Republic of Korea: Ethyl Acetate Market 2024

Ethyl Acetate Market Size in Republic of Korea

The South Korean ethyl acetate market surged to $X in 2021, jumping by 28% against the previous year. In general, consumption recorded a relatively flat trend pattern. Ethyl acetate consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Ethyl Acetate Production in Republic of Korea

In value terms, ethyl acetate production reached $X in 2021 estimated in export price. Overall, production continues to indicate a mild shrinkage. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Ethyl Acetate Exports

Exports from Republic of Korea

After three years of growth, shipments abroad of ethyl acetate decreased by -26.5% to X tons in 2021. Overall, exports saw a abrupt descent. The most prominent rate of growth was recorded in 2020 with an increase of 684%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, ethyl acetate exports plummeted to $X in 2021. In general, exports showed a deep reduction. The most prominent rate of growth was recorded in 2020 when exports increased by 759%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Turkey (X tons) was the main destination for ethyl acetate exports from South Korea, accounting for a 36% share of total exports. Moreover, ethyl acetate exports to Turkey exceeded the volume sent to the second major destination, Bangladesh (X tons), twofold. The third position in this ranking was taken by Vietnam (X tons), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Turkey amounted to +1,271.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+160.2% per year) and Vietnam (+28.9% per year).

In value terms, Turkey ($X), Vietnam ($X) and Bangladesh ($X) constituted the largest markets for ethyl acetate exported from South Korea worldwide, together comprising 62% of total exports.

In terms of the main countries of destination, Turkey, with a CAGR of +803.4%, saw 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 ethyl acetate export price stood at $X per ton in 2021, dropping by -11.6% against the previous year. Overall, the export price, however, continues to indicate a strong increase. The most prominent rate of growth was recorded in 2014 an increase of 217%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Bangladesh ($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 Uzbekistan (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Ethyl Acetate Imports

Imports into Republic of Korea

For the fourth year in a row, South Korea recorded decline in purchases abroad of ethyl acetate, which decreased by -6.8% to X tons in 2021. In general, imports recorded a abrupt contraction. The pace of growth appeared the most rapid in 2013 with an increase of 5.6%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, ethyl acetate imports surged to $X in 2021. Overall, imports continue to indicate a abrupt contraction. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest ethyl acetate supplier to South Korea, accounting for a 70% share of total imports. Moreover, ethyl acetate imports from China exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), twofold.

From 2012 to 2021, the average annual growth rate of volume from China totaled -12.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+10.5% per year) and India (-43.0% per year).

In value terms, China ($X) constituted the largest supplier of ethyl acetate to South Korea, comprising 70% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 29% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at -10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+15.9% per year) and India (-40.4% per year).

Import Prices by Country

The average ethyl acetate import price stood at $X per ton in 2021, increasing by 69% against the previous year. Overall, import price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was India ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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