Republic of Korea: Industrial Fatty Alcohols Market 2024

Industrial Fatty Alcohols Market Size in Republic of Korea

The South Korean industrial fatty alcohols market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, the total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Industrial Fatty Alcohols Production in Republic of Korea

In value terms, industrial fatty alcohols production surged to $X in 2021 estimated in export price. In general, production saw a buoyant expansion. The growth pace was the most rapid in 2015 with an increase of 299% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Industrial Fatty Alcohols Exports

Exports from Republic of Korea

In 2021, the amount of industrial fatty alcohols exported from South Korea skyrocketed to X tons, picking up by 34% against the previous year's figure. Over the period under review, exports, however, continue to indicate a pronounced reduction. The pace of growth was the most pronounced in 2020 with an increase of 269%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, industrial fatty alcohols exports surged to $X in 2021. Overall, exports, however, continue to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2020 with an increase of 269%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Taiwan (Chinese) (X tons) was the main destination for industrial fatty alcohols exports from South Korea, with a 53% share of total exports. Moreover, industrial fatty alcohols exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, Brazil (X tons), fourfold. The third position in this ranking was taken by China (X tons), with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Taiwan (Chinese) totaled +4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+155.5% per year) and China (+2.4% per year).

In value terms, Taiwan (Chinese) ($X) remains the key foreign market for industrial fatty alcohols exports from South Korea, comprising 48% of total exports. The second position in the ranking was taken by China ($X), with a 14% share of total exports. It was followed by Brazil, with an 8.9% share.

From 2012 to 2021, the average annual growth rate of value to Taiwan (Chinese) amounted to +5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+12.9% per year) and Brazil (+144.4% per year).

Export Prices by Country

The average industrial fatty alcohols export price stood at $X per ton in 2021, which is down by -4.3% against the previous year. In general, the export price saw a mild descent. The growth pace was the most rapid in 2017 an increase of 36% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Brazil ($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 China (+10.2%), while the prices for the other major destinations experienced more modest paces of growth.

Industrial Fatty Alcohols Imports

Imports into Republic of Korea

For the tenth consecutive year, South Korea recorded growth in purchases abroad of industrial fatty alcohols, which increased by 5% to X tons in 2021. In general, total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +83.5% against 2012 indices. The most prominent rate of growth was recorded in 2020 with an increase of 14% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the immediate term.

In value terms, industrial fatty alcohols imports skyrocketed to $X in 2021. Overall, total imports indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +3.6% 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 +60.6% against 2019 indices. Imports peaked at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest supplier of industrial fatty alcohols to South Korea, accounting for a 31% share of total imports. Moreover, industrial fatty alcohols imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fourfold. The third position in this ranking was taken by the Philippines (X tons), with a 2.4% share.

From 2012 to 2021, the average annual growth rate of volume from Indonesia totaled +12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-14.5% per year) and the Philippines (-7.1% per year).

In value terms, Indonesia ($X) constituted the largest supplier of industrial fatty alcohols to South Korea, comprising 28% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 7.5% share of total imports. It was followed by the Philippines, with a 3.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Indonesia stood at +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-15.4% per year) and the Philippines (-6.8% per year).

Import Prices by Country

The average industrial fatty alcohols import price stood at $X per ton in 2021, increasing by 41% against the previous year. In general, the import price, however, continues to indicate a perceptible shrinkage. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a 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 Germany ($X per ton), while the price for Indonesia ($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 (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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