Republic of Korea: Butanone Market 2025

Butanone Market Size in Republic of Korea

In 2022, after two years of growth, there was decline in the South Korean butanone market, when its value decreased by -3.5% to $X. Overall, the total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 +30.3% against 2019 indices. Butanone consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Butanone Exports

Exports from Republic of Korea

In 2022, shipments abroad of butanone (methyl ethyl ketone) decreased by -56.1% to X tons, falling for the second consecutive year after two years of growth. Overall, exports faced a sharp curtailment. The most prominent rate of growth was recorded in 2020 when exports increased by 211%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, butanone exports fell remarkably to $X in 2022. In general, exports showed a significant decrease. The most prominent rate of growth was recorded in 2019 when exports increased by 214% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X tons) was the main destination for butanone exports from South Korea, with a 47% share of total exports. Moreover, butanone exports to Vietnam exceeded the volume sent to the second major destination, Pakistan (X tons), threefold. Kenya (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2022, the average annual growth rate of volume to Vietnam stood at -18.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (-8.1% per year) and Kenya (+17.1% per year).

In value terms, Vietnam ($X) remains the key foreign market for butanone (methyl ethyl ketone) exports from South Korea, comprising 38% of total exports. The second position in the ranking was taken by Pakistan ($X), with an 18% share of total exports. It was followed by Kenya, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to Vietnam totaled -22.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (-11.0% per year) and Kenya (+24.3% per year).

Export Prices by Country

The average butanone export price stood at $X per ton in 2022, increasing by 11% against the previous year. Over the period under review, the export price, however, saw a noticeable decline. The most prominent rate of growth was recorded in 2017 when the average export price increased by 23% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Vietnam ($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 Australia (+36.9%), while the prices for the other major destinations experienced more modest paces of growth.

Butanone Imports

Imports into Republic of Korea

In 2022, overseas purchases of butanone (methyl ethyl ketone) decreased by -18.4% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, total imports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 35% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, butanone imports expanded to $X in 2022. Overall, total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +48.7% against 2019 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 46% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest butanone supplier to South Korea, accounting for a 68% share of total imports. Moreover, butanone imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume from China stood at +5.5%.

In value terms, China ($X) constituted the largest supplier of butanone (methyl ethyl ketone) to South Korea, comprising 69% of total imports. The second position in the ranking was taken by Japan ($X), with a 31% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at +7.5%.

Import Prices by Country

In 2022, the average butanone import price amounted to $X per ton, surging by 28% against the previous year. Overall, import price indicated a modest increase from 2012 to 2022: its price 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, butanone import price increased by +68.8% against 2020 indices. The growth pace was the most rapid in 2021 when the average import price increased by 32% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably 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 Japan totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.9%).

Source: IndexBox Platform

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