Republic of Korea: Fluoropolymers Market 2024

Fluoropolymers Market Size in Republic of Korea

The South Korean fluoropolymers market stood at $X in 2021, surging by 12% against the previous year. Overall, the total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -2.2% against 2019 indices. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Fluoropolymers Production in Republic of Korea

In value terms, fluoropolymers production soared to $X in 2021 estimated in export price. In general, production continues to indicate significant growth. The most prominent rate of growth was recorded in 2019 with an increase of 275% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Fluoropolymers Exports

Exports from Republic of Korea

In 2021, shipments abroad of fluoropolymers increased by 98% to X tons, rising for the second year in a row after two years of decline. Overall, exports recorded a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, fluoropolymers exports soared to $X in 2021. In general, exports posted a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for fluoropolymers exports from South Korea, with a 61% share of total exports. Moreover, fluoropolymers exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), sixfold. The third position in this ranking was held by Taiwan (Chinese) (X tons), with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+65.2% per year) and Taiwan (Chinese) (+19.8% per year).

In value terms, China ($X), Vietnam ($X) and Taiwan (Chinese) ($X) constituted the largest markets for fluoropolymers exported from South Korea worldwide, together comprising 73% of total exports.

Vietnam, with a CAGR of +67.6%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average fluoropolymers export price stood at $X per ton in 2021, falling by -7.5% against the previous year. Over the period under review, export price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, fluoropolymers export price decreased by -30.5% against 2018 indices. The pace of growth appeared the most rapid in 2018 when the average export price increased by 41%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to China ($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 Algeria (+75.1%), while the prices for the other major destinations experienced more modest paces of growth.

Fluoropolymers Imports

Imports into Republic of Korea

In 2021, overseas purchases of fluoropolymers increased by 11% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +3.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 15%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, fluoropolymers imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest fluoropolymers supplier to South Korea, accounting for a 57% share of total imports. Moreover, fluoropolymers imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. The third position in this ranking was held by France (X tons), with a 9.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+3.6% per year) and France (+11.5% per year).

In value terms, China ($X), Japan ($X) and the United States ($X) constituted the largest fluoropolymers suppliers to South Korea, with a combined 72% share of total imports. These countries were followed by France, Germany, Italy, the Netherlands and Singapore, which together accounted for a further 26%.

Singapore, with a CAGR of +314.4%, saw the highest growth rate of the value of imports, among 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 fluoropolymers import price stood at $X per ton in 2021, with an increase of 12% against the previous year. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 23%. Over the period under review, average import prices reached the peak figure in 2021 and is likely to continue growth in years to come.

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 Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+6.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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