Republic of Korea: Market for High-Tenacity Filament Yarn Of Aramids 2024

Market Size for High-Tenacity Filament Yarn Of Aramids in Republic of Korea

In 2022, the South Korean high-tenacity filament aramids yarn market decreased by -11.3% to $X, falling for the third year in a row after three years of growth. Overall, consumption, however, posted a moderate expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of High-Tenacity Filament Yarn Of Aramids in Republic of Korea

In value terms, high-tenacity filament aramids yarn production shrank modestly to $X in 2022 estimated in export price. In general, production, however, saw resilient growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 70%. High-tenacity filament aramids yarn production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of High-Tenacity Filament Yarn Of Aramids

Exports from Republic of Korea

In 2022, overseas shipments of high-tenacity filament yarn of aramids increased by 15% to X tons, rising for the sixth year in a row after two years of decline. Overall, exports posted buoyant growth. The growth pace was the most rapid in 2014 with an increase of 40%. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, high-tenacity filament aramids yarn exports surged to $X in 2022. Over the period under review, exports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 31% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

The United States (X tons) was the main destination for high-tenacity filament aramids yarn exports from South Korea, accounting for a 32% share of total exports. Moreover, high-tenacity filament aramids yarn exports to the United States exceeded the volume sent to the second major destination, China (X tons), twofold. The Netherlands (X tons) ranked third in terms of total exports with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +26.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+8.0% per year) and the Netherlands (+28.9% per year).

In value terms, the United States ($X) remains the key foreign market for high-tenacity filament yarn of aramids exports from South Korea, comprising 33% of total exports. The second position in the ranking was held by China ($X), with a 16% share of total exports. It was followed by the Netherlands, with a 6.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +26.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+9.2% per year) and the Netherlands (+28.9% per year).

Export Prices by Country

The average high-tenacity filament aramids yarn export price stood at $X per ton in 2022, growing by 3.2% against the previous year. Overall, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average export price increased by 20%. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Vietnam ($X per ton) and the United States ($X per ton), while the average price for exports to Poland ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+1.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of High-Tenacity Filament Yarn Of Aramids

Imports into Republic of Korea

In 2022, high-tenacity filament aramids yarn imports into South Korea reduced to X tons, falling by -9% on the previous year. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 113%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, high-tenacity filament aramids yarn imports rose slightly to $X in 2022. Overall, imports recorded a slight reduction. The most prominent rate of growth was recorded in 2021 with an increase of 65% against the previous year. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest high-tenacity filament aramids yarn supplier to South Korea, with a 51% share of total imports. Moreover, high-tenacity filament aramids yarn imports from China exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), threefold. The United States (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-4.8% per year) and the United States (-5.0% per year).

In value terms, China ($X) constituted the largest supplier of high-tenacity filament yarn of aramids to South Korea, comprising 48% of total imports. The second position in the ranking was taken by the Netherlands ($X), with an 18% share of total imports. It was followed by Japan, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +15.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-3.7% per year) and Japan (-4.1% per year).

Import Prices by Country

The average high-tenacity filament aramids yarn import price stood at $X per ton in 2022, surging by 13% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average import price increased by 14%. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+2.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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