Republic of Korea: Market for Polyethylene with a Specific Gravity of Less than 0.94, in Primary Forms 2024

Market Size for Polyethylene with a Specific Gravity of Less than 0.94, in Primary Forms in Republic of Korea

In 2021, after five years of growth, there was significant decline in the South Korean market for polyethylene with a specific gravity of less than X, in primary forms, when its value decreased by -5.9% to $X. The market value increased at an average annual rate of +4.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level at $X in 2020, and then fell in the following year.

Production of Polyethylene with a Specific Gravity of Less than X, in Primary Forms in Republic of Korea

In value terms, production of polyethylene with a specific gravity of less than X, in primary forms amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.5% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2014 when the production volume increased by 15%. As a result, production reached the peak level of $X. From 2015 to 2021, production of growth remained at a somewhat lower figure.

Exports of Polyethylene with a Specific Gravity of Less than 0.94, in Primary Forms

Exports from Republic of Korea

In 2021, after five years of decline, there was significant growth in shipments abroad of polyethylene with a specific gravity of less than X, in primary forms, when their volume increased by 21% to X tons. In general, exports saw a relatively flat trend pattern. Over the period under review, the exports of attained the peak figure at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, exports of polyethylene with a specific gravity of less than X, in primary forms surged to $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for exports of polyethylene with a specific gravity of less than X, in primary forms from South Korea, accounting for a 47% share of total exports. Moreover, exports of polyethylene with a specific gravity of less than X, in primary forms to China exceeded the volume sent to the second major destination, Vietnam (X tons), sixfold. Russia (X tons) ranked third in terms of total exports with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+1.0% per year) and Russia (+3.5% per year).

In value terms, China ($X) remains the key foreign market for polyethylene with a specific gravity of less than X, in primary forms exports from South Korea, comprising 46% of total exports. The second position in the ranking was held by Vietnam ($X), with a 7.2% share of total exports. It was followed by Russia, with a 5.7% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +3.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-0.9% per year) and Russia (+1.9% per year).

Export Prices by Country

In 2021, the average export price for polyethylene with a specific gravity of less than X, in primary forms amounted to $X per ton, surging by 33% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were Japan ($X per ton) and Indonesia ($X per ton), while the average price for exports to Vietnam ($X per ton) and Russia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+2.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Polyethylene with a Specific Gravity of Less than 0.94, in Primary Forms

Imports into Republic of Korea

In 2021, supplies from abroad of polyethylene with a specific gravity of less than X, in primary forms decreased by -8.4% to X tons, falling for the second year in a row after four years of growth. In general, imports, however, enjoyed a strong increase. The growth pace was the most rapid in 2017 with an increase of 34% against the previous year. Over the period under review, imports of attained the peak figure at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, imports of polyethylene with a specific gravity of less than X, in primary forms skyrocketed to $X in 2021. Over the period under review, total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when imports increased by 33%. Over the period under review, imports of reached the peak figure in 2021 and are likely to see steady growth in the near future.

Imports by Country

Saudi Arabia (X tons), the United States (X tons) and Malaysia (X tons) were the main suppliers of imports of polyethylene with a specific gravity of less than X, in primary forms to South Korea, with a combined 63% share of total imports. Japan, Qatar, China, Thailand, Sweden and Singapore lagged somewhat behind, together comprising a further 28%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Qatar (with a CAGR of +39.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), the United States ($X) and Japan ($X) were the largest polyethylene with a specific gravity of less than X suppliers to South Korea, with a combined 60% share of total imports. Malaysia, Sweden, China, Qatar, Thailand and Singapore lagged somewhat behind, together comprising a further 32%.

In terms of the main suppliers, Qatar, with a CAGR of +39.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for polyethylene with a specific gravity of less than X, in primary forms amounted to $X per ton, picking up by 41% against the previous year. Overall, the import price, however, continues to indicate a mild setback. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Sweden ($X per ton), while the price for Singapore ($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 (+1.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :