Republic of Korea: Hydantoin Market 2024

Hydantoin Market Size in Republic of Korea

The South Korean hydantoin market shrank to $X in 2022, waning by -10.7% against the previous year. In general, consumption showed a slight curtailment. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Hydantoin Production in Republic of Korea

In value terms, hydantoin production reduced to $X in 2022 estimated in export price. In general, production continues to indicate a slight curtailment. The growth pace was the most rapid in 2015 with an increase of 73% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Hydantoin Exports

Exports from Republic of Korea

In 2022, overseas shipments of hydantoin and its derivatives increased by 23% to X tons, rising for the third consecutive year after four years of decline. In general, exports continue to indicate a resilient increase. The growth pace was the most rapid in 2015 when exports increased by 406%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, hydantoin exports soared to $X in 2022. Over the period under review, exports enjoyed a resilient increase. The pace of growth appeared the most rapid in 2015 when exports increased by 1,012%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Vietnam (X tons) was the main destination for hydantoin exports from South Korea, accounting for a 75% share of total exports. Moreover, hydantoin exports to Vietnam exceeded the volume sent to the second major destination, Thailand (X tons), sevenfold. The third position in this ranking was held by the United States (X tons), with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam stood at +2,166.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+5.0% per year) and the United States (+0.0% per year).

In value terms, Vietnam ($X) remains the key foreign market for hydantoin and its derivatives exports from South Korea, comprising 63% of total exports. The second position in the ranking was held by Indonesia ($X), with a 13% share of total exports. It was followed by Thailand, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to Vietnam amounted to +1,707.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+56.2% per year) and Thailand (+6.2% per year).

Export Prices by Country

In 2022, the average hydantoin export price amounted to $X per ton, surging by 15% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the average export price increased by 120%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+11.3%), while the prices for the other major destinations experienced more modest paces of growth.

Hydantoin Imports

Imports into Republic of Korea

In 2022, after two years of growth, there was significant decline in purchases abroad of hydantoin and its derivatives, when their volume decreased by -15.9% to X tons. Over the period under review, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2016 when imports increased by 58% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, hydantoin imports reduced to $X in 2022. In general, imports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2020 when imports increased by 39%. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of hydantoin to South Korea, accounting for a 65% share of total imports. Moreover, hydantoin imports from China exceeded the figures recorded by the second-largest supplier, Spain (X tons), fourfold. The third position in this ranking was held by France (X tons), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +10.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+18.6% per year) and France (-1.9% per year).

In value terms, China ($X), Spain ($X) and the United States ($X) were the largest hydantoin suppliers to South Korea, with a combined 71% share of total imports.

The United States, with a CAGR of +26.4%, 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 more modest paces of growth.

Import Prices by Country

The average hydantoin import price stood at $X per ton in 2022, with an increase of 2.8% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 54%. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+14.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :