Republic of Korea: Pharmaceutical Rubber Articles Market 2024

Pharmaceutical Rubber Articles Market Size in Republic of Korea

After three years of decline, the South Korean pharmaceutical rubber articles market increased by 23% to $X in 2021. In general, consumption recorded a relatively flat trend pattern. Pharmaceutical rubber articles consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Pharmaceutical Rubber Articles Production in Republic of Korea

In value terms, pharmaceutical rubber articles production skyrocketed to $X in 2021 estimated in export price. Overall, production showed a modest increase. The pace of growth was the most pronounced in 2014 when the production volume increased by 65% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Pharmaceutical Rubber Articles Exports

Exports from Republic of Korea

After five years of growth, overseas shipments of hygienic or pharmaceutical articles of rubber decreased by -8.2% to X units in 2021. In general, exports recorded a perceptible setback. The most prominent rate of growth was recorded in 2019 with an increase of 49% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, pharmaceutical rubber articles exports fell to $X in 2021. Overall, exports continue to indicate a slight slump. The most prominent rate of growth was recorded in 2014 when exports increased by 33%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Germany (X units), Vietnam (X units) and Indonesia (X units) were the main destinations of pharmaceutical rubber articles exports from South Korea, together comprising 73% of total exports. These countries were followed by the United States, Japan, India, Israel and Italy, which together accounted for a further 20%.

From 2012 to 2021, the biggest increases were recorded for Israel (with a CAGR of +66.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for pharmaceutical rubber articles exported from South Korea were Germany ($X), Indonesia ($X) and Japan ($X), together accounting for 61% of total exports. These countries were followed by Vietnam, the United States, Israel, India and Italy, which together accounted for a further 26%.

Israel, with a CAGR of +71.8%, recorded the highest rates of growth with regard to 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 pharmaceutical rubber articles export price stood at $X per unit in 2021, with an increase of 2.6% against the previous year. Overall, export price indicated temperate growth from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, pharmaceutical rubber articles export price decreased by -32.1% against 2017 indices. The most prominent rate of growth was recorded in 2015 an increase of 33%. The export price peaked at $X per unit in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per unit), while the average price for exports to India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+40.1%), while the prices for the other major destinations experienced more modest paces of growth.

Pharmaceutical Rubber Articles Imports

Imports into Republic of Korea

In 2021, imports of hygienic or pharmaceutical articles of rubber into South Korea surged to X units, picking up by 48% against the previous year's figure. Over the period under review, imports, however, recorded a perceptible descent. The most prominent rate of growth was recorded in 2019 with an increase of 226%. Imports peaked at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, pharmaceutical rubber articles imports skyrocketed to $X in 2021. Overall, imports, however, showed a pronounced decline. The pace of growth was the most pronounced in 2019 when imports increased by 111%. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of pharmaceutical rubber articles to South Korea, accounting for a 69% share of total imports. Moreover, pharmaceutical rubber articles imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), sixfold. Sri Lanka (X units) ranked third in terms of total imports with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+7.6% per year) and Sri Lanka (+19.1% per year).

In value terms, China ($X) constituted the largest supplier of hygienic or pharmaceutical articles of rubber to South Korea, comprising 43% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 12% share of total imports. It was followed by the United States, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled -4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+12.4% per year) and the United States (+6.8% per year).

Import Prices by Country

The average pharmaceutical rubber articles import price stood at $X per unit in 2021, shrinking by -19.9% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the average import price increased by 31%. Over the period under review, average import prices reached the maximum at $X per unit in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

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 Singapore ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+25.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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