Republic of Korea: Acrylic Acid Esters Market 2024

Acrylic Acid Esters Market Size in Republic of Korea

The South Korean acrylic acid esters market rose notably to $X in 2022, increasing by 8.5% against the previous year. Overall, consumption showed a prominent expansion. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Acrylic Acid Esters Production in Republic of Korea

In value terms, acrylic acid esters production expanded significantly to $X in 2022 estimated in export price. Overall, production saw a prominent expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by 45% against the previous year. Acrylic acid esters production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Acrylic Acid Esters Exports

Exports from Republic of Korea

In 2022, exports of esters of acrylic acid from South Korea reduced to X tons, with a decrease of -13.5% against 2021. In general, exports saw a perceptible curtailment. The pace of growth was the most pronounced in 2016 with an increase of 21% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, acrylic acid esters exports declined to $X in 2022. Overall, exports showed a noticeable descent. The most prominent rate of growth was recorded in 2021 with an increase of 59% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons), India (X tons) and the United States (X tons) were the main destinations of acrylic acid esters exports from South Korea, together comprising 46% of total exports. The Netherlands, Japan, Thailand, Taiwan (Chinese), Vietnam, Germany, Spain, Belgium, Brazil and Indonesia lagged somewhat behind, together comprising a further 47%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +6.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and India ($X) appeared to be the largest markets for acrylic acid esters exported from South Korea worldwide, together comprising 52% of total exports. Japan, the Netherlands, Taiwan (Chinese), Thailand, Vietnam, Spain, Germany, Belgium, Brazil and Indonesia lagged somewhat behind, together comprising a further 42%.

Among the main countries of destination, Spain, with a CAGR of +11.9%, recorded the highest growth rate of 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 acrylic acid esters export price stood at $X per ton in 2022, with an increase of 7.6% against the previous year. Overall, export price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, acrylic acid esters export price increased by +60.3% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 49%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Thailand ($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 Spain (+5.4%), while the prices for the other major destinations experienced more modest paces of growth.

Acrylic Acid Esters Imports

Imports into Republic of Korea

In 2022, purchases abroad of esters of acrylic acid decreased by -9.2% to X tons, falling for the second consecutive year after five years of growth. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when imports increased by 11% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, acrylic acid esters imports dropped to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 57% against the previous year. As a result, imports reached the peak of $X, and then dropped in the following year.

Imports by Country

China (X tons), the United States (X tons) and Japan (X tons) were the main suppliers of acrylic acid esters imports to South Korea, with a combined 88% share of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +10.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and the United States ($X) constituted the largest acrylic acid esters suppliers to South Korea, with a combined 87% share of total imports.

China, with a CAGR of +9.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average acrylic acid esters import price stood at $X per ton in 2022, declining by -4.6% against the previous year. In general, the import price showed a noticeable decline. The pace of growth appeared the most rapid in 2021 an increase of 58% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 France ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+30.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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