Republic of Korea: Expansible Polystyrene Market 2024

Expansible Polystyrene Market Size in Republic of Korea

In 2021, the South Korean expansible polystyrene market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, showed a noticeable setback. Expansible polystyrene consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Expansible Polystyrene Production in Republic of Korea

In value terms, expansible polystyrene production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, showed a deep setback. Expansible polystyrene production peaked at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Expansible Polystyrene Exports

Exports from Republic of Korea

In 2021, after two years of decline, there was significant growth in shipments abroad of expansible polystyrene in primary forms, when their volume increased by 16% to X tons. In general, exports, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2018 when exports increased by 22%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, expansible polystyrene exports soared to $X in 2021. Overall, exports, however, saw a abrupt descent. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for expansible polystyrene exports from South Korea, accounting for a 27% share of total exports. Moreover, expansible polystyrene exports to the United States exceeded the volume sent to the second major destination, Australia (X tons), twofold. The third position in this ranking was held by New Zealand (X tons), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled -4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+1.1% per year) and New Zealand (+7.9% per year).

In value terms, the United States ($X) remains the key foreign market for expansible polystyrene in primary forms exports from South Korea, comprising 27% of total exports. The second position in the ranking was held by Australia ($X), with a 13% share of total exports. It was followed by New Zealand, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at -5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-0.5% per year) and New Zealand (+6.8% per year).

Export Prices by Country

The average expansible polystyrene export price stood at $X per ton in 2021, growing by 23% against the previous year. In general, the export price, however, continues to indicate a mild shrinkage. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to the Philippines ($X per ton) and Romania ($X per ton), while the average price for exports to China ($X per ton) and Vietnam ($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 the Philippines (-0.1%), while the prices for the other major destinations experienced a decline.

Expansible Polystyrene Imports

Imports into Republic of Korea

In 2021, overseas purchases of expansible polystyrene in primary forms decreased by -41.7% to X tons, falling for the third year in a row after five years of growth. In general, imports, however, showed significant growth. The pace of growth appeared the most rapid in 2014 when imports increased by 372%. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, expansible polystyrene imports declined notably to $X in 2021. Overall, imports, however, showed significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 317%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of expansible polystyrene to South Korea, accounting for a 77% share of total imports. Moreover, expansible polystyrene imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fivefold. The third position in this ranking was held by Taiwan (Chinese) (X tons), with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +51.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+25.2% per year) and Taiwan (Chinese) (+7.5% per year).

In value terms, China ($X) constituted the largest supplier of expansible polystyrene in primary forms to South Korea, comprising 84% of total imports. The second position in the ranking was held by the United States ($X), with a 7.7% share of total imports. It was followed by Taiwan (Chinese), with a 6.2% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +48.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+23.3% per year) and Taiwan (Chinese) (+4.5% per year).

Import Prices by Country

The average expansible polystyrene import price stood at $X per ton in 2021, picking up by 38% against the previous year. Overall, the import price, however, saw a pronounced curtailment. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-1.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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