Republic of Korea: Isocyanates Market 2024

Isocyanates Market Size in Republic of Korea

In 2022, the South Korean isocyanates market decreased by X% to $X, falling for the second consecutive year after two years of growth. In general, consumption showed a abrupt decline. Isocyanates consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Isocyanates Production in Republic of Korea

In value terms, isocyanates production dropped slightly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a mild decline. The pace of growth appeared the most rapid in 2017 with an increase of X%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Isocyanates Exports

Exports from Republic of Korea

In 2022, shipments abroad of isocyanates increased by X% to X tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of X%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, isocyanates exports rose significantly to $X in 2022. Overall, exports saw a slight expansion. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Belgium (X tons), Turkey (X tons) and China (X tons) were the main destinations of isocyanates exports from South Korea, with a combined X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), Turkey ($X) and China ($X) appeared to be the largest markets for isocyanates exported from South Korea worldwide, together comprising X% of total exports.

In terms of the main countries of destination, Turkey, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average isocyanates export price stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of X%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Pakistan ($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 Japan (X%), while the prices for the other major destinations experienced mixed trend patterns.

Isocyanates Imports

Imports into Republic of Korea

In 2022, supplies from abroad of isocyanates decreased by X% to X tons, falling for the third year in a row after two years of growth. In general, total imports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by X%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, isocyanates imports surged to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

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

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

In value terms, China ($X) constituted the largest supplier of isocyanates to South Korea, comprising X% of total imports. The second position in the ranking was taken by Germany ($X), with a X% share of total imports. It was followed by France, with an X% share.

From 2012 to 2022, the average annual growth rate of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and France (X% per year).

Import Prices by Country

In 2022, the average isocyanates import price amounted to $X per ton, picking up by X% against the previous year. In general, the import price, however, saw a slight shrinkage. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a 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 China (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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