Republic of Korea: Imines Market 2024

Imines Market Size in Republic of Korea

For the third consecutive year, the South Korean imines market recorded growth in sales value, which increased by 121% to $X in 2021. Overall, consumption recorded a perceptible expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Imines Production in Republic of Korea

In value terms, imines production contracted to $X in 2021 estimated in export price. Overall, production continues to indicate a perceptible curtailment. The growth pace was the most rapid in 2020 with an increase of 26%. Imines production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Imines Exports

Exports from Republic of Korea

In 2021, the amount of imines and their derivatives and salts thereof exported from South Korea shrank remarkably to X tons, with a decrease of -18.1% on the previous year's figure. In general, exports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 401% against the previous year. The exports peaked at X tons in 2020, and then shrank remarkably in the following year.

In value terms, imines exports reduced to $X in 2021. Over the period under review, exports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2013 when exports increased by 352%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons), Norway (X tons) and China (X tons) were the main destinations of imines exports from South Korea, with a combined 30% share of total exports. These countries were followed by Peru, Italy, Australia, Japan, Austria, Turkey, Spain, Vietnam, Germany and Colombia, which together accounted for a further 24%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of +89.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for imines exported from South Korea were Norway ($X), China ($X) and the Netherlands ($X), with a combined 28% share of total exports. Italy, Peru, Japan, Vietnam, Australia, Austria, Spain, Germany, Turkey and Colombia lagged somewhat behind, together accounting for a further 25%.

Peru, with a CAGR of +57.9%, saw the highest rates of growth with regard to the value of exports, in terms of 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 imines export price stood at $X per ton in 2021, with an increase of 10% against the previous year. Over the period under review, the export price, however, recorded a deep contraction. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Turkey ($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 Peru (+14.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imines Imports

Imports into Republic of Korea

For the fourth consecutive year, South Korea recorded growth in purchases abroad of imines and their derivatives and salts thereof, which increased by 26% to X tons in 2021. In general, total imports indicated noticeable growth from 2012 to 2021: its volume increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +99.8% against 2015 indices. The pace of growth appeared the most rapid in 2016 when imports increased by 30% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to see steady growth in years to come.

In value terms, imines imports soared to $X in 2021. Overall, imports continue to indicate a prominent expansion. 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 imines supplier to South Korea, accounting for a 54% share of total imports. Moreover, imines imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), fourfold. The third position in this ranking was taken by Japan (X tons), with a 5.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+6.5% per year) and Japan (-4.3% per year).

In value terms, the largest imines suppliers to South Korea were China ($X), India ($X) and Japan ($X), with a combined 62% share of total imports. France, Spain, the United States and Indonesia lagged somewhat behind, together accounting for a further 13%.

Indonesia, with a CAGR of +32.7%, saw 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 imines import price stood at $X per ton in 2021, jumping by 38% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was India ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+13.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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