Republic of Korea: Market for Cellular Plates, Sheets and Films of Polyymers of Styrene 2024

Market Size for Cellular Plates, Sheets and Films of Polyymers of Styrene in Republic of Korea

The South Korean market for cellular plates, sheets and films of polyymers of styrene shrank modestly to $X in 2022, stabilizing at the previous year. Overall, the total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 +74.5% against 2013 indices. Over the period under review, the market reached the peak level at $X in 2021, and then reduced modestly in the following year.

Production of Cellular Plates, Sheets and Films of Polyymers of Styrene in Republic of Korea

In value terms, production of cellular plates, sheets and films of polyymers of styrene shrank modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +1.0% against 2020 indices. The growth pace was the most rapid in 2014 when the production volume increased by 20% against the previous year. Over the period under review, production of hit record highs at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Exports of Cellular Plates, Sheets and Films of Polyymers of Styrene

Exports from Republic of Korea

In 2022, overseas shipments of cellular plates, sheets and films of polyymers of styrene were finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. Overall, exports, however, saw a drastic downturn. The pace of growth was the most pronounced in 2013 with an increase of 47%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports of remained at a lower figure.

In value terms, exports of cellular plates, sheets and films of polyymers of styrene surged to $X in 2022. Over the period under review, exports, however, recorded a pronounced reduction. The growth pace was the most rapid in 2013 when exports increased by 33%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports of remained at a lower figure.

Exports by Country

Vietnam (X tons), Japan (X tons) and Australia (X tons) were the main destinations of exports of cellular plates, sheets and films of polyymers of styrene from South Korea, together accounting for 41% 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 Vietnam (with a CAGR of +33.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for polystyrene cellular plates, sheets and films exported from South Korea were Vietnam ($X), Japan ($X) and Australia ($X), together accounting for 43% of total exports.

Among the main countries of destination, Vietnam, with a CAGR of +35.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for cellular plates, sheets and films of polyymers of styrene stood at $X per ton in 2022, growing by 6.7% against the previous year. Overall, export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for cellular plates, sheets and films of polyymers of styrene increased by +39.0% against 2018 indices. The growth pace was the most rapid in 2021 an increase of 25%. The export price peaked in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to China ($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 the United States (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cellular Plates, Sheets and Films of Polyymers of Styrene

Imports into Republic of Korea

In 2022, supplies from abroad of cellular plates, sheets and films of polyymers of styrene decreased by -6.4% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2020 when imports increased by 78%. Over the period under review, imports of hit record highs at X tons in 2021, and then fell in the following year.

In value terms, imports of cellular plates, sheets and films of polyymers of styrene reached $X in 2022. Overall, imports, however, continue to indicate a resilient increase. The pace of growth was the most pronounced in 2015 with an increase of 56% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest polystyrene cellular plates, sheets and films supplier to South Korea, accounting for a 68% share of total imports. Moreover, imports of cellular plates, sheets and films of polyymers of styrene from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+31.4% per year) and Japan (+11.3% per year).

In value terms, China ($X) constituted the largest supplier of cellular plates, sheets and films of polyymers of styrene to South Korea, comprising 64% of total imports. The second position in the ranking was held by the United States ($X), with a 19% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+21.6% per year) and Japan (+0.2% per year).

Import Prices by Country

The average import price for cellular plates, sheets and films of polyymers of styrene stood at $X per ton in 2022, picking up by 7.4% against the previous year. Over the period under review, the import price, however, showed a perceptible curtailment. The pace of growth appeared the most rapid in 2016 when the average import price increased by 17%. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+0.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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