Republic of Korea: Ethylene Market 2024

Ethylene Market Size in Republic of Korea

The South Korean ethylene market reduced modestly to $X in 2021, waning by -4.8% against the previous year. Over the period under review, consumption showed a perceptible descent. Ethylene consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Ethylene Production in Republic of Korea

In value terms, ethylene production surged to $X in 2021 estimated in export price. In general, production, however, showed a noticeable shrinkage. The pace of growth was the most pronounced in 2017 when the production volume increased by 42%. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Ethylene Exports

Exports from Republic of Korea

In 2021, exports of ethylene from South Korea soared to X tons, increasing by 39% compared with 2020. Overall, total exports indicated a modest expansion from 2012 to 2021: its volume increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +85.4% against 2015 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, ethylene exports skyrocketed to $X in 2021. In general, exports, however, continue to indicate a relatively flat trend pattern. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for ethylene exports from South Korea, accounting for a 85% share of total exports. Moreover, ethylene exports to China exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), more than tenfold. The third position in this ranking was taken by Japan (X tons), with a 5.4% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled +1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+1.7% per year) and Japan (+10.1% per year).

In value terms, China ($X) remains the key foreign market for ethylene exports from South Korea, comprising 84% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 7.7% share of total exports. It was followed by Japan, with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+0.1% per year) and Japan (+6.8% per year).

Export Prices by Country

The average ethylene export price stood at $X per ton in 2021, rising by 43% against the previous year. Overall, the export price, however, continues to indicate a slight decline. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Indonesia ($X per ton) and China ($X per ton), while the average price for exports to Japan ($X per ton) and Taiwan (Chinese) ($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 Taiwan (Chinese) (-1.5%), while the prices for the other major destinations experienced a decline.

Ethylene Imports

Imports into Republic of Korea

Ethylene imports into South Korea fell significantly to X tons in 2021, waning by -25.6% compared with the previous year's figure. In general, imports, however, continue to indicate a prominent expansion. The growth pace was the most rapid in 2020 when imports increased by 157%. As a result, imports reached the peak of X tons, and then declined dramatically in the following year.

In value terms, ethylene imports contracted to $X in 2021. Over the period under review, imports, however, continue to indicate temperate growth. The pace of growth appeared the most rapid in 2020 with an increase of 128%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Japan (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of ethylene imports to South Korea, with a combined 96% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +527.1%), while imports for the other leaders experienced a decline.

In value terms, Japan ($X), China ($X) and Taiwan (Chinese) ($X) appeared to be the largest ethylene suppliers to South Korea, with a combined 97% share of total imports.

China, with a CAGR of +426.0%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average ethylene import price stood at $X per ton in 2021, rising by 21% against the previous year. In general, the import price, however, recorded a slight decrease. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Taiwan (Chinese) ($X per ton) and Japan ($X per ton), while the price for the Philippines ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+1.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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