand, with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Malaysia amounted to +60.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+31.3% per year) and Thailand (+32.5% per year).

Import Prices by Country

In 2021, the average import price for butanols (excluding butan-1-ol (n-butyl alcohol)) amounted to $X per ton, rising by 35% against the previous year. Over the period under review, the import price, however, showed a deep downturn. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was China ($X per ton), while the price for Malaysia ($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 (+7.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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