Republic of Korea: Starch Glue Market 2024

Starch Glue Market Size in Republic of Korea

In 2021, the South Korean starch glue market increased by 8.5% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Starch Glue Production in Republic of Korea

In value terms, starch glue production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period 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 2017 with an increase of 31% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Starch Glue Exports

Exports from Republic of Korea

In 2021, shipments abroad of glues based on starches, dextrins or other modified starches decreased by -91% to X tons, falling for the second year in a row after three years of growth. In general, exports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2017 when exports increased by 1,514%. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, starch glue exports dropped markedly to $X in 2021. Overall, exports, however, posted buoyant growth. The pace of growth was the most pronounced in 2017 with an increase of 1,857% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020, and then contracted remarkably in the following year.

Exports by Country

Cambodia (X tons), Thailand (X tons) and Indonesia (X tons) were the main destinations of starch glue exports from South Korea, with a combined 38% share of total exports. Vietnam, Malaysia, Kyrgyzstan, Saudi Arabia and Mongolia lagged somewhat behind, together accounting for a further 7.5%.

From 2012 to 2021, the biggest increases were recorded for Kyrgyzstan (with a CAGR of +50.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) remains the key foreign market for glues based on starches, dextrins or other modified starches exports from South Korea, comprising 29% of total exports. The second position in the ranking was held by Cambodia ($X), with a 6.8% share of total exports. It was followed by Vietnam, with a 2.3% share.

From 2012 to 2021, the average annual growth rate of value to Thailand totaled +3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+66.4% per year) and Vietnam (+25.7% per year).

Export Prices by Country

The average starch glue export price stood at $X per ton in 2021, increasing by 13% against the previous year. In general, export price indicated measured growth from 2012 to 2021: its price increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, starch glue export price increased by +43.0% against 2018 indices. The growth pace was the most rapid in 2020 when the average export price increased by 23% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Kyrgyzstan ($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 Cambodia (+20.5%), while the prices for the other major destinations experienced more modest paces of growth.

Starch Glue Imports

Imports into Republic of Korea

In 2021, purchases abroad of glues based on starches, dextrins or other modified starches decreased by -84.3% to X tons for the first time since 2016, thus ending a four-year rising trend. Over the period under review, imports recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 when imports increased by 116%. Over the period under review, imports reached the maximum at X tons in 2020, and then shrank rapidly in the following year.

In value terms, starch glue imports dropped rapidly to $X in 2021. Overall, imports saw a abrupt slump. The pace of growth was the most pronounced in 2013 when imports increased by 96%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

Thailand (X tons), China (X tons) and Austria (X tons) were the main suppliers of starch glue imports to South Korea, with a combined 35% 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 Austria (with a CAGR of +70.1%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Thailand ($X) constituted the largest supplier of glues based on starches, dextrins or other modified starches to South Korea, comprising 13% of total imports. The second position in the ranking was taken by China ($X), with a 6.3% share of total imports. It was followed by Belgium, with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Thailand stood at -26.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-7.4% per year) and Belgium (-13.9% per year).

Import Prices by Country

The average starch glue import price stood at $X per ton in 2021, almost unchanged from the previous year. Overall, the import price, however, showed a abrupt shrinkage. The growth pace was the most rapid in 2015 an increase of 23%. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+1.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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